IOT Middleware Market Research Report—Global Forecast till 2028

IOT Middleware Market Research Report: Information by Platform Type (Device Management, Application Management, Connectivity Management), Organization Size (Small and medium-sized Enterprises (SMEs), Large Enterprises), Vertical (Manufacturing, Government and Defense, Automotive and Transportation, Energy and utilities, Healthcare, Retail, BFSI, Other), and Region (North America, Europe, Asia-Pacific, South America, and Middle East & Africa) - Forecast to 2028

ID: MRFR/ICT/9306-HCR | 100 Pages | Published By Shubham Munde on March 2023         

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IOT Middleware Market

IOT Middleware Market was valued at USD 10.1 Billion in 2020 and projected to reach by 26.7 Billion in 2028 with a CAGR of 18.3% during the forecast period, 2021–2028.

Segmentation
Based on Platform Type: Device Management Application Management Connectivity Management
Based on Organization Size: Small and medium-sized Enterprises (SMEs) Large Enterprises
Based on Vertical: Manufacturing Government and Defense Automotive and Transportation Energy and utilities Healthcare Retail BFSI
Based on Region: North America Europe Asia-Pacific South America Middle East & Africa
Key Players
Companies Profiled   Microsoft (US)   IBM (US)   SAP (Germany)      Cisco (US)   Google (US)
Drivers
Market Driving Forces   Rise of IoT middleware in manufacturing industry    Growing need for centralized monitoring
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IOT Middleware Market Overview


The global IOT middleware market was valued at USD 10.1 Billion in 2020 and projected to reach by 2028 with a CAGR of 18.3% during the forecast period, 20212028.


Internet of Things (IoT) middleware is software that acts as an interface between IoT components, allowing communication between components that would otherwise be unable to communicate with integrated technologies. IoT middleware is responsible for the structure, format, and encoding of data sent across multiple levels, devices, and sensors. IoT middleware will serve as a standardised interface between the many devices, sensors, operating systems, and applications that will make up the IoT ecosystem architecture.


In a 'cyber-physical' environment, IoT middleware is a combination of integration capabilities and platform that provides the framework for linking devices, applications, users, and services. It's a simplified picture of the software components needed to bridge the gap between enterprise integration and M2M and reap the benefits of the internet of things. IoT middleware is available from vendors for a variety of platforms, including application management, device management, connectivity management, and others.


It will also provide APIs for physical layer communication without revealing any information to the higher layers. IoT middleware also plays a role in the security of the apps that are integrated with it. Access control and data authentication should be included in IoT solutions while ensuring user and device privacy.


Market Dynamics


Drivers

  • Rise of IoT middleware in manufacturing industry


IoT allows manufacturers to connect machinery and control systems to gain a deeper understanding of the manufacturing process, which is predicted to drive IoT middleware adoption in the manufacturing industry. IoT in manufacturing, a growing number of machine-to-machine connections, and the growing need for factory efficiency on the floor as well as in the field have all benefited from the expanding acceptance of industrial technology. The importance of the Internet of Things is growing, especially among manufacturing organisations that have implemented automated solutions.



  • Growing need for centralized monitoring


Organizations have huge infrastructure requirements, as their processes are interrelated. IoT devices and control systems are commonly used to track assets, monitor various activities, and provide real-time data. Many organizations get large volumes of operational data, generated from intelligent devices, machines, equipment, and other remote devices connected to the IoT platform. Organizations can evaluate the data and use it for centralised monitoring of their infrastructure and asset management. Centralized monitoring provides extensive performance analysis by providing real-time, continuous, and standardised task-level data.


Restraints & Challenges

  • Absence of uniform IoT standards


As enterprises' current systems do not match global connectivity standards, IoT connectivity between devices and products is one of the most significant stumbling blocks for all industries and their clients. The absence of interoperability among existing systems increases the challenges and costs of deploying an IoT platform dramatically. The long life lifetime of common equipment complicates interoperability even more, necessitating costly retrofitting or replacement to work with the latest technologies.Opportunities

  • Rising adoption of IoT in SMEs


Many SMEs and large corporations throughout the world are striving for improved efficiency at lower prices. They want to take use of the IoT platform's advantages to improve the scalability and efficiency of their business processes. IoT solution providers are pursuing aggressive business strategies, such as strategic acquisitions, to enhance their service offerings in the IoT space in order to cater to the industry-specific requirements of clients, particularly SMEs present across major verticals such as BFSI, retail, healthcare, and public.


Impact of COVID-19


Introduction


The global coronavirus pandemic has had a negative impact on supply chain hubs. The COVID-19 epidemic is wreaking havoc on global supply chains and logistics, as a geographic lockdown has been established, disrupting operations for the vast majority of industries. The retail and food industries are the ones with the most problems. Despite the fact that necessary commodities are excluded from the lockdown, their availability has been hampered by a lack of staff to operate on production lines, supply chains, and transportation. This opt-in tool for developers will encrypt tokens and track users as they pass other people using the Bluetooth technique.


Furthermore, many countries will have to minimise their dependency on China and look to other countries for assistance. As a result, the cost of IoT devices will climb once more. The price of IoT gear will increase by at least 15-20% as a result of the COVID-19. Telenor Connexion's network, Ericsson IoT Accelerator for worldwide connectivity, and Sony Network Communications Europe's smart IoT services will collaborate in April 2020 to improve real-time locating and tracking solutions for various sectors, including healthcare.


