Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 6.1 Billion in 2020 IoT cloud platform market will reach USD 20.34 Billion by 2030. Sensors and mobile phones, among other smart devices, collect crucial data from the gadgets that are utilised to improve the client's experience. Additionally, IoT platforms connect a variety of hardware devices that are compatible with the IoT, including mobile phones, wearable fitness gadgets, computers, industrial control systems, and vehicle telematics units.
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Key Insight of the IoT Cloud Platform Market
North America emerged as the most significant market, with a 31.4% market revenue share in 2020.
North America dominated the market, with a market share of around 31.4% in 2020. The development of the market has benefited greatly from the US and Canada. The outcome is attributed to significant market participants in the region. The growth of the market in the region is being driven by evolving mechanical advancements and expanding use of leading innovations, including IoT, AI, computerised reasoning, extensive information investigation, and more.
The service segment is expected to register the highest CAGR of 14.47% over the forecasted period.
During the projection period, the service segment is anticipated to grow rapidly at a CAGR of 14.47%. The expansion is attributed to managed services, which assess company networks, carry out remote maintenance tasks, and keep tabs on infrastructure health. These services offer safety and professional guarantees, which helps the whole firm be more productive.
The public cloud segment dominated the market, with a market share of around 40.2% in 2020.
In 2020, the public cloud segment led the market, accounting for about 40.2% of the market. The market for IoT cloud platforms is likely to experience development due to the rising investments made in public cloud infrastructure by a number of major economies, including China, the UK, the US, Australia, and Canada.
The connected healthcare segment dominated the market, with a market share of around 20.1% in 2020.
In 2020, the connected healthcare segment led the market, accounting for about 20.1% of the market. The expansion of wireless gadgets, embedded sensors, and fast cellular networks are all contributing factors to the emergence of connected healthcare.
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Market Dynamics
Driver: Adoption of smart devices
As their acceptance rate increases, smart devices are becoming increasingly important. It is projected that the IoT cloud platform market would expand significantly over the next few years. Additionally, it is anticipated that the cost-effective cloud data storage and simple installation will hasten the growth of the complete IoT cloud platform market.
Restraint: Increase in data security & privacy concerns
The factors preventing the development of the loT platform include growing customer worries about data security and privacy, which has increased online fraud, hacking, and theft. These are a few of the elements that prevent the market expansion of a number of platforms.
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Some of the major players operating in the IoT cloud platform market are:
• Accenture Plc
• Amazon Web Services Inc.
• Apple Inc.
• Cisco
• Google
• Happiest Minds
• Hewlett Packard Enterprise Development LP
• IBM
• Intel Corporation
• Italtel S.p.A.
• Microsoft
• Oracle
• PTC
• SAMSUNG
• SAP SE
• Siemens
• SiteWhere LLC.
• Time Inc.
Key Segments cover in the market:
By Offering:
• Platform
o Device Management
o Connectivity Management
o Application Enablement
• Service
o Professional Services
o Training and Consulting
o Integration and Deployment
o Support and Maintenance
o Managed Services
By Deployment Mode:
• Public
• Private
• Hybrid
By Application Area:
• Building and Home Automation
• Smart Manufacturing
• Smart Transportation
• Connected Healthcare
• Smart Retail
• Smart Grid and Utilities
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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