TheInternet of Things (IoT) market is growing due to the adoption of the cloudplatform. The initiation of advanced data analytics and data processing, andreduction in the cost of connected devices are some of the other factorscontributing to the growth of the IoT market. MarketsandMarkets forecasts the IoTmarket size to grow from USD 170.57 Billion in 2017 to USD 561.04 Billion by2022, at a Compound Annual Growth Rate (CAGR) of 26.9% during 2017–2022.
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Thereare several established players in this market, such as Google Inc. (US),Hewlett-Packard Enterprise (US), Amazon Web Services (US), Bosch SoftwareInnovation GMBH (Germany), General Electronics (US), Intel Corporation (US),SAP SE (Germany), Cisco Systems, Inc. (US), Microsoft Corporation (US), OracleCorporation (US), International Business Machine (IBM) Corporation (US), andPTC Inc. (US). These leading players have adopted various strategies, such aspartnerships, collaborations, agreements, mergers and acquisitions, and newproduct developments, to achieve growth in the global IoT market.
IBMCorporation is one of the leading players in the IoT market. The company hasadopted both organic and inorganic strategies to enhance its presence in themarket. It entered into various partnerships and strategic alliances with localas well as global players. For instance, in March 2017, IBM announced itspartnership with Visa. This partnership enabled IBM to combine its Watson IoTplatform with Visa’s token technology. Moreover, both the companies deployed atoken sharing architecture using a device managed by Big Blue’s cloudinfrastructure. In November 2016, IBM launched its Watson IoT consulting solutionthat allows developers to quickly connect, build, and manage IoT applicationsand solutions.
CiscoSystems, Inc. is another major vendor in the IoT market. The company has astrong presence worldwide, including North America, Asia Pacific (APAC), andEurope. It is a seller of architecture and solutions, based onmachine-to-machine communication devices. The company has adopted the inorganicgrowth strategy to enhance its presence in the market. For instance, in April2016, it partnered with SAS, one of the leading companies dealing withanalytics, business intelligence, and data management software. Thispartnership enabled Cisco to validate the design of IoT analytics platformusing SAS analytics. Moreover, in November 2016, Cisco partnered with Olivetti,an Italy-based telecommunication and IT solutions provider. This partnershipenabled both the companies to jointly deliver the IoT manufacturing service totheir industrial customers present across verticals, such as energy andutilities, car manufacturers, retail and payment, and transportation andlogistics.
