Global Open IoT Platform Market Driven by the Growing scope in Europe , USA
Market Highlights
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).
Market Scenario
In this rapidly changing world of technology, open IoT platform market is projected to show major growth prospects during the forecast period. An IoT platform combines several software functions into one solution to enable companies to develop and deploy IoT solutions faster, better and cheaper.
As compared to other regions, the open IoT platform market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of open IoT platform market. This is owing to the presence of large number of established key players and increasing popularity among the developer community in that region. In addition to this, the region also has a well-established infrastructure and is expected to be a major factor for the growth of open IoT platform market.
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Segmentation:
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.
Regional Analysis
The global open IoT platform market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. In the global Open IoT platform market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, open IoT platform market is projected to contribute faster to the growth of revenue backed by increasing demand from developers in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of open IoT platform market. In Europe, the popularity of open source platforms is increasing among the developers and hence is the major factor driving the growth of open IoT platform market. The presence of advanced infrastructure and with the increasing adoption of open source applications and technological advancements in numerous countries are other factors driving the growth of open IoT platform market.
Open IoT Platform Market Size in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. Open IoT platform market in Middle East and Africa occupies a relatively smaller pie of the global open IoT platform market.
Competitive Dashboard
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 2027
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