According to the research report titled ‘Global IoT Cloud Platform Market Size study with COVID Impact, by Platform (Device Management, Connectivity Management, Application enablement) by End Use (Home Automation, Wearable Technology, Healthcare, Smart City, Industrial Automation and others) by Deployment Model (Public, Private and Hybrid) and Regional Forecasts 2020-2027‘, available with Market Study Report, global IoT cloud platform market was valued at USD 5.8 billion in 2019 and is expected to rise with a CAGR of 12.6% over 2020-2027.
 

Growing adoption of smart connected devices and focus towards increasing operational efficiency are the major factors expected to drive the global IoT cloud platform industry in the coming years. As per the data by Statista, global implementation of connected Internet of Things (IoT) devices is estimated to account for USD 7544 billion by 2025.
 

For the uninitiated, internet of things was introduced as an IT-world platform of information and data exchange. The principle is interconnection of physical devices, vehicles, buildings, and other products that are integrated with software, actuators, network connectivity, sensors, and electronics to accumulate and share data.
 

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Although, lack of a technically skilled professionals and complications associated with unstructured data management are the major restraining factors for the market growth.  Despite that, cost-effectiveness and easy incorporation of cloud data storage are likely to create ample opportunities for the industry growth during the forecast period. Also, emergence of next generation 5G mobile connection technology will boost the growth of global IoT cloud platform market.
 

With regards to the platform, global IoT cloud platform market is segmented into application enablement, connectivity management, and device management. Based on end-use spectrum, the industry is classified into smart city, home automation, industrial automation, healthcare, wearable technology, and others. As per deployment model, the market is divided into private, public, and hybrid.
 

From regional overview, North America IoT cloud platform industry is expected to grow substantially in the coming years, owing to widespread adoption across various industries and technological developments. Meanwhile, Asia pacific market is likely to witness highest growth rate during 2020-2027, as per the report. Swift adoption of advanced technologies, development of IoT-enabled devices, constant improvement in network connectivity, and government initiatives for IoT implementation are swaying the business dynamics in APAC.
 

Leading players operating in global IoT cloud platform market include Salesforce.com Inc., Amazon Web Services, Samsung, Google LLC, Microsoft Corporation, PTC Inc., IBM Corporation, General Electric, SAP SE, and Teli Communications.