Market Size of IoT Platforms to Grow By 28.8%+ by 2024

by | Mar 8, 2019 | IoT Companies

The global IoT Platforms market was valued to be 1340 Million in the year 2018. According to the latest IoT news, this value has been estimated to reach at 6110 Million by completion of 2024, expanding at a CAGR of about 28.8 percent between the years 2019 and 2024.

An IoT platform refers to on-premise and Cloud-based software packages as well as related services which support and enable sophisticated IoT services. To be more specific, an IoT Platform encompasses multiple software functions to give rise to a single solution for enabling businesses to build and leverage the Internet of Things (IoT) solutions quicker, cheaper, and better.

The top 3 revenue share positions in the IoT Platforms market of 2016 was captured by PTC (ThingWorx), Cisco (Jasper), and Microsoft. PTC (ThingWorx) led with 7.92 percent share of revenue, followed by Cisco (Jasper) with 7.44 percent share of revenue, and Microsoft with 4.77 percent share of revenue.

In spite of the competition issues, because of transparent world-wide recovery trends, the investors are yet very optimistic regarding this field, increasingly complex IoT solutions need much more advanced interaction platforms as well as middleware which enable smooth integration of applications, devices, and networks. There is an extensive array of software platforms built for enabling and supporting IoT solutions. The objective is enabling rapid development at reduced expenses by providing standardized components which can get shared across numerous solutions in various industry verticals.

The Asia-Pacific would reportedly occupy a major share in the market in the upcoming years.

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Neelam Dimri

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