The Iiot Platform Market was estimated around USD 6,000 million in 2020 and is expected to grow at a CAGR of 14.8% over the forecast period (2021-2028).
The factors driving the growth of Iiot Platform Market includes growing demand for IoT enabled devices, shift towards digital transformation across industry verticals, increasing application of Iiot in Remote monitoring, Asset management and predictive maintenance and growing trend of Work from Home (WFH) around the world. As per the data available at Statista, the number of IoT connected devices worldwide were calculated around 9.7 billion in 2020 and is expected to reach 27.3 billion by the end of 2029, which will accelerate the Global Iiot Platform Market in the approaching years. Moreover, commercialization of 5G technology, strategic merger and acquisitions between key industry players and growing adoption of advanced technologies such as Artificial Intelligence (AI), Big Data and Cloud Computing by major organizations, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, rapid industrialization, rising disposable income and growing population growth rates, are further contributing towards the market growth.
However, growth of the Iiot Platform Market is hindered attributed to insufficient availability of skilled workforce.
The leading players operating in the market are GE Digital, Ubidots, Zoho Corporation, IBM, Microsoft, Oracle, Samsung, Telit, Siemens, Google, Cisco Systems and Salesforce, among others.
Based on Application, the Automation Control segment is predicted to hold the highest market share during the forecast period
Availability of powerful and cheaper sensors across industry verticals such as Automotive and Consumer Electronics, is pushing growth of the segment.
Based on End-User, the Semiconductors and electronics segment is projected to capture the largest market share over the forecast period
Increasing penetration of connected devices and growing adoption of advanced technologies, is propelling growth of the segment.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
Presence of the leading players such as Google, Cisco Systems and Microsoft Corporation, growing adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML), rising tech savvy population and high per capita incomes, are some of the important factors augmenting the Iiot Platform Market size in North American region.
Key Developments
- In 2020, AWS partnered with BlackBerry to develop IIoT based safe, secure, and intelligent connected vehicle software platform for in-vehicle applications.
- In 2019, IBM collaborated with SmartCone Technologies to incorporate SmartCone Technology solutions with its innovative IBM Watson IoT Platform for developing new detection and alert systems.
- In 2019, Cisco Systems introduced a new version of its Cisco IOx i.e., Cisco IOx 1.10.0.
Market Segmentation
Segmentation by Platforms
- Application Enablement
- Device Management
- Connectivity Management
- Services
Segmentation by Application
- Predictive Maintenance
- Automation Control
Segmentation by End-User
- Logistics and transportation
- Machine manufacturing
- Automotive
- Semiconductors and electronics
- Healthcare
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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