The global IoT platform market is projected to witness healthy growth in the forthcoming years, as reported by Transparency Market Research (TMR). The global IoT platform market is currently at an incipient stage, with high competition featuring the business landscape. Research and development plays a key role in boosting opportunities for the vendors in the global market. Key vendors are seen focusing on adopting strategies in order to boost their presence across the globe. Market players are further working on offering an innovative product portfolio, improving product quality and offering competitive prices.
Prominent names in the global IoT platform market are IBM Corporation, Oracle Corporation, General Electric, PTC Inc., Amazon Web Services, Inc. and Cisco Systems, Inc.
Application of food processing equipment is high in the semi-automatic segment. With the advent of complex IoT solutions, vendors are seen focusing on improving the advances in communication platforms and middleware. Market players are investing in the integration of devices and networks in order to support and enable IoT solutions. Vendors are expected to focus on pouring in investments to venture into the industry.
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According to TMR, the global IoT platform market is anticipated to rise at a 21.0% CAGR over the forecast period 2016 to 2025. The market was estimated to be worth US$1,786.8 mn in 2016, and is projected to rise to US$10,064.0 mn by the end of the forecast period.
Proliferation of Data Services to Boost Growth
For companies operating in this segment, a growing industry and a global IOT market have generated huge revenues and every service or system connected to IoT must have a stable and safe platform. IOT Platform is an option for companies to connect without any difficulties with the source of knowledge. With IOT it is possible to increase the size of the database and to need access to the right data in a split time. Global IoT Platform Market is growing rapidly and the market sees huge chances in the future as the data size continues to grow.
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Novel Product Launches to Emerge as Key Trend
Many producers have begun their journey into the world of the Internet of Things, developing increasingly intelligent connected products. SORACOM Inc., an IoT cloud-based platform provides a strategic partnership with Mnubo Inc., data analytics and artificial information (AI), recently entered into in June 2018 for IoT Company in order to offer IoT solutions to global companies. This partnership helped IoT companies to have a scalable and versatile IoT solution for operative business use within a shorter time frame.