The year 2020 is proving to be a boon and bane for diverse sectors across the world. The boon is the rapid adoption of the latest technologies to facilitate smooth work operations. The bane is the destruction and economic difficulties caused due to the novel coronavirus pandemic. The pandemic has led to changing dynamics across various work operations completely and technology has played an important role in bringing this change. The Internet of Things (IoT) is one such technology that is assisting various applications to embrace the change.
On the back of all these factors, the global IoT cloud platform market may experience transformational growth across the forecast period of 2020-2030. The IoT cloud platforms facilitate the combination of IoT and cloud computing to add value across diverse applications. In short, an IoT cloud platform is a bridge between the connected devices and data delivery over the network.
The benefits of IoT cloud platforms make them one of the preferred options across every sector. The major advantages of IoT cloud platforms are explained through the I.O.T (Integrated Solutions. Operational Monitoring. Technology Optimization) nomenclature below.
IoT cloud platforms come with integration of numerous services within a single platform. This factor invites immense growth opportunities for the IoT cloud platform market. Microsoft Azure is a classic instance that exhibits the integration feature. It enables integration with SAP, Oracle, WebSphere, Salesforce, etc.
IoT cloud platform enables monitoring of various operations and also tracks assets. This prevents thefts and fraud across an organization. The Oracle IoT cloud platform has various monitoring features that enable the complete provision of solutions for an organization. It tracks worker movement and does environmental monitoring through its Connected Worker Cloud Service. Many other monitoring applications are present in various IoT cloud platforms that enable smooth functioning.
IoT cloud platforms help in technology optimization through gathering data from websites, applications, and devices to enhance real-time responses. This aspect brings tremendous growth prospects for the IoT cloud platform market. The Salesforce IoT cloud platform provides this feature.
The Surging Influence of IoT Cloud Platforms in Healthcare Sector
The COVID-19 outbreak has highlighted the revamping of health infrastructure across the globe with cutting-edge technologies. This helps in reducing the strain on the frontline COVID-19 warriors such as doctors and nurses. Various IoT devices are being used for quarantine tracking and IoT cloud platforms play an important role in carrying out the day-to -day operations. The growing influence of smart hospitals with AIoT, a combination of artificial intelligence and the Internet of Things technology invites extensive growth across the IoT cloud platforms market.
Microsoft recently introduced a new platform, the Azure IoT Connector for Fast Healthcare Interoperability Resources (FHIR) that is designed specifically for the exchange of clinical data and helping the healthcare professionals for securely managing data seeping in from diverse settings. Such technologies may serve as growth multipliers for the IoT cloud platform market.
Government Initiatives to Revamp Healthcare Bringing Great Growth Opportunities
Government initiatives and schemes are also bringing immense growth opportunities for the IoT cloud platform market. Various countries, in a bid to enhance their healthcare infrastructure, are introducing financial support toward healthcare and are also launching various schemes.
The Indian Government recently announced the National Digital Health Mission (NDHM) under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). This scheme will include providing an ID card to a patient comprising all the medical information and will enable limited-time access to the doctors for studying their health. Such initiatives bring expansive growth prospects for the IoT cloud platform market.
According to Transparency Market Research, North America may lead as the largest regional growth contributor for the IoT cloud platform market across the forecast period of 2020-2030. The overwhelming adoption of IoT platforms by numerous sectors may prove an important growth factor.
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