Open IoT platform market is estimated to exhibit high growth potential during the forecast period owing to increasing popularity of open source platforms among developers. Major driving factor in the growth of Open IoT platform market is the increasing popularity of IoT and owing to this open source platforms have drawn investment from major IoT companies. An open IoT platform enables enterprises to monitor and control IoT endpoints and build applications to meet digital business requirements.
Open source technology enables permission less, low-risk innovation that could accelerate the search for new killer use cases. For big enterprises and startups alike, open source can represent the ability to explore new technology without big, up-front financial commitments, and with less concerns. A third of IoT developers uses open source projects because constant community improvement make them the best technology in the field.
Open IoT platform market has been segmented on the basis of component, deployment and end user. The deployment segment comprises of cloud and on premise deployment models. The cloud deployment is further bifurcated into private cloud, public cloud and hybrid cloud. Out of which, private cloud deployment is more popular among the SMEs and large enterprises owing to the security and privacy parameters. With private cloud deployment, there is no risk of the data being stored.
The major factors restraining the growth of open IoT platform market are the security and privacy concerns. Technological fragmentation and implementation problems are other factors that could cause hindrance in the growth of open IoT platform market.
According to Market Research Future Analysis, open IoT platform market has been valued at approx. USD 4.3 Billion by the end of forecast period with 25% of CAGR during forecast period 2017 to 2023.
Open IoT platform Market Segmentation
The Open IoT platform market has been segmented on the basis of component, deployment and end user. The component segment comprises of hardware and software components. Software components segment is very popular among the components segment owing to the free availability of source codes for general people to develop and modify codes, in order to develop new applications.
The prominent players in the Open IoT platform market are – Amazon Web Services (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Samsung Group (South Korea), Bosch (Germany), Ayla Networks (U.S.), Google, Inc. (U.S.), General Electric (U.S.), Oracle (U.S.), among others.
Market Research Analysis:
The global open IoT platform market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. In the global Open IoT platform market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, open IoT platform market is projected to contribute faster to the growth of revenue backed by increasing demand from developers in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of open IoT platform market. In Europe, the popularity of open source platforms is increasing among the developers and hence is the major factor driving the growth of open IoT platform market. The presence of advanced infrastructure and with the increasing adoption of open source applications and technological advancements in numerous countries are other factors driving the growth of open IoT platform market.
Open IoT platform market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. Open IoT platform market in Middle East and Africa occupies a relatively smaller pie of the global open IoT platform market.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
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