According to a new market research report “Internet of Things (IoT) Middleware Market by Type (IoT Application & Data Management), by IoT Platform (Application Enablement, Device & Connectivity Management), by Services, by End Users, by Industry Verticals and by Regions – Global Forecast to 2020”, published by MarketsandMarkets, The IoT Middleware Market to grow from USD 3,858.5 Million in 2015 to USD 11,575.5 Million by 2020 at a CAGR of 24.6% during the forecast period.
The market report defines and segments the market on the basis of applications, platforms, services, end-users, verticals, and regions and provides an in-depth analysis and forecasting of the market size. It also identifies drivers and restraints for this market with insights on trends, opportunities, and challenges.
MarketsandMarkets has broadly segmented the IoT Middleware Market on the basis of applications and platforms into application management, data management, connectivity management, application enablement platform, and device management platform. The IoT Middleware Market is also segmented on the basis of services into system integration and professional services, and on the basis of regions into North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America.
The major driving forces which are enabling the growth of this market include increasing demand of the application integrators and security vendors, rising demand of connected heterogeneous devices and proof of concept, and investment prioritization and cost control. The significant penetration of rapid development and deployment of applications and IoT technologies by various vendors have also been the influencing factors for the growth of this market.
North America is expected to have the highest market share in terms of revenue for the global IoT middleware market, while, Asia Pacific (APAC) is expected to show a potential growth with the highest Compound Annual Growth Rate (CAGR) for the overall forecast period due to technological advancements and leading IoT middleware vendors concentrating in the region for expansion. Middle East and Africa (MEA) and Latin America markets are also experience growth in the IoT Middleware Market hence they could be good regions for investment in the next 5 years.
The report also draws the competitive landscape of the IoT Middleware Market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting to gain an edge over their competitors. The key strategies followed by most companies in the IoT middleware market are innovative technologies, customized solutions, and acquisitions of relatively small domain expert players. The leading players in this market are Cisco Systems, Inc., Prosyst, ClearBlade, Davra Networks, and myDevice.
MarketsandMarkets forecasts the IoT Middleware Market to grow from USD 3,858.5 Million in 2015 to USD 11,575.5 Million by 2020. North America and Europe regions are expected to be the largest markets in terms of revenue contribution, while APAC, the MEA, and Latin America are expected to gain increased market traction during the forecast period.
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