The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Open IoT Platform Market Share. The growth sectors of the Open IoT Platform Market Share are identified with precision for a better growth perspective.
In this rapidly changing world of technology, open IoT platform market is projected to show major growth prospects during the forecast period. An IoT platform combines several software functions into one solution to enable companies to develop and deploy IoT solutions faster, better and cheaper.
As compared to other regions, the open IoT platform market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of open IoT platform market. This is owing to the presence of large number of established key players and increasing popularity among the developer community in that region. In addition to this, the region also has a well-established infrastructure and is expected to be a major factor for the growth of open IoT platform market.
The open IoT platform market is growing rapidly over 25% of CAGR and is expected to reach at approx. USD 4.3 Billion by the end of forecast period.
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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