Industry Insight

In the vague time of COVID-19, Market Research Future has come with the latest study on the global IoT platform market 2020. The examination enclosed the impact of COVID-19 on the economy. On this, MRFR reveals the IoT platform market would scale up to USD 74.74 billion in 2023. This valuation could achieve while at a pace of ~28.5% growth rate. The evaluation of the escalation would take place during the years (2017 to 2023)—the forecasted period.

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Market Segmentation

The global IoT gateways market has been segmented based on application, component, connectivity, node, region, and gateway type. On the basis of application, the market for IoT gateways is segmented based on wearable devices, healthcare. Additionally, the market on the basis of component, is segmented into MCU, FPGA. The global market for IoT gateways is also covered based on connectivity segment which is further split into Wi-Fi, Bluetooth. On the basis of node, the market for IoT gateways is segmented based on smartwatch, actuator. Additionally, the market on the basis of gateway type, is segmented into lightly rugged. 

Key influences such as growing investment needs could obstruct the IoT gateways market growth. However, as per the IoT gateways market research report, impending need for big data analytics as well as increasing use of wireless sensors will drive growth during the forecast period 2018 to 2023. These key growth factors will help support the IoT gateways market growth at a high CAGR. The segmental analysis of application, component, connectivity, node, region, and gateway type segments as well as regional market analysis has been presented in the global IoT gateways market research report. Analysts studying the IoT gateways market have presented projections in the IoT gateways market research report assisting IoT gateways market-based companies in numerous ways. The IoT gateways market research report offers crucial details about the IoT gateways market based on the data and forecasts till 2023.

Top Impacting Factors

IoT platforms include development boards that are designed specifically for IoT applications. These platforms play a pivotal role in helping various designers of IoT devices to connect to the internet. IoT platform proposes connectivity to various IoT-compatible hardware devices such as mobiles, laptops, industrial control systems, wearable fitness devices, and automotive telemetric units.

The factors dependable for driving the enterprise IoT platform market are escalating demand for data storage over the cloud. Owing to the expanding number of connected devices in an IoT ecosystem, there is a need for downloading, transferring, uploading large volumes of data. The companies are, therefore, able to enhance their capabilities by speed, expertise, and agility to manage IoT data resources.

Furthermore, the demand for cloud data storage is liable to rise, owing to surged data traffic. Significant companies and service providers are anticipated to amplify their backup servers and mitigate risks while guaranteeing uptime, system availability, and speed. The report further details more factors that drive the IoT platform market size are the flexible scaling of data storage in the cloud. Owing to the mounting count connected devices in an IoT environment, vast amounts of data can be stored, downloaded as well as uploaded. Therefore, businesses can augment their ability to handle IoT data resources in terms of knowledge, speed, and agility by leveraging the IOT Platform Market Trends.

Regional Framework

Geographically, the global IoT platform market is studied for the regions of North America, Asia-Pacific, the Middle East & Africa, Europe, and South America.

North America might be the largest market for IoT platform and is liable to remain leading region in the forecast period. The businesses in the region have adopted cloud technology to a great extent. Also, robust cloud infrastructure, a growing number of connected devices, and advancements in artificial intelligence and machine learning technologies are probable to fuel the market growth during the assessment period.

Europe acquired the second-largest market in the IoT platform market in 2017. According to the MRFR analysis, the UK might gain the highest market share. The factors liable for the market growth include the escalating number of IoT-compatible and intelligent devices. Many businesses are employing centric and provide flexible work options for employees. Rapid adoption of bringing your own device (BYOD) and corporate-owned personally enabled (COPE) devices has improved enterprise mobility to a fair degree. Eastern European countries are witnessing higher adoption of cloud technology owing to the implementation of stringent regulations to streamline and secure data storage.

Leading Regions

The leading players of the global IoT platform market are Amazon Web Services (US), IBM Corporation (US), Google (US), Microsoft Corporation (US), Cisco Systems, Inc. (US), AT&T Inc. (US), Huawei Technologies Co. Ltd (China), General Electric (US), Intel Corporation (US), and Wipro Ltd (India).

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