Adoption of “Industry 4.0” or the fourth industrial revolution translates to the current ongoing automation of traditional industrial and manufacturing practices by using modern smart technology. This has given rise to IoT (Internet of Things) enabled devices, which are devices that have inbuilt sensors and communication abilities. As industry 4.0 maintains momentum, there has been a huge influx of IoT devices. These devices are in billions now and the industry felt a need to streamline the data of such devices which gave rise to IoT middleware which can be classified as a software which serves as an interface between components of the IoT, making communication possible among elements that would not otherwise be capable to interface in integrated technologies. The perceived benefits of IoT middleware such as decreased cost of doing business, continuous asset monitoring and data driven insights are driving the market. The market, however, is suffering from the lack of a standard communication protocol. This has led to lack of interoperability between different devices by different vendors and hampering the market growth.
Key Segments of the Global IoT Middleware Market
Platform Overview, 2018-2028 (USD Million)
- Device Management
- Application Management
- Connectivity Management
Organization Size Overview, 2018-2028 (USD Million)
- Small and medium-sized enterprises
- Large enterprises
Vertical Overview, 2018-2028 (USD Million)
- Government and Defense
- Automotive and Transportation
- Energy and Utilities
- Others (agriculture, education, tourism, hospitality, IT and telecom)
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global IoT middleware market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global IoT middleware market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the IoT middleware industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on platform, organization size, and verticals. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global IoT middleware market. The report will benefit: Every stakeholder involved in the IoT middleware market.
- Managers within the IoT middleware industry looking to publish recent and forecasted statistics about the global IoT middleware market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global IoT middleware market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The various benefits provided by the IoT middleware to the various verticals are likely to be the major driver of the market. In the developed economies of North America and Europe, the “Industry 4.0” is in full flow and companies are increasingly overhauling their assets with IoT middleware owing to the need to continuously monitor their assets. These solutions are increasingly helping geographically separated teams to collaborate and achieve synergy. Subsequent lowering of the price of technology along with the government initiatives such as smart cities is further aiding the market’s growth. Most of the large and established players are located in North America and Europe, however, an increasing number of new market players are originating from the Asia-Pacific region, which is likely to help the regional market pick momentum.
Based on the platform, the market is divided into device management, application management, and connectivity management. The connectivity management sub-segment is expected to hold the largest share of the market based on the platform. Many organizations today work in geographically dispersed teams leading to their devices and assets in need of continuous monitoring. The connectivity management platform allows an organization to manage all devices at the same to and ensure proper communications. Advantages like these are helping teams maximize efficiency and thus propelling the market growth.
Organization Size Segment
Based on organization size the market is split into small and medium-sized enterprises and large enterprises. Large enterprises are one of the early adopters of IoT middleware solutions. To increase business productivity and continuous asset monitoring, these are expected to hold a large chunk of the market throughout the forecast years. The small and medium-sized enterprises, in recent years, with the target of increasing revenues and reducing business costs have followed a strategy of aggressive expansion across verticals. SMEs have taken advantage of the decreasing cost of technology and have increased the adoption of IoT middleware solutions leading to rapid CAGR.
By vertical, the IoT middleware market is divided into manufacturing, government and defense, automotive and transportation, energy and utilities, healthcare, retail, BFSI, and others (agriculture, education, tourism, hospitality, IT, and telecom). The healthcare vertical is expected to hold the major share of the market. The IoT middleware allows healthcare companies to streamline their operations and manage workflows while continuously monitoring patient in real-time. Their huge benefits and increasing use cases in the vertical is expected to propel the healthcare vertical.
The North American region is anticipated to hold the largest market size in the global IoT middleware market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In the North America region, the presence of key industry vendors and solutions providers is expected to result in greater product absorption and feature enhancement which in turn is likely to aid the market growth. In the Asia Pacific region, the significant growth rate can be attributed to the increased adoption of IoT middleware solutions by SMEs to reduce their operating cost. In the region, there is a growing awareness about the advantages of IoT middleware such as better business productivity and improved asset monitoring. The growth in the region is also coming from the fast-moving economies of China, India, and the ASEAN region.
The major players of the global IoT middleware market are Microsoft, IBM, PTC, AWS, SAP, Cisco, Google, Hitachi, HPE, Bosch, Oracle, Salesforce, GE, Schneider Electric, ClearBlade, Davra, MuleSoft, Axiros, TIBCO Software, Siemens, Eurotech, Flutura, Litmus Automation, Ayla Networks, Aeris, QiO Technologies, Atos, and Exosite. These vendors have adopted various traditional and non-traditional growth strategies to enhance their market share including new product launches, partnerships and collaborations, and mergers and acquisitions.