Market Overview:
The COVID-19 pandemic disruption is estimated to transform the Open IoT Platform Market scope in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the Open IoT Platform Market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
The open IoT platform market is growiang rapidly over 22% of CAGR and is expected to reach at approx. $59 Billion by the end of forecast period.
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.
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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.
Market Research Future (MRFR) recognizes the following companies as the key players in the Open IoT platform market – 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.
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Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
Open IoT platform market can be segmented on the basis of component, deployment and end user. Deployment segment is further bifurcated into private cloud, public cloud and hybrid cloud. Out of which, the public cloud segment is more popular among the developers owing to the flexibility and cost efficiency that it provides. Open IoT platform provides massively scalable device event management solutions. The ability to provide innovation and knowledge is one of the capabilities by which open source and IoT can thrive on for any organization. An open source model will allow industry standard vertical to build their solutions on top of sophisticated IoT platforms.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Some of the major trends in the Open IoT Platform Market include increasing demand for highly customizable and flexible solutions, growing adoption of open-source software for IoT development, and a focus on integrating IoT platforms with other systems and technologies such as edge computing and AI. Additionally, there is also increasing interest in creating industry-specific IoT solutions using open platforms, such as smart home automation and industrial automation.
Overall, the Open IoT Platform Market is expected to continue to grow in the coming years, as organizations increasingly recognize the value of open-source and open-standard solutions for IoT development and deployment.
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