The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on IOT Open Source Platform Market. The growth sectors of the IOT Open Source Platform Market are identified with precision for a better growth perspective.
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.
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.
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