IoT Middleware Market Research Report Information by Platform Type (Device Management, Application Management, Connectivity Management), By Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), By Vertical (Manufacturing, Government, and Defense, Automotive, and Transportation, Energy and utilities, Healthcare, Retail, and BFSI), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.

IoT Middleware Market Overview

The IoT Middleware Market is projected to grow from USD 12.44 billion in 2024 to USD 40.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.82% during the forecast period (2024 - 2032). Additionally, the market size for IoT Middleware was valued at USD 10.52 billion in 2023.

The development of Internet of Things middleware in the industrial sector and the increasing need for centralized monitoring are the key market drivers contributing to market growth and development.

IoT Middleware Market Trends

Growing Internet of Things middleware in the industrial sector is driving the market growth

The market CAGR for IoT middleware is driven by the industrial sector's rising Internet of Things middleware. The Internet of Things enables manufacturers to link equipment and control networks to acquire a better knowledge of the production process, which is expected to promote IoT middleware usage in the production sector. The increasing popularity of industrial technology has benefitted IoT in production, an expanding number of machine-to-machine relationships, and the growing requirement for industrial productivity on the ground and in the outside world. It is becoming increasingly important, particularly among manufacturing businesses incorporating automated solutions.

Additionally, many organizations get massive amounts of operational data created by intelligent devices, machinery, equipment, and other distant devices linked to the IoT platform. Organizations may analyze the data and utilize it for centralized networks and management of assets. Centralized monitoring enables detailed performance analysis by delivering real-time, continuous, uniform task-level data.

The worldwide coronavirus epidemic has wreaked havoc on logistics hubs. The COVID-19 outbreak is devastating worldwide supply chains and transportation, as a territorial shutdown has been imposed, impacting operations across the board. The retail and food sectors are the most problematic. Although essential goods are not subject to the shutdown, their accessibility has been limited by a lack of personnel to manage production lines, supply networks, and transport. Using Bluetooth, an opt-in solution for programmers will encrypt credentials and monitor customers while they pass other individuals.

Furthermore, due to COVID-19, the price of IoT gadgets will rise by at least 15-20%. In April 2020, Telenor Connexion's network, Ericsson IoT Accelerator for connectivity, and Sony Network Communications Europe's innovative Internet of Things (IoT) offerings will work together to enhance real-time tracking and location-based services in different industries, including medical care, which will dominate market revenue in the coming years. Thus, it is anticipated that demand for IoT Middleware will increase throughout the projection timeframe due to the rising Internet of Things middleware in the industrial sector. Thus, driving the IoT Middleware market revenue.

IoT Middleware Market Segment Insights

IoT Middleware Platform Type Insights

The IoT Middleware market segmentation, based on Platform Type, includes Device Management, Application Management, and Connectivity Management. The connectivity management segment dominated the market, accounting for 38% of the market share (USD 3.4 Billion) in 2022. The connection management systems provide a unified platform for managing an organization's whole network and devices and ensuring the quality of communication, assisting organizations to increase operation efficacy and manage operations efficiently, boosting the overall market growth.

IoT Middleware Organization Size Insights

The IoT Middleware market segmentation, based on Organization Size, includes Small and Medium-sized Enterprises (SMEs) and Large Enterprises. The large enterprises category generated the highest market revenue of about 58% (USD 5.1 billion) in 2022 as IoT middleware requires huge infrastructure and large organizations have a huge volume of data that requires centralized monitoring. Small and Medium-sized Enterprises (SMEs) are expected to grow and expand quickly at a fast growth rate during the project timeframe as there is rising knowledge of the advantages of IoT Middleware in emerging economies.

Figure 2: IoT Middleware Market, by Organization Size, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

IoT Middleware Platform Vertical Insights

The IoT Middleware market segmentation, based on Vertical, includes Manufacturing, Government and Defense, Automotive and Transportation, Energy and utilities, Healthcare, Retail, and BFSI. The manufacturing segment dominated the market, accounting for 30% of market revenue (USD 2.7 Billion) in 2022. The Internet of Things enables manufacturers to link machines and control systems in order to acquire a better knowledge of the production process. The government and Defense category is expected to grow significantly during the projected timeframe as IoT middleware benefits them to gather data via the application of tools such as accessibility, automation, and data analytics to plan smart city development, boosting the overall market growth.

IoT Middleware Regional Insights

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American IoT Middleware market area will dominate this market during the projected timeframe, as it is a market leader in IoT middleware; also, due to the growing importance of IoT across the region's critical revenue-generating end-user sectors, such as linked autos, energy efficiency initiatives, automation for homes, and an emphasis on innovative manufacturing, which will boost the overall market growth.

