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.
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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.
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.
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.
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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