IoT platform market to see CAGR of 32%
June 1, 2017
The IoT platform market will grow at a CAGR of nearly 32% from 2017 to 2021, according to Reports & Reports.
The report was prepared based on an in-depth market analysis with inputs from industry experts. It covers the present scenario and the growth prospects of the global IoT platform market.
To calculate the market size, the report considered the revenue generated from the sales of IoT subscriptions to clients by IoT platform vendors but excluded the aftermarket services market.
The latest trend gaining momentum in the IoT platform market is the development of an open wifi network. OpenWireless is a cyber activist group seeking to improve internet connectivity and access by encouraging sharing among users. The organisation has developed software that can convert a mobile device’s wireless router into a wireless access point.
If people accept and adopt this idea, then a ubiquitous public wireless network could be created. This would help improve network connectivity as wireless devices send signals over a shorter distance – reducing network congestion – and allow more people to connect to the same frequency simultaneously.
Key players in the global IoT platform market include Alcatel-Lucent (Nokia), Amazon Web Services, AT&T, Cisco Systems and Microsoft. Other prominent vendors in the market are Axiros, Accenture, Apple, Atos, Bosch, Echelon and Oracle.
According to the report, one of the major drivers for this market is the large-scale benefit of using IoT devices. The growing emphasis on a connected environment has resulted in IoT being one of the most rapidly growing markets.
An estimated 35 billion devices are expected to be a part of this connected environment by 2021. IoT devices collect data through sensors and actuators, transmitting them to a centralised location on a real-time basis. This empowers the end-user to make informed decisions. The adoption of IoT devices is rising across market segments such as consumer electronics, automotive and medical.