Could your construction company soon use IoT (Internet of Things) on projects? Some analysts say this technology is set to grow.

The global market for third-party IoT platforms will show solid growth in the next few years, according to a new research report from the analyst firm Berg Insight, www.berginsight.com.

Total IoT platform revenues are forecasted to grow at a CAGR (compound annual growth rate) of 32.2% 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 organizations to develop and deploy IoT solutions faster and at lower cost by offering more standardized components that can be shared across multiple solutions in industry verticals.

The world of M2M communication is gradually moving from vertical single purpose solutions to multi-purpose and collaborative applications, interacting across industry verticals, organizations, and people—a world of 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.

Third-party IoT platforms enable companies to focus on differentiation created by unique capabilities and insights from data rather than duplicating non-differentiating functionality such as connectivity integration, device management, data collection, storage, and analytics.

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