WELLESLEY, Mass., Nov. 05, 2018 (GLOBE NEWSWIRE) -- Large Internet of Things (IoT) projects, such as the proliferation of smart cities and the expansion of the digital healthcare network, are helping to boost third-party commercial IoT platforms, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 33.6% through 2023, when it could be worth $5.1 billion, according to the report Technology Platforms for the Internet of Things (IoT).
Major players in the market include Cisco-Jasper, PTC (PTC), Telit Communications (TTCNF), Sierra Wireless (SWIR), Ericsson (ERIC) and Software AG (SWDAF).
Research Highlights
- By size, the market will be dominated by cloud services, with an estimated 2023 value of $4.6 billion and a CAGR through the period of 34.8%.
- Application enablement will lead the market by solution type, with an estimated 2023 value of $3 billion and a CAGR of 38.6%. Device management will see a CAGR of 33.0% and network connectivity management will see a CAGR of 25.8%.
- Europe will lead the application enablement market by size, with an estimated 2023 value of $1.05 billion, though the Asia-Pacific region will lead the market by rate of growth.
“Some of the key application segments that have grown their adoption of IoT platforms include healthcare, automotive, fleet management and smart city initiatives by local governments,” said report author Nandita Bhotika. “The enterprise and public sector segments are the largest customers of these platforms with each contributing to almost 35% of the IoT platform market demand in 2017. These end use segments are largely driven by the need for ready-to-deploy solutions that can handle the complexity of multi-device, multi-location IoT projects.”
Growth of Smart Cities Adds Dynamic Capabilities to Industry
IoT offerings are transforming cities by improving infrastructure, creating more efficient and cost-effective municipal services, enhancing public transportation, reducing traffic and keeping citizens safer and more engaged with their communities. Forward-thinking cities, the report adds, are securing scalable IoT infrastructure that integrates multiple systems. Market players making big moves in the intersection of smart cities and IoT include Sierra Wireless (SWIR), Verizon, InterDigital (IDCC), ThingWorx, Carriots, Cisco (CSCO) and Oracle (ORCL).
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.