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IoT Cloud Platform Market To Demonstrate Spectacular Growth By 2030

The global IoT cloud platform market is expected to grow from USD 6.1 Billion in 2020 to USD 20.34 Billion by 2030, at a CAGR of 12.80% during the forecast period 2021-2030. North America region emerged as the largest market for the global IoT cloud platform market with a 31.4% share of the market revenue in 2020. The factors that accelerate the growth of the IoT cloud platform market in North America are the vast acquisition of IoT cloud platforms by different industries and high-tech developments. Also, the region is expecting maximum revenue growth opportunities due to the established key players such as (AWS) and Google. The US is the biggest market for IoT platforms. Because of the early adoption of trending technologies, such as IoT, cloud, Artificial Intelligence, big data, and mobility the US is a leader in the market of North America; Canada is also expected to witness a surge in the adoption of IoT cloud platforms.

Leading companies in the industry include Apple Inc., Cisco, Accenture Plc, Amazon Web Services Inc., Google, IBM, Intel Corporation, Italtel S.P.A., Happiest Minds, Hewlett Packard Enterprise Development LP, Microsoft, Oracle, PTC, SAMSUNG, SAP SE, Siemens, Sitewhere LLC and Time Inc.

The offering segment of IoT cloud platform market is divided into platform and service. Platform segment of IoT cloud platform market is divided into connectivity management, device management, and application enablement. Service segment is divided into professional services and managed services. The Professional segment is further sub divided into training and consulting, support and maintenance and integration and deployment. By 2030, the managed services segment of IoT cloud platform market is likely to dominate the market. Managed cloud service provides responsibility including designing, consulting, building, optimizing, overlooking your private cloud, public cloud environments and including deployments on Google Cloud Platform, AWS, and Microsoft Azure. The deployment market segment is divided into public, private and hybrid. The public segment led the market with a market share of 40.2% in 2020. The growth is because of the rising demand for public cloud investment across various developed economies, such as the US, China, the UK, Australia, and Canada, which is anticipated to propel the demand for public cloud. The growth is because of the increasing usage of embedded sensors, availability of fast cellular networks, and rising adoption of wireless devices.

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