IoT Technology Platforms Market Soars to a Whopping USD 1.9 Billion in 2019

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IoT Technology Platforms Market Soars to a Whopping USD 1.9 Billion in 2019

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Zinnov, a global management and strategy consulting firm, released the first-of-its-kind global ratings of Internet of Things (IoT) Platforms, today.
The study titled, ‘Zinnov Zones for IoT Platforms – 2019,’ is aimed at helping enterprise customers build a deep understanding of the IoT Platform landscape and enable them to make informed decisions on selecting the right platform partners for their IoT initiatives.
Figure: Overall Zinnov Zones Ratings for IoT platforms
This comprehensive study covered 30 Global IoT Platform Companies across 3 categories – Application Enablement Platform (AEP), Device Management Platform (DMP), and Connectivity Management Platform (CMP).
The study estimates that the worldwide enterprise investments in buying IoT platforms will reach USD 1.9 Billion in 2019, and is expected to grow at a staggering 35% CAGR to cross USD 9 Billion by 2024.
The study also revealed that the top 200 global enterprises spent 35% of all digital program outlays on IoT-centric applications, marking the growing importance of IoT as a core business enabler.
The 30 global IoT platforms that Zinnov evaluated as part of this study were found to have cumulatively invested over USD 3.5 Billion in 2019 to scale their IoT businesses.
Based on the data, Zinnov believes that the next frontier of growth is likely to be catalyzed by 5G, with more than 65% of the analyzed IoT platform companies having already started experimenting with 5G-led IoT use cases, with over 45% of participants having 5G talent pool of more than 50 employees and almost 60% forging partnerships specifically for innovation around 5G.
Zinnov also estimates that while IoT platform companies have found initial traction in the US and European markets, it is the markets in the APAC region that are likely to drive the next wave of growth, providing ~50% market contribution in the next 5 years

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