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By apacciooutlook | Friday, October 09, 2015
The logistics retail Internet of Things (IoT) market is expected to grow from USD 5.05 Billion in 2015 to USD 20.46 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 32.3%. 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.
MarketsandMarkets is rated second universally in terms of annually published premium market research reports. These reports also state and segregate the market on the grounds of applications, platforms, services, end-users, verticals, and regions and check the market for scalability. They also foresee market on trends, opportunities, and challenges.
Subdividing the economy on the lines of applications and platforms into application management, data management, connectivity management, application enablement platform, and device management platform, IoT Middleware Market also divides with respect to services into system integration and professional services as well. This is done based on regions like Asia-Pacific (APAC), North America, Europe, the Middle East and Africa (MEA), and Latin America.
The 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 help the market grow rapidly. There has been a vast deployment of applications and IoT by numerous customers have also created an impact in leading to the growth of this market.
North America stands first at market shares in terms of revenue for the global IoT middleware market while, APAC is expected to show a significant development with the highest Compound Annual Growth Rate (CAGR) for the prediction period due to technological advancements and leading IoT middleware vendors concentrating in the region for expansion.
See Also: Top IoT Solution Companies