QYResearch: Global IoT Platforms market is expected to generate revenue of $ 5000.11 million by end of 2022
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An IoT platform means cloud-based and on premise software packages and related services that enable and support sophisticated IoT services. Speak specifically, An IoT platform combines several software functions into one solution to enable companies to develop and deploy Internet of Things solutions faster, better and cheaper.
According to QYR Report, global revenue for IoT Platforms market was valued at $ 1013.65 million in 2016, as companies, organisations, governments and individuals adopt IoTand, is expected to generate revenue of $ 5000.11 million by end of 2022, growing at a CAGR of slightly above 30.47 % between 2016 and 2021. The IoT platform market is growing fast and we’ll start seeing consolidations as competition increases in coming years and there is no single IoT platform that offers an all-round approach, making the big players looks at others who have more specific solutions or capabilities in their solutions.
PTC (ThingWorx), Cisco (Jasper) and Microsoft captured the top three revenue share spots in the IoT Platforms market in 2016. PTC (ThingWorx) dominated with 7.92% revenue share, followed by Cisco (Jasper) with 7.44% revenue share and Microsoft with 4.77% revenue share.
Despite the presence of competition problems, due to the clear global recovery trend, investors are still optimistic about this area, increasingly complex IoT solutions require more advanced communication platforms and middleware that facilitate seamless integration of devices, networks and applications. There is a wide range of software platforms developed for the purpose of supporting and enabling IoT solutions. The intention is to enable rapid development and lower costs by offering standardised components that can be shared across multiple solutions in many industry verticals, in future still more new investment will enter into the field. Technology and cost are two major problems.
Although sales of IoT Platforms brought a lot of opportunities, for the new entrants with only advantage in capital without sufficient support in technology and downstream channels, the research group did not recommend taking risk the enter this market.