Surge in demand for improved data usability and quality, faster deployment, and implementation of cloud-based solutions among enterprise are the major factors that drive growth of the market. In addition, rising number of IoT devices in various application areas fuel the market growth.
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However,data loss and privacy concerns hampers the market growth. Furthermore, the increasing penetration of connected devices is expected to provide lucrative opportunities for the global market.
Technological advancements such as bigdata and machine learning generates enormous amount of data, which enhances organizations to adopt IoT cloud platform to store the data. IoT cloud platform helps to manage such data more efficiently. This factor, in turn, boosts the IoT cloud platform market growth.
North America is expected to have the largest market share during the forecast period, owing to widespread adoption of IoT cloud platforms by numerous industries in the U.S. and Canada.
All major vendors of cloud-based platform are present in the region, which further fuels the market growth. In addition, small & medium sized organizations have adopted IoT cloud platform to streamline their business processes, which propels growth of the market in the region.
Major players analyzed in the market include Microsoft, Google, LLC, Cisco Systems , IBM , PTC, Oracle, Amazon, Samsung, SAP, Siemens and Telit
Key benefits of the report:
- This study presents the analytical depiction of the IoT Cloud Platform market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the IoT Cloud Platform market share.
- The current market is quantitatively analyzed from 2021 to 2027 to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global IoT Cloud Platform market analysis based on competitive intensity and how the competition will take shape in coming years.
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