MarketsandMarkets forecasts the global Internet of Things (IoT) cloud platform market size to grow from USD 6.4 billion in 2020 to USD 11.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period. Major factors expected to drive the growth of the IoT cloud platform market include the proliferation of IoT-enabled devices, need to increase operational efficiency, rapidly decreasing costs of IoT-based sensors connectivity hardware, and emergence of Internet Protocol version 6 (IPv6).
The major IoT cloud platform vendors include AWS (US), Microsoft (US), Google (US), Cisco Systems (US), IBM (US), Oracle (US), Salesforce.com (US), SAP (Germany), PTC (US), Samsung (South Korea), Bosch.IO (Germany), Autodesk (US), AT&T (US), Alibaba Cloud (China), Telit (UK), Siemens (Germany), GE Digital (US), Ubidots (Colombia), Zoho Corporation (US), and Particle (US). These players have adopted various growth strategies in the IoT cloud platform market. Agreements, collaborations, and partnerships, and new product launches and product enhancements have been the most dominating strategies adopted by major players from 2019 to 2020, which helped them innovate their offerings and increase their customer base.
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Amazon Web Services (AWS) (US) is one of the prominent players in providing the IoT cloud platform across the globe. The company provides a very high-tech and competitive range of IoT products and associated services. The company offers AWS IoT solutions, Device Software, Connectivity and Control services, and Analytics services in IoT cloud platform market. The company has a huge AWS IoT Partner Community, which includes global and regional system integrators, Independent Software Vendor (ISV) partners, connectivity partners, Original Equipment Manufacturer (OEM) partners, and silicon partners; this community supports AWS to enhance its market position in IoT cloud area. AWS focuses on its global presence through setting up offices across regions and availability zones in various locations in the globe to bring data and workloads closer to the end users. For instance, in December 2019, the company announced to open AWS Local Zone in Los Angeles, US. AWS has also adopted the inorganic growth opportunities, such as partnerships, to maintain its leading position in the IoT cloud market. For instance, in January 2020, the company partnered with BlackBerry, to develop a safe, secure and intelligent connected vehicle software platform for in-vehicle applications.
Microsoft (US) is another prominent player in the IoT cloud platform market. Microsoft offers Azure IoT that comprises various IoT solutions, such as Azure IoT Central, Azure IoT Solution Accelerators, Azure IoT Edge, Azure IoT Hub, Azure Digital Twins, Azure Sphere, Azure Time Series Insights, and Azure Maps. Microsoft invests a substantial part of its annual revenue in R&D for enhancing and upgrading its offerings in the market. For instance, the company invested USD 16.9 billion in R&D activities, in the financial year of 2019. The company focuses on offering technically advanced, cloud supported IoT solutions to its customers through new product launches and product enhancements. For instance, in February 2020, Azure Security Center for IoT extended the support for Azure Real-Time Operating System (RTOS). Microsoft focuses on offering tailored IoT solutions to customers with the help of the acquisition strategy to become an exclusive vendor in the market. For instance, in April 2019, Microsoft acquired Express Logic, aiming to make Express Logic’s ThreadX RTOS available as an option for real-time processing requirements on an Azure Sphere device.
IoT Cloud Platform Market by Offering (Platform and Service), Deployment Mode (Public Cloud, Private Cloud, and Hybrid), Organization Size, Application Area (Building & Home Automation and Connected Healthcare), and Region - Global Forecast to 2025
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