PUBLISHER: The Business Research Company | PRODUCT CODE: 1425595
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425595
IoT Middleware Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on iot middleware market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for iot middleware? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The iot middleware market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
IoT middleware refers to software acting as a bridge between IoT components, enabling communication among elements that might not naturally connect. This middleware resolves the connectivity of diverse and existing programs that were not initially designed to integrate.
The primary platform categories of IoT middleware include device management, application management, and connectivity management. Device management involves overseeing the setup, operation, and maintenance of computers or networks, employing administrative tools vital for smooth functionality. IoT middleware within device management facilitates device connection and management. It's utilized by both small and medium-sized enterprises and large corporations across sectors like manufacturing, government and defense, automotive and transportation, energy and utilities, healthcare, retail, BFSI (banking, financial services, and insurance), among others.
The IoT middleware market research report is one of a series of new reports from The Business Research Company that provides IoT middleware market statistics, including IoT middleware industry global market size, regional shares, competitors with an IoT middleware market share, detailed IoT middleware market segments, market trends and opportunities, and any further data you may need to thrive in the IoT middleware industry. This IoT middleware market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historical period can be attributed to the increase in connected devices, industry-specific needs, initiatives toward standardization, demands for integration, and the widespread adoption of cloud computing technologies.
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%. Anticipated growth in the upcoming period is driven by evolving customer expectations, the pursuit of cost-efficient solutions, ongoing standardization initiatives, increased integration with cloud services, and the development of industry-specific solutions. Key trends expected in this period encompass the rise of remote work and connectivity, a focus on cost efficiency, the adoption of hybrid deployment models, a heightened demand for real-time analytics, and an emphasis on interoperability and adherence to standards.
The surge in high-speed network connectivity is poised to drive the growth of the IoT middleware market. High-speed internet, facilitated by servers transferring data through rapid cable, satellite, and wireless connections, surpasses analog dial-up services in speed. The demand for this connectivity rises with the need for complex functions supported by device connectivity. As reported by the European Commission in 2021, EU households with high-speed internet coverage grew to 70.2% from 59.8% in 2020. This growth trajectory underscores how high-speed connectivity fuels the IoT middleware market.
The increasing adoption of IoT devices is projected to fuel the expansion of the IoT middleware market. IoT devices-embedded with sensors, software, and network connectivity-exchange data over the internet. In this ecosystem, IoT middleware acts as a pivotal link, connecting and managing diverse IoT devices. It simplifies device management, data collection, and communication, streamlining the IoT ecosystem. Dataprot reported over ten billion active IoT devices in 2021, expected to surge to 25.4 billion by 2030, highlighting the driving force of IoT device adoption in the IoT middleware market's growth.
Technological advancements emerge as a prominent trend propelling the IoT middleware market. Major companies in this sector are diligently innovating to fortify their positions. For instance, Kerlink launched the Wirnet iZeptoCell, a LoRaWAN indoor gateway designed for factories, smart cities, and warehouses. This gateway addresses challenges concerning IoT network coverage, managing increasing device endpoints, and handling small data packages. Its comprehensive design integrates hardware, software, and value-added services critical for massive IoT applications, emphasizing the focus on enhanced end-user experiences.
Major players in the IoT middleware market are pioneering innovative technologies like cellular IoT to gain a competitive edge. Cellular IoT leverages cellular networks to enable communication within the IoT. Alliot Technologies introduced the Symbius IoT middleware platform, aimed at decoding recorded data into a common format, addressing cellular IoT's challenges. Symbius simplifies integration by serving as an intermediary between NB-IoT and LTE-M sensors and user dashboards, streamlining cellular IoT adoption and fostering user-friendly experiences for IoT partners.
In July 2021, International Business Machines Corporation (IBM), a prominent American multinational technology corporation, successfully acquired BoxBoat Technologies for an undisclosed sum. Through this acquisition, IBM broadened its container strategy and bolstered its services portfolio. BoxBoat Technologies, based in the US, is a software company specializing in this field and was the target of IBM's acquisition.
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
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.
The countries covered in the iot middleware market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The IoT middleware market includes revenues earned by entities by providing message-oriented middleware and database middleware. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.