The global Internet of Things (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% during the forecast period. 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.
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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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. The company adopted organic growth strategies, such as new product launches and product enhancements. For instance, in September 2018, Microsoft announced the launch of Azure Digital Twins developed as part of the Azure IoT platform for enabling its clients to build next-generation IoT solutions.
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. For instance, in February 2017, IBM partnered with Bosch, to make available Bosch’s IoT suite services on IBM Bluemix and IBM Watson IoT platform for clients to efficiently update their IoT devices.
Related Reports:
IoT Middleware Market by Platform Type (Device, Application, and Connectivity Management), Organization Size (Large Enterprises and SMES), Vertical (Manufacturing, Government & Defense, Automotive & Transportation), and Region - Global Forecast to 2023

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