Overview and Scope
IoT middleware is software that serves as an interface between the IoT components, enabling communication among the elements that will not be capable of otherwise. Middleware connects the different complex and existing programs that are not created to be connected.
Sizing and Forecast
The iot middleware market size has grown exponentially in recent years. It will grow from $14.54 billion in 2023 to $17.62 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to rise of connected devices, industry-specific demands, standardization efforts, integration requirements, cloud computing adoption.
The iot middleware market size is expected to see rapid growth in the next few years. It will grow to $33.96 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to evolving customer expectations, cost-efficient solutions, standardization initiatives, cloud integration, industry-specific solutions.. Major trends in the forecast period include remote work and connectivity, cost efficiency, hybrid deployment models, demand for real-time analytics, interoperability and standards.
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Segmentation & Regional Insights
The iot middleware market covered in this report is segmented –
1) By Platform Type: Device Management, Application Management, Connectivity Management
2) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises
3) By Vertical: Manufacturing, Government And Defense, Automotive And Transportation, Energy And Utilities, Healthcare, Retail, BFSI (Banking, Financial Services, And Insurance), Other Verticals
North America was the largest region in the IoT middleware market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the iot middleware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in high-speed network connectivity is expected to propel the IoT middleware market growth. High-speed internet is the internet access provided by a network of servers that transfers data via high-speed cable, satellite, and wireless connections, and as a whole, high-speed internet is much faster than analog dial-up services. The need for high-speed network connectivity is increasing due to the connectivity of devices and supporting complex functions. The rising high-speed network connectivity will require better solutions and IoT middleware that establish better connectivity between devices and enable faster functions. For instance, according to the European Commission, an executive of the European Union, in 2021, 70.2% of EU households experienced high-speed internet coverage, which grew from 59.8% in 2020. Therefore, the rise in high-speed network connectivity will drive the growth of the IoT middleware market.
Key Industry Players
Major companies operating in the iot middleware market report are Microsoft Corporation, International Business Machines Corporation, SAP SE, Cisco Systems Inc., Google LLC, Hitachi Ltd., Oracle Corporation, General Electric Company, Schneider Electric SE, ClearBlade Inc., PTC Inc., Robert Bosch GmbH, Siemens AG, ABB Ltd., AVEVA Group PLC, Alitzon Inc., Eurotech S.p.A., Fujitsu Ltd., Hewlett Packard Enterprise Development LP, Huawei Technologies Co. Ltd., Intel Corporation, Litmus Automation Inc., Mocana Corporation, Nebbiolo Technologies Inc., Nokia Corporation, Particle Industries Inc., Progress Software Corporation, ThingWorx Inc., Wind River Systems Inc., KaaIoT Technologies LLC
The iot middleware market report table of contents includes:
1. Executive Summary
2. IoT Middleware Market Characteristics
3. IoT Middleware Market Trends And Strategies
4. IoT Middleware Market – Macro Economic Scenario
5. Global IoT Middleware Market Size and Growth
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26. South America IoT Middleware Market
27. Brazil IoT Middleware Market
28. Middle East IoT Middleware Market
29. Africa IoT Middleware Market
30. IoT Middleware Market Competitive Landscape And Company Profiles
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