Internet of Things (IoT) Cloud Platform Market Growth, Industry Analysis and For
Posted by farazp70 on June 30th, 2020
Internet of things(IoT) cloud platform market is expected to grow at a considerable rate during the forecast period 2019-2025. Internet of Things (IoT) cloud platform is one of the cloud platforms which is used for storing the IoT data. The key function of the IoT cloud platform is that it takes a significant volume of data from websites, devices, customers, and applications and process such data to generate real-time responses. It is used in numerous applications, thereby creating numerous opportunities for the growth of the market. IoT cloud platform can provide business organizations an in-depth analysis of consumer behaviours, thereby reducing the requirement of technical expertise of data analyst. It is significantly used for improving the operational efficiency of an organization.
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There are various companies involved in IoT cloud platform market such as Amazon Web Services, Inc., Google LLC, IBM Corp., Microsoft Corp., Salesforce.com, Inc., General Electric Co., PTC Inc. and so on.
IoT cloud platform is very cost effective, which certainly increases its demand across the globe. This is one of the key driving factors which is expected to promote the growth of the market. Furthermore, as technology advances, it is expected to further increase the introduction of advanced IoT cloud platforms across the globe. This is expected to further promote the growth of the market in the near future. However, the lack of skilled manpower can derail the growth of the market in the future. Moreover, due to the risk associated with data privacy, it is expected to create challenges for the adoption of IoT cloud platform.
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Geographically, the market is divided into North America, Europe, Asia-Pacific and Rest of the World. North America is expected to dominate the market in the near future owing to the presence of numerous market players in the region. Furthermore, numerous automotive companies are implementing IoT concept in their vehicles, this is expected to create significant opportunities for the growth of the market as the demand for connected logistics increases in Europe. Asia-Pacific is expected to grow at a significant rate owing to the presence of numerous emerging economies in the region in which start-up culture is spurring which create opportunities for the augmentation of the market in the near future.
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