The internet of things (IoT) market is in a constant flux of change and the dust is refusing to settle down, driven by paradigmatic shifts the IoT ecosystem has been witnessing in recent times. IoT platforms popularly act as a middleware providing the vital link in hardware and application layers. Hence they have attracted wide demand in integrating new connected devices to the technology stack, via a variety of communication protocols. Remarkable scalability and substantial ease of deployment of these platforms provide compelling proposition to their adoption as their benefit of third-party integration.
With a proliferation of connected devices, especially in enterprises world over, and with the market ecosystem getting more complex, the IoT platform market will witness steady technological advances over the years. Bustling with opportunities, the global IoT platform market is projected to clock a spectacular CAGR of 21.0% during the forecast period of 2017 and 2025, and will reach a worth of US$ 10,064.0 million by the end of the period, according to estimates by Transparency Market Research.
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Which application trends underpin the growth of the IoT platform market?
The various types of deployments are broadly categorized into on-premise and cloud-based. The on-premise segment accounted for the leading share in the global market in 2017. While, robust security features provided by the on-premise may be a compelling factor leading to substantial uptake, the advent of cloud-driven IoT platform has considerably expanded the horizon of the market.
However, the adoption of cloud IoT platform is crippled by several limitations, owing to the lack of accessibility and low latency factor. Furthermore, the cloud network being vulnerable to cyberattacks and external threats is seeing a slow uptake. This being said, the constant decline in prices of sensors and the rapid technological advances made by IoT will help in boosting the growth momentum.
Which region will provide substantially lucrative avenues in the coming years?
Regionally, North America will collect substantial revenue in the global market, attributed to a marked presence of IoT solution providers. However, there is significant probability that Europe will surge ahead clocking a higher CAGR over the assessment period. Concerted initiatives by governments in key economies to bring the fourth industrial revolution, popularly known as Industry 4.0, is accentuating the regional market. The demand is expected to be led by countries such as the U.K., France, and Germany.