Open IoT Platform Market Size Perceives A Fabulous Growth Prospects; Unleashed Market Insights Till 2025
January 22, 2020 by Market-NewsFlash
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.
According to Market Research Future Analysis, open IoT platform market has been valued at approx. USD 4.3 Billion by the end of forecast period with 25% of CAGR during forecast period 2017 to 2023.
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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