In the changed post COVID-19 business landscape, the global market for IoT cloud platform, estimated at $7.9 billion in the year 2020, is projected to reach a revised size of $17.4 billion by 2027, according to a ReportLinker, growing at a CAGR of 11.9% during the forecast period.
Platform, one of the segments analyzed in the report, is projected to record 11.7% CAGR and reach US$11.4 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the services segment is readjusted to a revised 12.3% CAGR for the seven-year period.
The market in the U.S. is estimated at $2.3 billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of $3 billion by the year 2027 trailing a CAGR of 11.4% over the analysis period of 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.4% and 10.1% respectively. Within Europe, Germany is forecast to grow at approximately 8.6% CAGR.
