Analyst firm Berg Insight argues that the global third party IoT platform market grew 36% to €610 million (£520.4m) in 2015, and expect revenues to see a 30.8% CAGR to €3.05 billion (£2.60bn) by 2021.
There exist a number of software platforms on the market today aimed at cutting cost and development time for IoT solutions with the provision of standardised components that can be applied across many industry verticals to integrate devices, networks and applications. Most IoT platforms currently available can be classified as being a connectivity management platform, a device management platform or an application enablement platform. However, many products provide overlapping functionality or other unique features.
André Malm, senior analyst at, Berg Insight, said: “IoT furthermore aims to facilitate a better understanding of complex systems through analytics based on data from diverse sources to assist decision making, improve products and enable entirely new services.”
Several enterprises and organisations have already undertaken various machine-to-machine (M2M) deployments that have been classified as customised solutions deployed within single industry verticals, or by one company, to improve existing business operations. The IoT stresses on integration of sensors, devices and information systems across industry verticals and organisations to transform operations and enable new business models.
The market for application enablement platforms (AEPs) is in its early stages as compared to the maturity witnessed in connectivity and device management platforms as regards adoption, the analysts argue. AEPs typically provide functionality such as data collection, data storage and analytics. Fully featured platforms also provide tools, frameworks and APIs for creating business applications featuring data management, event processing, automated tasks and data visualisation. Many platforms also provide tools and ready-made libraries and UI frameworks that facilitate modelling and creation of interactive applications, workspaces and dashboards with little or no need for coding.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.