Open IoT Platform Market Research Report- Forecast till 2025
The global open IoT platform market 2020, according to MRFR, is poised to reach roughly USD 5.96 billion by 2025, expanding at 15.5% CAGR over the review period (2019—2025).
Over the forecast era, the open IoT platform market is expected to show significant growth prospects in this rapidly evolving environment of technology. Reduction of the costs of connected devices and continuous technical development are some of the key factors fueling the growth of the open IoT platform industry. Additional factors driving the growth of open IoT application market are developing developer skills and learning new technologies. Data security and privacy concerns are, however, the factor that hampers market growth over the forecast period.
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The global market for the open IoT platform was segmented into component, deployment, organizational size and vertical industry.
The global open IoT platform market was segmented by component into hardware, software, and services. The services segment was further classified as professional and managed services.
The market was categorized by deployment into cloud (private, public, and hybrid) and on-premise.
The global open IoT platform market was segmented into SMEs and large organizations by organization size
By vertical industry the market was divided into government, healthcare, education, manufacturing, retail, electricity & utilities, automotive, and IT & Telecom.
The global open IoT application market regional research is being studied for Asia-Pacific, Europe, Middle East & Africa, North America and South America.
Thanks to the prevalence of early adopters of the new technologies in this area North America dominates the global open IoT platform segment. The growth is also attributed to the involvement of a large number of existing core players such as Google, Inc., IBM Corporation, and Oracle Corporation leading this region’s open IoT platform market. In addition, the demand is also driving the growing popularity among the developer community in that region. The area also has a well-established infrastructure in addition to this, and is expected to be a key factor in the development of the open IoT platform sector. In addition, the growth of the North American open IoT platform market is due to the growing popularity among the region’s developers. Those are some of the aspects that are responsible for the growth of the region’s global open IoT platform market over the forecast period.
Countries throughout Europe include Germany, France and Great Britain. Growth of the open IoT network market is expected. In Europe, the popularity of open source platforms among developers is growing, and is therefore the key factor driving the growth of open IoT platform market. Other factors driving the growth of the open IoT platform market are the emergence of advanced technology, and the rising acceptance of open source software and technological developments in various countries.
Over the forecast period Asia Pacific expects to hit the highest CAGR on the global open IoT platform market. This is due to the presence in the area of leading giants like Samsung and Ericsson. In addition, that collaborations between key players help speed up the delivery of IoT services and solutions in the area. Another aspect responsible for the growth of the demand for the open IoT platform is early adoption of smart connected devices.
Some of the main players of open IoT platform market includes IBM Corporation (US), The ThingsBoard Authors (US), Microsoft Corporation (US), Samsung (South Korea), Ayla Networks Inc. (US), Bosch (Germany), Google, Inc (US), General Electric (US), KaaIoT Technologies, LLC. (US), Oracle Corporation (US), SiteWhere LLC (US), Italtel SpA (Italy), Siemens AG (Germany), Thinger.io(Europe), and WSo2 (US).
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Open IoT Platform Market Research Report: By Component (Hardware, Software, Service [Professional Services, Managed Services]), Deployment (Cloud [Public Cloud, Private Cloud, Hybrid Cloud] and On-Premise), Organization Size (SMEs and Large Enterprise), and Industry Vertical (Government, Healthcare, Education, Manufacturing, Retail, Power & Utilities, Automotive, IT & Telecom), and Region (North America, Europe, Asia Pacific, the Middle East & Africa, and South America) – Forecast till 2025
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