IoT platform revenues will grow to € 2.4 billion worldwide in 2020

Berg Insight reported the global market for third party Internet of Things (IoT) platforms will show solid growth in the next few years. Other findings reported by Berg Insight includes: Total IoT platform revenues are forecasted to grow at a compound annual growth rate (CAGR) of 32.2 percent from € 450 million in 2014 to € 2.4 billion in 2020. Third party IoT platforms are relatively new in the market and display a great diversity in terms of functionality and application areas. Broadly speaking, most IoT platforms fall into one of the following three categories: connectivity management platforms, device management platforms and application enablement platforms. These platforms enable companies and organisations to develop and deploy IoT solutions faster and at lower cost by offering more standardised components that can be shared across multiple solutions in many industry verticals. The world of machine-to-machine (M2M) communication is gradually moving from vertical single purpose solutions to multi-purpose and collaborative applications interacting across industry verticals, organisations and people – a world of Internet of Things (IoT). It is difficult to make a clear distinction between M2M and IoT, although the term IoT better describes the evolution of connected devices, with accelerating scale and scope, as well as higher focus on interoperable solutions. “M...