IoT in Cloud Platform Market, by Deployment Mode (Public, Private, Hybrid), Enterprise Size (Small & Medium Enterprise and Large Enterprise), Application (Wearable Technology, Home Automation, Device Management, Database Management, Analytics, Processing), End-User (Manufacturing, Smart City & Home, Retail & E-Commerce, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

IoT in the cloud platform market will witness growth due to the increasing demand for smart electronic devices. The recent transformation from on-premises to cloud services, along with expanding technological development, is major factors expected to drive global IoT in the cloud platform market. 

IoT in Cloud Platform Market, Analysis:

IoT in the cloud platform operates as a multi-layer technology that oversee various procedures and moves the data to and from connected gadgets with the assistance of the Internet. It connects different IoT enabled smart devices together, such as mobiles, tablets, laptops, home appliances, drones, and others. Organizations prefer IoT in cloud platforms as it empowers them to have control and manage all IoT connected equipment. This benefits them in taking realistic business decisions. The main factor driving the development of the IoT in the cloud platform market is mainly due to the expanding interest for data stockpiling over the cloud platform.

Rapid adaptation of IoT devices is expected to drive the IoT in the cloud platform market:

IoT in cloud platforms are versatile, and cross-gadget enabled. They offer instant features to fasten the process of utilizing connected gadgets. The idea to perform computing tasks on the cloud has attracted many enterprises to adopt cloud platforms. Expansion in the number of connected devices in the IoT universe, where several physical devices are digitally connected to each other through the internet, has positively affected IoT in the cloud platform market. Most organizations prefer to perform their business activities on cloud platforms as it is more secure, flexible, and has overall quality control. Moreover, the need for huge data storage and data backup is estimated to drive the growth of global IoT in the cloud platform market. 

A rise in security breaches are anticipated to restrain the growth of IoT in the cloud platform market: 

The rising cases of security breaches and expanding numbers of online assaults such as hacking, identity theft, and leaking intellectual property and so on, pose a high risk to every organization. Gaining unauthorized access to an organization’s secured data, disclosure of private information, data leakage, and other online malicious practices are performed by cybercriminals to violate security and cause damage. These increased rates of security breaches have made organizations uncertain about using cloud platforms. The constant existence of potential online threats is affecting the IoT in the cloud platform market negatively. 

Rapidly decreasing cost of IoT gadgets is estimated to create enormous opportunities for the IoT in the cloud platform market:

The IoT in the cloud platform market is completely based on performing functional activities. The cloud platform plays a vital role in performing IoT and cloud-based tasks. The tasks involve gathering data from IoT based gadgets for examining stored data. The rapidly decreasing cost of IoT gadgets is foreseen to act as an opportunity in the IoT in the cloud platform market. 

IoT in Cloud Platform Market, by Deployment Mode:

The public mode will be most lucrative till 2027

On the basis of deployment mode, the IoT in the cloud platform market is classified into public, private, and hybrid mode. Amongst these, the public mode is projected to dominate the market share in IoT in the cloud platform market mainly due to its simple arrangement, adaptability, and financially savvy evaluating structure. 

IoT in Cloud Platform Market, by Enterprise Size:

Large size enterprise will be most lucrative till 2027

By enterprise size, the IoT in the cloud platform market is segmented into small &medium-size enterprises and large size enterprises. Large businesses are estimated to dominate the market share because of their preference for cloud computing systems. The development of the large enterprise segment is basically due to the expanding number of established IoT gadgets across large enterprises. 

IoT in Cloud Platform Market, by Application:

Home automation is estimated to be the fastest-growing in the forecasted period

By applications, IoT in cloud platforms can be bifurcated into wearable technology, home automation, device management, database management, analytics, processing, and others. Out of these, the home automation segment is expected to dominate the market share because it facilitates maximize home security and increases the efficiency of home appliances. 

IoT in Cloud Platform Market, by End-Users:

Health-care is estimated to grow in the forecasted period

On the basis of end-users, IoT in the cloud platform market can be divided into manufacturing, smart cities & homes, retail & E-commerce, healthcare, and others. Healthcare organizations are concentrating on executing vigorous applications and smart IoT equipment. It is projected that the healthcare industry will be the fastest-growing in the forecasted period due to their increased adoption of IoT and cloud-based technologies. Moreover, increasing investment in advanced medical science is also promoting the usage of IoT in cloud-based platforms. 

IoT in Cloud Platform Market, by Region:

Europe region will have lucrative opportunities for the market investors

IoT in the cloud platform market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Amongst these, Europe is the most potential region for IoT in cloud platforms because of technological advancement and the presence of major manufacturers in this region. North America is estimated to dominate the market share because of the early adoption of trendy advancements such as IoT, cloud, Artificial Intelligence (AI), and others. Accelerating technological advances, along with heavy investment by top players, are anticipated to boost the growth of the IoT in the cloud platform market. 

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Key Participants in the IoT in Cloud Platform Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Some of the major key-players of IoT in cloud platform market players are Amazon.com Inc., Microsoft Co., Google LLC, Cisco Systems Inc., International Business Machines Co., Oracle Co., Salesforce.com Inc., SAP SE, PTC Inc., Autodesk Inc., and others.

Market Players prefer inorganic growth strategies to expand into local markets. IoT in cloud platform market players are emphasizing more on merger & acquisition and advanced product development. These are the various strategies followed by established organizations. To emphasize more on the competitor analysis of market players, the porter’s five force model is explained in the report.

Source: Research Dive Analysis