Global IoT middleware marketsize to grow at a CAGR of 23.0% during the forecast period
The global IoT middleware market is expected to grow from USD 6.9 billion in 2018 to USD 19.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 23.0% during the forecast period. Major growth factors for the market include integrating operations technology and IT, growing need for centralized monitoring, increased adoption of cloud, and evolution of high network technologies. However, issues relating to integration with legacy systems, absence of uniform IoT standards, and lack of interoperability could restrain the market growth.
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Application management platform segment to grow at the highest CAGR during the forecast period
The application management platform provides a wide variety of application services, processes, and methodologies for maintaining, managing, and enhancing custom, packaged software, and network-delivered applications. The platform is designed to ease the management of various applications, including packing, deployment, and containerized Software-Defined Environment (SDE). The application management platform helps in managing application provisioning and ensuring application-level security services. Application management platforms facilitate intelligent product enhancements, dynamic response to market demands, lower costs, optimum resource use, and reduced wastage. Furthermore, the application management platform offers multiple features, such as application hosting, remote device management, data storage, monitoring, sharing, and management and advanced analytical capabilities.
Asia Pacific (APAC) to grow at the highest growth rate during the forecast period
APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. APAC is taking aggressive initiatives to leverage the IT infrastructure, enabling commercial users to adopt cutting-edge technologies. According to GSM Association, APAC represents the single largest market for IoT services with an expected 7 billion connections by 2021. Many active IoT organizations, such as Shenzhen, Samsung, and Hitachi are from APAC. Certainly, the size of the potential market and local activity are attracting international organizations to focus IoT initiatives in the region. For instance, in China, the IoT is profiting from both government bolster and productive associations between organizations from various sectors. The country’s rapid economic growth and development is driving the adoption of new technologies, as the urban population grows, and the middle class expands.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the IoT middleware marketplace.
The following list provides the breakup of primary respondents’ profiles:
- By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By designation: C level Executives: 35%, Director Level: 25%, and Others: 40%
- By region: North America: 45%, Europe: 20%, APAC: 30%, and Rest of the World: 5%
Major vendors in the global IoT middleware market include International Business Machines Corporation (IBM), PTC Inc. (PTC), SAP SE (SAP), Oracle Corporation (Oracle), Hitachi, Ltd. (Hitachi), General Electric Company (GE), Amazon Web Services, Inc. (AWS), Cisco Systems Inc. (Cisco), Hewlett Packard Enterprise Company (HPE), Salesforce.com, Inc. (Salesforce), Bosch Group (Bosch), Microsoft Corporation (Microsoft), Siemens Group (Siemens), Alphabet Inc. (Google), and Schneider Electric Infrastructure Limited (Schneider).
- The report includes an in-depth competitive analysis of the key players in the IoT middleware market, along with their company profiles, recent developments, and key market strategies.
- The report segments the global middleware market by platform type, organization type, vertical, and region.
Key Benefits of Buying the Report:
- The report would help the market leaders/new entrants in the IoT middleware market with the information on the closest approximations of the revenue numbers for the overall IoT middleware market and subsegments.
- The report would also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- It also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.