San Francisco, California, October 09, 2017: The proliferation of smart consumer devices, coupled with the continued development of internet-of-things IoT infrastructure, is a prominent trend driving the evolution of the IoT cloud platform market. The marked advantage resulting from a robust adoption of cloud platforms in terms of power and performance is a key factor bolstering the adoption. The soaring demand for cloud-based services among small and medium scale enterprises owing to them being cost-effective way to scale their operations is necessitating the development of IoT cloud platform. A new report penned by TMR Research, titled “IoT Cloud Platform Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,”offers an elaborate insights and detailed assessment of such factors and trends influencing the growth of the market.
The ease of deployment of cloud-based technologies, coupled with the rising popularity of software-as-a-service (SaaS) in various developing regions, is a key factor boosting the market. The adoption of sensor in the automotive sector is anticipated to intensify the demand for IoT cloud platform. The development of IoT services that lend flexibility to cloud services over remote devices is also expected to catalyze the market growth. Furthermore, the advent of low-power and high-speed networking technologies for IoT is a key factor expected to accentuate the IoT cloud platform market.
Several technology players are focused on developing robust cloud platforms that help end users harness the capabilities of IoT. The incorporation of scalability and automatic updates offered to end users of IoT cloud is likely to augur well for the market. The intensifying need for network automation and virtualization for facilitating the delivery of network-based services in various regions is a prominent factor bolstering the demand for viable IoT cloud platforms. This is also found vital to reduce cost of these services. In addition, the need for do way with a discrete infrastructure for configuring network resources by various service providers is accentuating the demand for IoT cloud.
A large number of public companies undergoing digitization in a number of emerging economies is a crucial trend boosting the market. The rising demand for end-to-end IoT solutions among industry players in developing and developed regions is also likely to contribute to the growth of the IoT cloud platform.
The development of modular platforms and investments made by prominent technology players are expected to accentuate the market. However, the paucity of IoT expertise in small organizations and the mounting concerns of data privacy and safety are key factors likely to hinder the growth of the market to some extent. Moreover, the absence of a uniform IoT standard is a crucial factor that may hamper the demand for IoT cloud platform. Nevertheless, the rising demand for specialist system integrators and the growing popularity of IoT among small and medium enterprises are key trends expected to create promising avenues for growth for market players. The advent of Constrained Application Protocol (CoAP) and the increasing commercial availability of such platforms are anticipated to unlock exciting opportunities in the market.
Regionally, North America is a prominent market for IoT cloud platform and is expected to witness a substantial uptake. The growth of the regional market is driven by a vast number of players implementing IoT and substantial technology advancements made in cloud in recent years. Meanwhile, Asia Pacific is expected to rise at a rapid pace over the forecast period. The growth is expected to be fueled by the burgeoning demand for industrial automation and the rising efforts to develop smart city infrastructure in a number of emerging economies.
Some of the key players operating the market are International Business Machines Corporation, SAP SE, General Electric, Samsung Electronics Co. Ltd., Google Inc., Salesforce.Com, Amazon Web Services, Inc., and Microsoft Corporation.