MarketsandMarkets forecasts the global Internet of Things Middleware Market size 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 2018–2023. The global IoT middleware market is gaining traction, owing to factors, such as increasing demand for application integrators and security vendors, rising demand for connected heterogeneous devices, and investment prioritization or cost control. The IoT middleware by platform type includes device, application, and connectivity management.
The SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are organizations with less than 1000 employees. These organizations have gradually started adopting technological advancements, automating their business operations, and providing customer-centric services. They have realized that immediate response, quick business decisions, and customer satisfaction are the most essential features needed to expand the business, generate more revenue, and ensure the desired outcome.
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The application management segment is projected to grow at the highest CAGR during the forecast period. 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, and optimum use of resource.
The healthcare vertical is projected to grow at the highest CAGR during the forecast period IoT. The healthcare sector is gaining traction, owing to the increasing use of embedded sensors, availability of fast cellular networks (LTA and 3G), and rising adoption of wireless devices. Connectivity between sensors and devices enables healthcare organizations to streamline their clinical operations and manage workflows, and aid in real-time patient care, even from remote locations. Hence, healthcare organizations are focusing on implementing robust applications and connected technologies.
In terms of geographic coverage, the global IoT middleware market has been segmented into 5 major regions: North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest growth rate during the forecast period, as the region comprises developed and emerging economies, such as Japan, Australia, China, and India. APAC is taking aggressive initiatives to leverage the IT infrastructure, enabling commercial users to adopt cutting-edge technologies. For instance, in 2017, New Zealand introduced Business Growth Agenda, that includes initiatives to accelerate the adoption of IoT technologies through market research and the establishment of an IoT Alliance, a collaboration between industry and government.
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Major IoT middleware market vendors include IBM (US), PTC (US), SAP (Germany), Cisco (US), Alphabet (US), Amazon (US), Hitachi (Japan), HPE (US), Bosch (Germany), Microsoft (US), Salesforce (US), Oracle (US), GE (US), Siemens (Germany), and Schneider Electric (France). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global IoT middleware market. New product launches, partnerships, and agreements have been the most adopted strategies by the major players from 2016 to 2018, which helped them innovate their offerings and broaden their customer base.
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