Press release
Open IoT Platform Market Size is Expected to Reach 22% CAGR by 2030
The development of open Wi-Fi networks is expected to fuel the global Internet of Things (IoT) platform market growth. This software is anticipated to drive market growth during the forecast period.
The number of IoT platform companies globally on the open market has been consolidating, with a reversal in the trend of increasing numbers of IoT platform companies. This consolidation is observed in the Americas, Europe, and the Middle East and Africa (MEA).
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The global open (Internet of Things) platform market is estimated to reach up to USD 58.4 Billion by the year with a CAGR of 22%. The COVID-19 pandemic has had a notable impact on the open IoT platform market, leading to lower-than-anticipated demand across all regions compared to pre-pandemic levels. The industry for open IoT platforms, particularly in manufacturing businesses, has experienced a slowdown due to the pandemic's effects on supply chains and operations.
Here are some of the key market players of open IoT market platform:
Cisco Systems Inc. (US)
Bosch Software Innovations GmbH (Germany)
Siemens (Germany)
Wipro Ltd. (India)
Microsoft Corporation (US)
Google Inc. (US)
Oracle Corporation (US)
com.Inc. (US)
SAP SE (Germany)
Huawei Technologies Co.Ltd.
Intel Corporation (US)
PTC Inc. (US)
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Key Factors and Considerations:
Several key factors and considerations are important in the open IoT platform market, including the impact of the COVID-19 pandemic, the development of open Wi-Fi networks, and the consolidation of IoT platform companies globally. Additionally, the market is driven by the increasing demand for cloud storage, various usages of data, and the lack of funds or investments initially, which are considered factors of growth for IoT platforms.
Future Trends and Forecasts:
The Asia-Pacific IoT Platform Market is expected to grow at the fastest CAGR from 2022 to 2030, driven by leading manufacturers shifting their production base to the region. The market has witnessed rising revenue growth over the past few years due to the increasing demand for low-code IoT platforms and IoT nodes. Furthermore, the Europe IoT Platform market is expected to account for the second-largest market share, driven by the vast adoption of cloud technology in enterprises of all sizes.
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In conclusion, the open IoT platform market is experiencing rapid growth, driven by factors such as the impact of the COVID-19 pandemic, the development of open Wi-Fi networks, and the consolidation of IoT platform companies globally. The market is expected to witness significant expansion in the coming years, particularly in the Asia-Pacific and Europe regions.
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