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New Product Launch to Widen its Product Portfolio in the IoT Cloud Platform Market
Internet of Things (IoT) cloud platform provides smarter and efficient technology options for the existing traditional IT infrastructure. Rapid evolution in the IoT market has led to the development and availability of a variety of IoT solutions. IoT uses network-connected devices, which are embedded in physical environment, to improve the existing process and enable a new scenario.
IoT cloud platform provider companies have adopted many strategies to increase their share in the market. Microsoft Corporation is one of the key market players offering products, solutions, and services in the IoT cloud platform market. The company has adopted the strategy of new product launch to widen its product portfolio in the IoT cloud platform market. In line with this, in May 2016, Microsoft launched Dynamics CRM Online to provide the most comprehensive suite of cloud services for customers across government, businesses, and individuals in the country. This would help the client in developing built-in capabilities such as social listening, enterprise-grade security, privacy, and compliance. In February 2016, Microsoft, along with Luminous Power Technologies, launched next generation Connected Solar Inverter built on Microsoft’s Azure cloud suite and powered by iBot Control Systems’ IoT solution, iQu IoT platform. The connected Solar Inverter will provide Luminous’ customers the opportunity to maximize ROI on their investments by enhancing real-time access to usage monitoring.
IBM Corporation is also one of the key market players of the IoT cloud platform market with a vast product portfolio and geographic reach. The company has undertaken collaborations and partnerships as its core strategies to compete in the IoT cloud platform market. For instance, in July 2016, IBM collaborated with AT&T, Inc. to open standards-based tools using AT&T’s IoT Platforms and IBM Watson IoT Platform and Bluemix together. This collaboration will help both the companies to tap the power of cognitive computing and combine it with massive amounts of data streaming from billions of connected devices, sensors, and systems to create solutions that can help transform businesses and society alike. In January 2016, IBM partnered with Kone, a Finland-based elevator company; in another development, Escalator Company partnered with IBM to adopt its cloud-based IoT technologies to develop smart buildings. Through this partnership, IBM Watson IoT Cloud Platform will connect, monitor, and optimize the management of millions of elevators, escalators, doors, and turnstiles in buildings and cities across the world.
The North American market has the largest IoT cloud platform market penetration due to the adoption of high speed networking technology in the region. In the near future, MarketsandMarkets expects the IoT cloud platform market to grow in the emerging economies in the regions of Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America because of the increasing demand for IoT cloud technology. These regions lack legacy infrastructure, therefore, the cost of implementing IoT cloud platform solutions is relatively less, thereby leading to high adoption.
Internet of Things (IoT) Cloud Platform Market by Platform (Device, Connectivity Management & Application Enablement), Deployment Model (Public, Private & Hybrid), Organization Size (SMB & Large Enterprise), Application Area, Service, and Region - Global Forecast to 2021
Markets and Markets
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