The global third-party Internet of Things platform market grew by 36 per cent in 2015 to €610m (£521m), and is set to reach revenues of over €3bn by 2021, according to the latest figures from Berg Insight.

With a wide range of software platforms available, reducing cost and development time for IoT solutions, as well as standardised components meaning that IoT is integrated across multiple industry verticals, the market for IoT is set to maintain strong growth for the foreseeable future.

According to Berg Insights report, many enterprises and organisations have already begun deploying various machine-to-machine solutions, but these have so far focused on customised solutions within a single industry or even for a sole company.

As IoT develops, we will see more universal solutions, which will drive adoption as cross-industry standards transform operations and enable new business models for a variety of verticals.

“IoT furthermore aims to facilitate a better understanding of complex systems through analytics based on data from diverse sources to assist decision making, improving products and enabling entirely new services,” said André Malm, senior analyst at Berg Insight.

This desire for automated data collection that will drive efficiencies and improvements in productivity will lead to a new wave of connectivity and a growing market for application enablement platforms (AEPs), which provide data management and visualisation, analytics and event processing.

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