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. However, concerns about privacy and security issues may hinder market expansion. Technavio forecasts three scenarios, considering the impact of COVID-19, and highlights the need for vendors to focus on growth prospects in fast-growing segments. Key players in the market include Alphabet Inc., Amazon.com Inc., AT&T Inc., and Microsoft Corp.

Key Takeaways:

  • The market is expected to grow by USD 1.70 billion during 2020-2024, with a CAGR of 18.21% during the forecast period.
  • The rise in investments in IoT startups is a major factor driving the IoT platform market growth during the next few years.
  • The market is fragmented, with the degree of fragmentation expected to decelerate during the forecast period.
  • The IoT platform market is segmented by end-user, with manufacturing, retail, and healthcare being the major segments.
  • Vendors are facing challenges due to the rise in privacy and security issues, which may hamper the market growth.
  • Key leading countries for the IoT platform market include the US, China, and UK, accounting for a significant share of the global market.
  • Market opportunity for IoT platform vendors in emerging markets, such as APAC and MEA, is significant, driven by increasing adoption of IoT technologies.
  • The IoT platform market is expected to experience significant growth, driven by the increasing demand for IoT-enabled devices and services.
  • 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 are the major vendors in the IoT platform market.
  • Market condition: the market is driven by connectivity, sensing, and networking technologies.

Statistics:

  • Market CAGR: 18.21% during the forecast period 2020-2024.
  • Market growth: USD 1.70 billion during 2020-2024.
  • Market segments:

+ Manufacturing: expected to grow at a CAGR of 20.25% during the forecast period.

+ Retail: expected to grow at a CAGR of 19.15% during the forecast period.

+ Healthcare: expected to grow at a CAGR of 20.85% during the forecast period.

+ ICT: expected to grow at a CAGR of 18.29% during the forecast period.

+ Others: expected to grow at a CAGR of 17.21% during the forecast period.

  • Market opportunity by end-user: manufacturing, retail, and healthcare segments offer significant opportunities for growth.
  • Market opportunity by geography: APAC and MEA regions offer significant opportunities for growth.

Sources:

  • Technavio. "Global IoT Platform Market 2020-2024". August 10, 2020.
  • Technavio. "Technavio's SUBSCRIPTION platform". https://www.technavio.com/
  • Business Wire. "Technavio's IoT Platform Market Research Report". August 10, 2020. https://www.businesswire.com/news/home/20200810005468/en/