Market Study on IoT Middleware Market and its key opportunities

Posted on 2019-10-10 by MarketsandMarkets in Internet & Online // 0 Comments

The global IoT middleware market size 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% as per a report by MarketsandMarkets.

Why increasing shift toward outcome and pull economies could be a sustainable opportunity?

The outcome economy focuses on pay-per-outcome, wherein the customer is proposed to pay the value of the product depending on its quality, service, and delivery time. Companies need to shift from the linear and isolated supply chains to the value-driven digital ecosystems for ensuring competitiveness. Connected devices and software platforms within the IoT ecosystem enable the aggregation of data and facilitate collaboration across industries, which can create better business relationships and expertise.

The pull economy focuses on 3 important aspects. The first aspect is continuous demand sensing, a process of leveraging new analytical techniques to create an accurate forecast of the market demand and current certainties of the supply chain. The second aspect is end-to-end automation that focuses on connecting devices with all other business processes for better business outcomes. The third aspect is resource optimization and waste reduction, one of the most important aspects of business processes.

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Key Market Players for IoT Middleware Market

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.

IBM is a leading vendor in the IoT middleware market. The company offers integrated solutions and products, which leverage the benefits of data, IT, and deep expertise in industries and business processes to create value for clients. IBM follows both organic and inorganic growth strategies. In the IoT Middleware market, IBM offers the IBM Watson IoT platform. The IBM Watson IoT platform is a managed and cloud-hosted service designed to derive value from IoT devices. IBM has focused on increasing its product portfolio with the help of strategies, such as partnerships and agreements, and new product launches.

Microsoft is one of the leading players in the global IoT middleware market. The company generates revenue by licensing and supporting a range of software products, and offering a series of cloud-based and other services to customers across the globe. In the IoT Middleware market, the company offers Microsoft Azure IoT platform to accelerate business transformation with the help of the IoT technology.

Major driving factors for the IoT middleware market are the growing need for centralized monitoring, increased cloud adoption, increase in regulatory compliance, evolution of high speed network technologies, and rising adoption of next-generation technologies.

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