Further, the significant countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: IoT Middleware Market Share by Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The Europe region’s IoT Middleware market accounts for the second-largest market share due to extensive facilities for data application implementation and maintenance. Further, the IoT Middleware market holds the largest market share, and the UK IoT Middleware market is expected to grow and expand rapidly in the European region during the projected timeframe.

The Asia-Pacific IoT Middleware market is expected to grow significantly quickly during the projected timeframe. This is due to rising knowledge of the advantages of enhanced company efficiency paired with professionally created IoT middleware systems offered by regional manufacturers. Moreover, China’s IoT Middleware market dominates the market share, and the Indian IoT Middleware market is expected to grow and expand quickly in the Asia-Pacific region during the projected timeframe.

IoT Middleware Key Market Players & Competitive Insights

Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the IoT Middleware market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The IoT Middleware industry must offer cost-effective and sustainable options to survive in a moderately fragmented and dynamic market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the IoT Middleware industry to benefit customers and capture untapped market share and revenue. The IoT Middleware industry has recently offered significant advantages to the manufacturing industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the IoT Middleware market, including Microsoft (US), IBM (US), SAP (Germany), Cisco (US), Google (US), Hitachi (Japan), Bosch (Germany), Oracle (US), General Electric (US), Schneider Electric (US), ClearBlade(US), Davra (US), MuleSoft (US), and TIBCO Software (US), are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

IBM (International Business Machines) is a computer, technology, and IT consulting firm headquartered in the United States. It is the world's largest technology business and the second most valuable worldwide brand. It produces and sells software and computer components, web hosting, and consulting services in fields including mainframe systems and nanotechnology. On June 16, 1911, Charles Ranlett Flint and Thomas J. Watson Sr. created the corporation, which is located in Armonk, New York. IBM announced plans to acquire BoxBoat Technologies, a prominent DevOps consultancy, and corporate Kubernetes-certified supplier, on July 8, 2021

Oracle is the world's most extensive database management firm, with revenues of $100 million and 4,500 end users in 55 different nations. It provides services and goods to enterprise IT settings across the world. Oracle software for the cloud as a solution includes a variety of cloud software programs. Oracle Corporation drove the March 2020 diffusion of Java 14, which is the result of across-the-industry growth involving open review, week builds, and significant involvement between the Oracle technicians and members of the Java programming community via the OpenJDK group and the Java Community Procedure.

Key Companies in the IoT Middleware market include

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  Microsoft (US)

  
  


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  IBM (US)

  
  


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  SAP (Germany)

  
  


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  Cisco (US)

  
  


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  Google (US)

  
  

IoT Middleware Industry Developments

July 2021: IBM announced plans to acquire BoxBoat Technologies, a prominent DevOps consultancy, and corporate Kubernetes-certified supplier, on July 8, 2021.

June 2020: PTC upgraded its ThingWorx Industrial Internet of Things platform in June 2020 to accelerate Industry IoT deployments throughout the enterprise value chain. ThingWorx 9.0 will include new and improved capabilities to help industrial companies design, deploy, customize, and scale their solutions.

March 2020: Oracle Corporation drove the March 2020 diffusion of Java 14, which is the result of across-the-industry growth involving open review, week builds, and significant involvement between the Oracle technicians along with members of the Java programming community via the OpenJDK group and the Java Community Procedure.

IoT Middleware Market Segmentation

IoT Middleware Platform Type Outlook

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  Device Management

  
  


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  Application Management

  
  


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  Connectivity Management

  
  

IoT Middleware Organization Size Outlook

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  Small and Medium-sized Enterprises (SMEs)

  
  


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  Large Enterprises

  
  

IoT Middleware Vertical Outlook

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  Manufacturing

  
  


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  Government and Defense

  
  


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  Automotive and Transportation

  
  


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  Energy and utilities

  
  


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  Healthcare

  
  


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  Retail

  
  


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  BFSI

  
  

IoT Middleware Regional Outlook

Report Attribute/Metric	Details
Market Size 2023	USD 10.52 Billion
Market Size 2024	USD 12.44 Billion
Market Size 2032	USD 40.3 Billion
Compound Annual Growth Rate (CAGR)	15.82% (2024-2032)
Base Year	2023
Market Forecast Period	2024-2032
Historical Data	2018- 2022
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Platform Type, Organization Size, Vertical, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered	The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	Microsoft (US), IBM (US), SAP (Germany), Cisco (US), Google (US), Hitachi (Japan), Bosch (Germany), Oracle (US), General Electric (US), Schneider Electric (US), ClearBlade(US), Davra (US), MuleSoft (US), and TIBCO Software (US)
Key Market Opportunities	IoT use is increasing among SMEs
Key Market Dynamics	The development of Internet of Things middleware in the industrial sector There is an increasing need for centralized monitoring