- IoT cloud platforms bring together capabilities of IoT devices and cloud computing, delivered as a service over an end-to-end to platform. IoT cloud is a complete set of tools to process, connect, store, and analyze data both in the cloud and at the edge. The IoT cloud platform consists of an integrated software for edge/on-premises computing with machine learning capabilities. IoT cloud platform is a fully- managed cloud service.
- The IoT cloud platform market is a platform-driven market. The platform plays a crucial role in handling all IoT and cloud operations related activities that include collecting data from IoT-enabled devices to the storage and analysis of collected data to gain real-time insights.
- Millions of wearable devices have been deployed across the globe during the COVID-19 pandemic outbreak for various applications such as healthcare, environmental monitoring, work-from-home infrastructure, VPN networking, and as collaboration tools. IoT cloud platforms play a crucial role in connecting these devices to the internet. Thus, the IoT cloud platform market has a positive impact across the world.
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Global IoT Cloud Platform Market: Dynamics
Global IoT Cloud Platform Market: Key Drivers and Restraints
- The rising number of IoT devices in various application areas is one of the major factors driving the growth of the IoT cloud platform market.
- The growing need for an advanced IoT cloud platform among small and large enterprises is likely to be a major triggering factor for the market in the coming years.
- The increasing rate of adoption of smart devices is an important factor, due to which the global market for IoT cloud platforms is expected to witness strong growth during the forecast period. In addition, the easy deployment and cost-effective cloud data storage are anticipated to accelerate the growth of the overall IoT cloud platform market.
- The growing demand for system integrators is anticipated to fast-track the growth of the IoT cloud platform market.
- The absence of IoT technology skills and the lack of uniform IoT standards are expected to hamper the growth of the global IoT cloud platform market. Data security, lack of privacy, and inefficient data management are some of the other factors likely to restrain the growth of the IoT cloud platform market in the next few years.
North America to Account for Major Share of the Global IoT Cloud Platform Market
- In terms of region, the global IoT cloud platform market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to lead the global IoT cloud platform market. Extensive adoption of IoT cloud platforms by several industries and technological developments across these industries are some of the key factors anticipated to accelerate the growth of the IoT cloud platform market in North America. The region is expected to witness maximum revenue opportunities due to well established key players such as Amazon Web Services (AWS), Google, Microsoft, IBM, and Cisco Systems.
- The IoT cloud platform market in Asia Pacific is expected to hold significant share due to the rising popularity of smart cities in emerging economies such as India. Additionally, increasing population in APAC regions is expected to drive the IoT cloud platform market.
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Global IoT Cloud Platform Market: Competitive Landscape
Key Players Operating in the Global IoT Cloud Platform Market
Local, regional, and international players are found in the IoT cloud platform market. The global IoT cloud platform market is highly consolidated, with top manufacturers accounting for approximately 25%–30% of the market share. Key players operating in the global IoT cloud platform market are:
- Amazon Web Services, Inc.
- Microsoft Corporation
- Google LLC
- Cisco Systems, Inc.
- IBM Corporation
- Oracle Corporation