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From: Frank Sully8/16/2021 4:06:15 PM
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Open IoT Platform Market Size is Set to Reach USD 5.96 Billion by 2027 at 15.5% CAGR - Report by Market Research Future (MRFR)

Globe Newswire
August 16, 2021 2:09 PM

New York, US, Aug. 16, 2021 (GLOBE NEWSWIRE) --

Market Overview:

According to a comprehensive research report by Market Research Future (MRFR), "Global Open IoT Platform Market information by Type, Application and Region – forecast to 2027" the market is estimated to reach up to USD 5.96 Billion with a CAGR of 15.5% by Forecast 2027.

Open IoT Platform Market Scope:

Internet of things (IoT) is the interconnectivity of all devices through the internet and control through a common framework. The IoT platform encompasses middleware, devices, and sensors while adhering to lightweight protocols to increase the amount of devices it can control. Open IoT platforms are meant to lower cost of centralization of devices through the cloud or on-premises in light of rapid rise of industrial automation.

Dominant Key Players on Open IoT Platform Market Covered Are:
  • Wipro Ltd.
  • Bosch Software Innovations GmbH
  • Intel Corporation
  • Siemens
  • Oracle Corporation
  • Google Inc.
  • SAP SE
  • Cisco Systems Inc.
  • Huawei Technologies Co. Ltd.
  • PTC Inc.
  • Amazon.com Inc.
  • Microsoft Corporations
Market Drivers:

The global Open IoT Platform market is driven by a centralized demand for monitoring of devices and penetration of high-speed internet. Development of IoT platforms that provide solutions for connected applications and smart products and help companies scale their capacity can bode well for the market. For instance, the Kaa IoT platform allows companies to seamlessly connect devices and increase interoperations. It enhances data management while reducing cost of services and risks. The shift to cloud-based platforms coupled with new protocols like the IPv6 can push the market demand significantly.

But privacy concerns and increased instances of cybercrimes in the IoT space can deter market growth.

Segmentation of Market Covered in the Research:

By deployment, the open IoT platform market is divided into on-premise and cloud. The cloud deployment can gain a large market share in the coming years owing to its flexible nature and ability to scale operations easily. New standards developed by open source foundations to assist cloud deployments can bolster the market growth.

By component, it is segmented into services, hardware, and software. The software component is expected to gain a large market share owing to the open-source nature of code and freedom to modify codes according to the specific application. Real-time insights on operations and applications can drive the segment demand significantly.

By size, it is segmented into small and medium enterprises and large enterprises.

By industry, the open IoT platform market is segmented into healthcare, retail, manufacturing, and automotive. The retail industry is expected to be the biggest end-user of the market owing to efforts taken by large chains to entice customers. Customer purchasing behavior and new ways to discern the performance of products can drive the demand of open source IoT platform in the industry.

Major applications in the open IoT platform market are processing and application, database management, device management, and others.

Regional Analysis

The open IoT platform market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

North America is touted to dominate the global market owing to high adoption of latest technologies and integration of IoT to expedite the breakthroughs in artificial intelligence and machine learning. Business models centered around IoT platforms such as shared scooter, smart elevators, household robots, and other products can bode well for the open IoT platform market. The U.S. is the biggest contributor to the region owing to large number of financial institutions embracing IoT platforms.

APAC, on the other hand, is expected to display a strong growth rate over the forecast period owing to rise of industrial automation. Adoption of smart devices and presence of reputed companies such as Samsung and Ericsson can bolster market demand in the region. Partnerships and collaborations are likely to be witnesses in the region as digital transformation takes centerstage in plans of companies to extend their expertise and bridge the gap between operational technology and information technology.

COVID-19 Impact on the Global Open IoT Platform Market

The COVID-19 pandemic has had a negligible impact on the open IoT platform market. Restrictions on coming to office and compliance of working from home had encouraged more innovations in the industry. Many industries hesitant about automation have opted for open source IoT platforms owing to its low cost compared to its counterpart. The creation of a new platform, CIoTIVID, for gathering health data through various devices by scientists can be used in tackling future cases or more variants of the virus. Policymakers, individuals, and clinics can benefits from its features for tracing of individuals and taking adequate measures for combating it in the initial stages. Collaboration with frontline healthcare workers and subject matter experts through IoT platforms to accelerate the findings of the virus and drive the development of vaccines is likely to be seen in the market.

Industry Trends

Development of new standards and protocols to ensure the entry of new platform creators in the market can bolster innovation in endpoints, sensors, software, and applications. Recently, the Fido Alliance has developed an open standard for IoT devices to connect with cloud and on-premise data management platforms. The protocol can assist device manufacturers with data configurations for making it easy to welcome first-time users and connect to the prospective IoT platform.

The Mozilla Foundation has matured its IoT platform with the help of developer and maker communities. The platform assists developers in building their own devices through software components available on its network. Additionally, the WebThings Gateway facilitates smart home owners to interconnect the devices in their home through a common platform and collect data for further improvement.

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

benzinga.com
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