Worldwide IoT Platform Market to Reach US$ 1.6 Billion by 2021

Dublin, Ireland, February 23, 2016--Research and Markets forecast the IoT Platforms market growing at a compound annual growth rate (CAGR) of 33% over the 2015-2021 forecast period, with annual revenue reaching US$ 1.6 billion in 2021.

The worldwide market for IoT platforms reached $298M in 2015 with an estimated compound annual growth rate of 33% for the period to 2021, making IoT platforms one of the fastest growing segments, even within the IoT market and forecast to surpass the $1 billion mark by 2019.

The market is currently witnessing an explosion in IoT deployments and solutions around the world. IoT platforms are emerging as the central backbone of these IoT deployments and are the key for the development of scalable IoT applications and services. IoT Platforms represent a truly new market segment that was almost non-existent a few years ago.

Despite its tremendous diversity, the $300M market is currently dominated by US vendors with PTC emerging as the market leader at 18% market share. The US is also currently the biggest market for IoT deployments using IoT platforms. However, we are seeing that Asian markets are starting to pick up and do expect Asia to emerge as the biggest continental market by 2021.

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