November 05, 2018
WELLESLEY, Mass., Nov. 5, 2018–Large Internet of Things (IoT) projects, such as the proliferation of smart cities and the expansion of the digital healthcare network, are helping to boost third-party commercial IoT platforms, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 33.6% through 2023, when it could be worth $5.1 billion, according to the report Technology Platforms for the Internet of Things (IoT).
“Some of the key application segments that have grown their adoption of IoT platforms include healthcare, automotive, fleet management and smart city initiatives by local governments,” said report author Nandita Bhotika. “The enterprise and public sector segments are the largest customers of these platforms with each contributing to almost 35% of the IoT platform market demand in 2017. These end use segments are largely driven by the need for ready-to-deploy solutions that can handle the complexity of multi-device, multi-location IoT projects.”
Growth of Smart Cities Adds Dynamic Capabilities to Industry
IoT offerings are transforming cities by improving infrastructure, creating more efficient and cost-effective municipal services, enhancing public transportation, reducing traffic and keeping citizens safer and more engaged with their communities. Forward-thinking cities, the report adds, are securing scalable IoT infrastructure that integrates multiple systems. Market players making big moves in the intersection of smart cities and IoT include Sierra Wireless (SWIR), Verizon, InterDigital (IDCC), ThingWorx, Carriots, Cisco (CSCO) and Oracle (ORCL).
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Technology Platforms for the Internet of Things (IoT)( IFT129B )
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