The report of global IoT cloud platform market by Offering (Platform [Device Management, Connectivity Management, Application Enablement] Service [Professional Services, Managed Services]) Deployment Mode (Public Cloud, Private Cloud, Hybrid) Application Area (Building and Home Automation, Smart Manufacturing, Smart Transportation, Connected Healthcare, Smart Retail, Smart Grid and Utilities, Others [Smart Education, Smart Agriculture, Smart Hospitality, Connected Banking, telecom, and Security and Emergency]) Region (North America, Europe, Asia Pacific, South America, Middle East & Africa) is expected to reach US$ XX Bn by 2027, at a CAGR of 12.6% during a forecast period.
An IoT cloud platform is a solution where the capabilities of both IoT devices and cloud computing services come together to bring forth added value for business and consumer applications. IoT cloud platform provides some benefits such as cost-effectiveness, better security, increased co-worker collaboration, corporate data mobility, and more advanced disaster recovery solutions, which make it more demandable in various industrial applications.
The building and home automation application area is witnessing the fastest growth at CAGR of XX%.
An IoT cloud platform solution is widely used in various industries such as building and home automation, smart transportation, manufacturing, healthcare, and many other industries. The building and home automation application is projected to witness fast growth at CAGR of XX% during the forecast period. Growing adoption of smart home and building automation systems, technological advancements in wireless communication standards, and rising investments by government in smart city projects is driving the growth of the market.
North America is witnessing the fastest growth at CAGR of XX%.
North America held the largest market share in 2019 and is expected to witness fast growth at CAGR of XX% during the forecast period. The US and Canada are dominating the market. This is owing to the high adoption rate of smart homes and building along with IoT cloud platform solutions. Also, the vast presence of early technology adopters and deployment of cloud-based services in various industries is driving the growth of the market in the region.
The Asia Pacific followed by Europe is expected to witness fast growth during the forecast period. The economies such as China, India, and the UK, Germany, and France are dominating the market in the respective region. This is owing to the growing IT infrastructure, adoption of IoT devices, and cloud computing services in small and medium-sized enterprises. SMEs are developing energy management IoT devices, targeting smart buildings and smart homes, which is ultimately improving the growth of the market.
Maximize Market Research, India market research firm with a dedicated team of specialists and data has carried out extensive research about the Global IoT Cloud Platform Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global IoT Cloud Platform Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Global IoT Cloud Platform Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global IoT Cloud Platform Market”.
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