The global IoT middleware market size is anticipated to expand at a substantial CAGR during the forecast period, 2021-2028. The growth of the market is attributed to increasing focus on deploying connected ecosystem and the standardization of 3GPP cellular IoT technologies.
The middleware helps developers to make the application more efficient. It acts as a connecting tissue between user, data, and applications. The middleware is classified into three main categories, namely application-specific, information-exchange and management, and support middleware.
IoT middleware is a software that is an interface between IoT devices to make the communication easier and accessible. The middleware connects different and complex programs that weren’t originally designed to be connected with other components. It is used in home-automation, healthcare, commercial buildings, and public space.
The COVID-19 has affected both customers as well as the market, basically negatively impacting countries across the globe. With the imposition of lockdown, the retail and manufacturing industry was hugely impacted in 2020. However, the relaxation in restrictions is expected to drive the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Rapid industrialization is one of the key drivers of the IoT middleware market.
- Rising government initiatives and support in the development of smart cities projects is anticipated to fuel the market growth.
- Lack of awareness of the latest technology in emerging economies can create challenges for the market.
- The trend of smart home and increasing adoption of automation are major factors that can create lucrative opportunities during the forecast period.
Scope of IoT Middleware Market Report
The report on the IoT middleware market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
IOT Middleware Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Platforms (Application Enablement, Device Management, and Connectivity Management) and End-users (Manufacturing, Healthcare, Energy & Utilities, Transportation & Logistics, and Agriculture)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
IBM; Oracle; Cisco; Clear Blade; and PTC
IoT Middleware Market Segment Insights
Connectivity Management to hold a considerable market share
Based on platforms, the market is divided into application enablement, device management, and connectivity management. The connectivity management is anticipated to account for a significant market share during the forecast period. Rising demand for effective connectivity management platforms is anticipated to drive the market growth. However, the device management segment is expected to grow at a rapid rate in the coming years.
Manufacturing segment is estimated to hold a key market share
On the basis of end-users, the market is segregated into manufacturing, healthcare, energy & utilities, transportation & logistics, and agriculture. The manufacturing segment is anticipated to hold a key share of the market during the forecast period. Rapid industrialization in emerging economies is driving the growth of the market segment.
On the other hand, the transportation & logistics segment is expected to grow at a robust rate due increasing labor cost and rapid increase in the e-commerce activities across the globe.
North America to constitute a considerable market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to account for a significant market share The early adoption of technologies, such as big data, IoT, and mobility is driving the growth of the market in the region. The US is on the verge of the fourth industrial revolution.
Data is being used on a large scale for production while integrating it with a wide variety of manufacturing systems throughout the supply chain. Increasing labor cost and growing competition from the large global manufacturers are key factors attracting the investment for technologies such as IoT to remain competitive and maintain the operating margins.
- Application Enablement
- Connectivity Management
- Device Management
- Health Care
- Energy and Utilities
- Transportation & Logistics
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players/Major players in the IOT middleware market are IBM; Oracle; Cisco; Clear Blade; and PTC. Major players in the market are adopting major strategies such as product innovation, mergers, and acquisitions to widen their product functionality and stay competitive in the market.