IoT Middleware Market: Current Analysis and Forecast (2022-2028)

Global IoT Middleware Market is expected to grow at a significant rate of around 19% during the forecast period (2022-2028F). The global IoT middleware market is anticipated to witness an uptick with the increasing development of high-speed network technologies and the rising government investments and initiatives in projects like smart cities & automation are also fueling the market growth. IoT middleware is defined as software that acts as an interface between IoT components. It helps establish communication between IoT components. By establishing communication between IoT middleware and machine programs, machines, components, and hardware can be connected to IoT networks using IoT middleware. Furthermore, according to the GSM Association, IoT connections will reach almost 25 billion globally by 2025, up from 10.3 billion in 2018, which is further contributing to the growth of this market. Moreover, the absence of uniform IoT standards and concerns over data security and privacy are the major factors among others restraining the market growth.

Microsoft Corporation, International Business Machines Corporation, Amazon.com Inc., SAP SE, PTC Inc., Cisco Systems Inc., Google LLC, Hewlett Packard Enterprises, Robert Bosch GmbH, and Oracle Corporation are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst organization size, large enterprises to witness robust CAGR during the forecast period"

Based on organization size, the market is classified into large enterprises and SMEs. Large enterprises are expected to witness influential growth. This is mainly because large enterprises are keen to utilize the advantages of IoT platforms to increase the scalability and efficiency of their businesses. The multiple benefits of IoT, such as reduced costs, increased agility, and scalability, increased revenue, and improved performance, have led small businesses to adopt IoT solutions. This will positively impact the growth of the IoT middleware market.

"Amongst industry, the manufacturing industry to hold a significant share in the market in 2020"

The market is segmented on the basis of manufacturing, government, transportation, healthcare, and others. The manufacturing industry caters significant share of the market and is expected to witness considerable growth in the forecasted period as well. Factors such as the increasing adoption of IoT in the manufacturing industry and the growing manufacturing sector all around the globe are accelerating the market outlook. For instance, according to the United Nations Industrial Development Organization (UNIDO), global manufacturing production increased by 9.4 percent in 2021, after the pandemic-related drop of 4.2 percent in 2020.

"Asia Pacific to hold a significant share in the market"

In 2020, APAC held a significant share of the global IoT middleware market. This is largely due to a growing awareness of business productivity enhancements complemented by well-designed IoT middleware platforms from local vendors. Further on, the presence of rapidly growing economies such as China and India, the adoption of IoT among various industries, and the rapidly growing manufacturing industry in the region are some of the most prominent factors driving the growth of the IoT middleware market in the region. For instance, in September 2021, the Indian government approved a PLI scheme worth USD 3.53 Bn for the auto industry and drone industry to boost India's manufacturing capabilities.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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