The increasing adoption of cloud is expected to provide opportunities for the IoT middleware market growth
The global IoT middleware market size is projected to reach nearly USD 24.8 billion by 2025. Also, it is projected to gather a CAGR of above 19% over the forecast years 2020-2025. Internet of Things (IoT) middleware can be classified as software that serves as an interface between components of the IoT, making communication possible among elements that would not otherwise be capable of interface in integrated technologies. IoT middleware handles the format, structure, and encoding of the information that is being exchanged between different devices, sensors, and layers. IoT middleware acts as a common standard amongst the diversity of sensors, devices, OS, and applications that encompass the IoT ecosystem architecture. It also serves as APIs for physical layer communication, without exposing anything to the adjacent layers. Moreover, IoT middleware plays a role in the security of the applications integrated in the middleware too. Owing to such advantages, the IoT middleware market is witnessing substantial growth.
The future and existing IoT middleware market progress are outlined to know the market attractiveness. Key influencing factors focus on the IoT middleware of market opportunities over the forecast years. Factors such as their increased adoption across verticals to improve their monitoring and asset tracking are driving the market growth. Also, the huge growth in the number of IoT devices is further aiding the growth of the global IoT middleware market. However, the market is plagued with connectivity standards and implantation issues. The lack of connectivity standard is also leading to a lack of interoperability which is hindering the market growth. Furthermore, the move towards cloud is anticipated to be an opportunity for the IoT middleware companies.
The report also outlines the various characteristics of the global IoT middleware industry by assessing the market from value chain analysis. Moreover, the IoT middleware market report comprises various qualitative parts of the IoT middleware industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The IoT middleware market has solid competition amongst the already well-known and new market players. Also, the IoT middleware industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
The market is segmented based on platform, organization size, vertical, and regions. Based on the platform, the market is divided into device management, application management, and connectivity management. Based on organization size the market is split into small and medium-sized enterprises and large enterprises. 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 North America region is expected to hold the highest market share during the forecast years owing to the presence of key industry players in the market. The market is at the forefront of internet penetration which is also increasing the North American market. A favorable environment for competition has also resulted in the high technology absorption in the region. Asia-Pacific region is projected to showcase the highest growth rate during the forecast years owing to the increasing awareness about the technology and increasing absorption by booming economies of the region. The region is expected to see a huge adoption of services among small and medium-sized enterprises.
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.
Segment Overview of 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 Defence
- 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