IoT Platform Market to Grow by USD 1.70 Billion during 2020-2024

Strategic Insights -

The IoT platform market is poised for significant growth, driven by the large-scale benefits of using IoT devices. The market, currently fragmented, is expected to experience a deceleration in the degree of fragmentation during the forecast period. The report highlights the market's growth prospects, trends, and drivers, as well as the overall market environment. Major market participants include Alphabet Inc., Amazon.com Inc., AT&T Inc., Cisco Systems Inc., Huawei Investment & Holding Co. Ltd., International Business Machines Corp., Intel Corp., Microsoft Corp., Nokia Corp., Samsung Electronics Co. Ltd., and Siemens AG.

Key Takeaways:

  • The IoT platform market is expected to grow by USD 1.70 billion during 2020-2024, with a CAGR of the market during the forecast period 2020-2024.
  • The market is driven by investments in IoT startups, which are expected to be a prime reason for the market growth during the next few years.
  • The market is segmented into end-users such as manufacturing, retail, healthcare, ICT, and others, as well as geography-wise into North America, Europe, APAC, MEA, and South America.
  • Large-scale benefits of using IoT devices have been instrumental in driving the growth of the market, but the rise in privacy and security issues might hamper the market growth.
  • The report provides a detailed analysis of 25 vendors operating in the IoT platform market, including Alphabet Inc., Amazon.com Inc., AT&T Inc., Cisco Systems Inc., Huawei Investment & Holding Co. Ltd., International Business Machines Corp., Intel Corp., Microsoft Corp., Nokia Corp., Samsung Electronics Co. Ltd., and Siemens AG.
  • Vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments to make the most of the opportunities.

The report covers the following areas:

  • IoT Platform Market size
  • IoT Platform Market trends
  • IoT Platform Market industry analysis
  • Detailed information on factors that will assist IoT platform market growth during the next five years
  • Estimation of the IoT platform market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior

Statistics:

  • The IoT platform market is expected to grow by USD 1.70 billion during 2020-2024.
  • The CAGR of the market during the forecast period 2020-2024 is expected to be [insert CAGR value].
  • The market is driven by investments in IoT startups, which are expected to be a prime reason for the market growth during the next few years.
  • The market is segmented into end-users such as manufacturing, retail, healthcare, ICT, and others, as well as geography-wise into North America, Europe, APAC, MEA, and South America.
  • The report provides a detailed analysis of 25 vendors operating in the IoT platform market.

Sources:

  • Technavio, "IoT Platform Market 2020-2024"
  • Technavio, "IoT Platform Market Report 2020-2024"
  • Closeupmedia, "IoT Platform Market 2020-2024: Segmentation"
  • Closeupmedia, "IoT Platform Market 2020-2024: Scope"