IoT Platform Market - Growing Demand for Seamless Connectivity and Internet Stimulates Market Growth

Albany, NY -- (SBWire) -- 07/27/2018 --The global IoT platform market is envisaged in a report by Transparency Market Research (TMR) to exhibit a moderate level of competition during the forecast period 2017-2025. It could be in its nascent stage of growth with only a few players competing against each other. However, in the near future, there could be an increase in the level of competition with rising number of patents and swelling research and development investment. The market includes top players such as IBM, PTC, Google, and Microsoft.

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TMR envisions the global IoT platform market to register a 21.0% CAGR to be valued at a US$10.0 bn by the end of the forecast period. In 2016, the market was worth a US$1.7 bn. By deployment, the market could witness the rise of the on-premise segment in the coming years. By region, North America is predicted to take the lead in the market, considering its US$0.7 bn valuation achieved in 2017.

In the recent years, the demand for IoT platform has increased due to rising requirement of seamless connectivity and internet. Besides increasing demand for improved connection speed, the global IoT platform market is foretold to gain impetus from important applications such as domestic and industrial setups.

Over the past few years, the uptake of IoT platform has improved because of enhanced accessibility to information with the use of cloud. One of the larger benefits of using cloud is accessibility to data anytime, anywhere. Minimal investment could be another factor supporting the growth of the global IoT platform market. Reducing cost of internet making it affordable for many is expected to emerge as a prominent trend pushing market growth for the next few years.

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The global IoT platform market is forecast to have a positive outlook in terms of growth. However, cyberattacks increasing the possibility of data loss could hamper the demand in the market. Moreover, rising encryption, network, and software concerns are prophesied to pose challenges to the market. Another factor that could negatively affect the market is low awareness about IoT.Nonetheless, the global IoT platform market is prognosticated to create lucrative opportunities with rising penetration of portable devices such as mobile phones. Apart from controlling other devices on IoT platform, portable devices are observed to enable greater flexibility. Furthermore, optimized size, affordability, and tremendous development of IoT sensors are predicted to set the tone for valuable growth in the market.