Americas to hold dominant share in IoT platform market

The term "loT platform" refers to a collaborative effort by various open-source contributors to create a new range of open large-scale intelligent loT, also known as the internet of things. The applications are developed in accordance with the utility cloud computing delivery model. The technology is well defined as a natural extension to the implications of cloud computing. Access to additional and increasingly important loT-based capabilities and resources is made possible by loT. One can also take advantage of offers for the creation and management of environments comprised of loT resources that provide on-demand utility and loT services. The global IoT platform market is expected to grow at a 15.20% CAGR to reach USD 22.64 billion by 2030.

The company wants to help its customers become truly connected and secure businesses. The COVID-19 pandemic highlighted the need for solutions to protect against attacks targeting API vulnerabilities, allowing fraud/access to sensitive information. Furthermore, the collaboration would allow Cequence Security to provide industry-leading API security protection.

These are the factors that are expected to stymie the growth of the loT platform. These factors include an increase in customer data security and privacy concerns. There has been a significant increase in data theft, online scams, and hackers all over the internet.

These factors are expected to stymie the growth of the Internet of Things platform market. Furthermore, the lack of common standards is seen as a barrier to the open loT market.

The loT platform market is segmented by platform into connectivity/M2M platform, laaS back-end, hardware-specific software platform, and consumer/ enterprise software extension. According to the analysis, the connectivity/M2M platform has the largest market share in 2017. The hardware-specific software platform segment, on the other hand, is expected to grow at the fastest rate of 31.5% during the forecasted period.

The Global LoT platform is divided into three deployment types: on-premises, cloud, and hybrid. In 2017, the own premises segment accounted for approximately 28.5% of the market share.

The LoT platform is divided into four applications: device management, database management, analytics, and processing. In 2017, the device management segment held the largest market share, while the analytics segment has the highest CAGR of 32.7% over the next few years.

The global platform is divided into end-user categories such as manufacturing, smart cities and homes, retail, health care, and others. The global IoT platform market is expected to grow at a 28.5% CAGR to 74.74 billion by 2023.

The loT platform is divided into five regions: Asia Pacific, North America, Europe and the Middle East, Africa, and South America. America is expected to have the largest share of the loT platform market. During the forecasted period, North America is expected to remain the dominant region. The enterprises in these regions have adopted cloud technology to a large extent, which has helped North America become the largest market holder. This large scale has yet to be achieved in other parts of the world. Other factors include a strong cloud infrastructure, an increase in the number of connected devices, and advances in artificial intelligence and machine learning technologies. All of these factors are expected to influence and fuel the growth of the loT platform market during the assessment period.

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