The global open IoT platform market is expected to expand at 15.23% CAGR with a market value of $21.55 Billion in 2030, according to Market Research Future (MRFR). The technology is well defined as a natural extension to cloud computing implications. Over the forecast era, the open IoT platform market is expected to show significant growth prospects in this rapidly evolving environment of technology.
Reduction of the costs of connected devices and continuous technical development are some of the key factors fuelling the growth of the open IoT platform industry. As per the study, additional factors driving the open IoT application market growth are developing developer skills and learning new technologies. However, data security and privacy concerns are the factors that may hamper market growth over the forecast period.
MRFR’s open loT platform research predicts that the United States will have the highest market share. Throughout the anticipated time, North America is anticipated to continue to hold a leading position. The businesses in these regions have adopted cloud technology to a considerable extent, which is one of the factors that has made North America the most prominent market holder. In Europe, the popularity of open-source platforms among developers is growing and is, therefore, the critical factor driving the open IoT platform market growth.
Other factors driving the growth of the open IoT platform market are the emergence of advanced technology and the rising acceptance of open-source software and technological developments in various countries. Over the forecast period, Asia-Pacific expects to hit the highest CAGR in the global open IoT platform market.
According to the report, the significant factors contributing to the IoT platform markets include the demand for data storage over the cloud. It is the major contributor to the increasing demand for loT platforms.
The report reveals that the popularity of open-source platforms that make their source codes available to the public for modifications from the original design has increased. It is evidence of the growing popularity of mobile devices like smartphones and tablets. People have also been utilizing the platform because of how simple and inexpensive it is to set up.