New York, USA, Aug. 12, 2020 (GLOBE NEWSWIRE) -- This outbreak of COVID-19 is expected to have a favorable impact on the global IoT in cloud platform market growth in 2020 and is expected to continue its trend in the coming years. During this pandemic period, there are strong signs that several technologies will witness an increased adopting rate in the recent months due to people converted digitally minded and they are adopting IoT technologies while work from home. Also, government bodies are using drone which are mounted with IoT cloud systems for public surveillance to monitor red zones and the wearing masks. Moreover, growing implementation of IoT systems in the healthcare sector to manage patient care including the remote monitoring of in-home patients who are self-quarantined and many other patients like chronic conditions and diabetes. These factors are eventually accelerating the market growth in the pandemic time.
Furthermore, some of the significant players are implementing several approaches like new technology introductions, joint ventures and geographical expansions to fortify their position in the overall market. For instance, in March 2020, Cisco Systems, Inc. has collaborated with Bharati Airtel, which is India’s major integrated telecommunication network, to launch India’s first automated Ethernet services over existed fiber network services. This collaboration has been made to build %G network services to provide high speed data services due to increasing demand for higher data speeds in the country by improving network capacity, scale and availability. This factor is estimated to drive the IoT in cloud platform market growth in the forecast years.
This study conducted to help the market players in understanding the impact of COVID-19 on global IoT in cloud platform market.
Our 190 Pages Report Includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
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As per new study conducted by Research Dive, the global IoT in cloud platform market is anticipated to generate a revenue of $14.0 billion by the end of 2027 and is expected to rise at a noteworthy rate throughout the forecast years 2019 to 2027. The global market is classified into deployment mode, enterprise size, application, end user and region. This study offers complete insights about drivers, opportunities, restraints, segmental analysis and major market players in the global market.
Factors affecting the market growth
As per our analysts, rapid growth in the penetration of internet services and swift from on-premises data systems to cloud based systems are the major driving factor for the growth of the market. However, absence of skilled workforce and lack of standardization of IoT products are major restraints for the IoT in cloud platform market growth.
Public deployment mode and large enterprise segments are held the global market size in 2019
By deployment mode, the global market has been categorized into private, hybrid and public. Among these, public deployment mode accounted for highest IoT in cloud platform market size in 2019 and is estimated to remain its growth at a significant rate throughout the projected time. Wide utilization of public cloud systems majorly owing to its flexibility, ease of deployment, cost effective and most efficient platform. Also, governments are increasing investments to improve public cloud infrastructure is estimated to drive the market growth in the coming years.
By enterprise size, the global market has been segmented into large enterprise and small & medium enterprise. In both of these, large enterprise segment generated for evident revenue share in the previous years and is estimated to grow at a moderate in the forecast years. This growth is attributed to early adoption of IoT cloud systems by large enterprises to improve work efficiencies and provide better customer services.
Home automation application and Healthcare end user segments will grow at a notable rate in the forecast time
Based on application, the global market is classified into home automation, database management, device management, analytics, wearable technology and processing. In these, the IoT in cloud platform market for home automation application will experience a remarkable growth and is estimated to grow at a faster rate throughout the forecast period. Growing trend for smart city and smart homes across the globe to improve home security and increasing disposal income of individuals. These are major favorable factors for rising demand for IoT in cloud platforms in home automation application, which is anticipated to drive the market growth in the coming years.
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Based on end user, the global market has been categorized into smart city & home, healthcare, manufacturing, retail & e-commerce, and others. Among these, healthcare end user will witness to grow at a notable rate in the forecast period and is anticipated to produce dominating market share by the end of the forecast years. Growing demand for efficient platform to maintain communication between devices enables in hospitals and clinics to update their customer service, real time patient information and many other application. This factor is predicted to accelerate the growth of the market in the forecast years.
IoT in cloud platform market, Regional analysis
North America region has dominated the global IoT in cloud platform market share in the previous years and is expected to continue its command over the global market size in the forecast time. This dominance is majorly attributed to early adoption of emerging technologies such as cloud systems, IoT, AI and many other technologies due to presence of well-developed infrastructure. Besides North America, Asia-Pacific region is expected to grow at a faster rate in the forecast years and is predicted to generate enormous investment opportunities in the global market throughout the forecast period. Rapid growth in the penetration of higher speed internet services along with favorable government initiatives to support innovations in the technology sector are estimated to boost the market growth in the forecast years.
Top 10 Companies in IoT in Cloud Platform Market
The significant market players in the global IoT in cloud platform market include
- Microsoft Co.
- Cisco Systems, Inc.
- Oracle Co.
- SAP SE
- Autodesk Inc.
- Siemens
- Google LLC
- AT&T
- Salesforce.com Inc.
- PTC Inc.