Value Chain Analysis/Technology Analysis/Regulatory Implications


The global IOT middleware market supply chain has evolved from a traditional approach to a set of highly efficient processes, including procurement, system integration, and distribution. The supply chain of the IOT middleware market involves conventional approach to highly efficient supply chain processes. The value chain includes the stages of design & development, system integration, and end-use industry.


Segment Overview


The global IOT middleware market has been segmented into platform type, organization size, vertical, and region/country.


Based on platform type, the IOT middleware market has been segmented into device management, application management, connectivity management


Based on organization size, the IOT middleware market has been classified into small and medium-sized enterprises (SMEs), large enterprises


Based on Vertical, the IOT middleware market has been bifurcated into manufacturing, government, and defense, automotive and transportation, energy and utilities, healthcare, retail, BFSI, and other.Global IOT Middleware Market, 2018–­2028 (USD Billion)Global IOT Middleware Market 2018-2028Source: MRFR Analysis


Regional Analysis


The worldwide IOT middleware market is expected to produce significant revenue from various continents over the forecast period. The geographic analysis of the IOT middleware market covered North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America is comprised of the United States, Canada, and Mexico. Europe is comprised of the United Kingdom, Germany, France, and the rest of Europe. Asia-Pacific is comprised of China, Japan, India, and the rest of Asia-Pacific. North America is the industry leader in IoT middleware. Because of the expanding significance of IoT among the region's important revenue-generating end-user industries, such as connected automobiles, smart energy projects, home automation, and a focus on smart manufacturing, North America is likely to be a prominent market. During the projection period, Asia Pacific is expected to have the highest market growth rate. With growing awareness of the benefits of increased corporate efficiency, combined with professionally developed IoT middleware platforms supplied by manufacturers in this region, Asia Pacific is emerging as a highly promising market. In addition, the region's expansion is aided by substantial facilities for the implementation and maintenance of data applications at low costs.


Competitive Analysis


The global market for IOT middleware has witnessed significant growth over the forecast period due to the growing number of IOT middleware players. In the IoT middleware industry, there are several domestic, regional, and worldwide competitors all striving to gain significant share. To drive organic growth and expand their market shares, prominent industry participants are investing in research and development initiatives. Furthermore, these companies are developing new touch point types in order to expand and reinforce their existing touch point portfolios as well as attract new customers.


Key Players



  • Microsoft (US)

  • IBM (US)

  • SAP (Germany),

  • Cisco (US)

  • Google (US)


The global IOT middleware market is characterized by the presence of several regional and local providers. Some of the key players in the market are 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), TIBCO Software (US), Eurotech (Italy)


Key Developments in Global IOT Middleware Market:



  • On 8th July 2021, IBM announced intentions to buy BoxBoat Technologies, a leading DevOps consulting and enterprise Kubernetes certified service provider.

  • In June 2020, PTC improved its ThingWorx Industrial IoT platform to speed up Industrial IoT deployments across the company value chain. ThingWorx 9.0 will have new and enhanced features to assist industrial organisations in developing, implementing, customising, and scaling their solutions.

  • In March 2020, the release of Java 14 was driven by Oracle Corporation, and it is the product of industry-wide development that included open review, week builds, and considerable engagement between Oracle engineers and members of the Java developer community via the OpenJDK community and the Java Community Process.


Report Overview


This study estimates revenue growth at the global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2028. For this analysis, MRFR segmented the IOT middleware market has based on platform type, organization size, vertical, and region/country.


Based on Platform Type

  • Device Management

  • Application Management

  • Connectivity Management


Based on Organization Size

  • Small and medium-sized Enterprises (SMEs)

  • Large Enterprises


Based on Vertical

  • Manufacturing

  • Government and Defense

  • Automotive and Transportation

  • Energy and utilities

  • Healthcare

  • Retail

  • BFSI

  • Other


Based on Region

  • North America

  • Europe

  • Asia-Pacific

  • South America

  • Middle East & Africa



Report Scope:

Report Attribute/Metric Details
  Market Size   
  CAGR   18.3%
  Base Year   2020
  Forecast Period   2021–2028
  Historical Data   2018 & 2019
  Forecast Units   Value (USD Significant)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   • 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, BFSI, Other
  Geographies Covered   • North America (US, Canada, and Mexico) • Europe (UK, Germany, France, and Rest of Europe) • Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific) • Middle East & Africa • South America
  Key Vendors   • 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) • TIBCO Software (US)
  Key Market Opportunities   Rising adoption of IoT in SMEs
  Key Market Drivers   • Drivers • Rise of IoT middleware in manufacturing industry • Growing need for centralized monitoring • Opportunities • Rising adoption of IoT in SMEs • Restraints • Absence of uniform IoT standards • Impact of COVID-19 • Impact On Demand for Emerging Economies • Decrease In Availability of Raw Materials • Impact on Market Players


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Frequently Asked Questions (FAQ) :

The global IOT middleware market is expected to exhibit an 18.3% CAGR rate by 2028.

The North America region currently dominates the market and is expected to retain its dominance throughout the forecast period.

Major factors expected to drive the growth of the IOT middleware industry include rise of IoT middleware in manufacturing industry, and growing need for centralized monitoring

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), TIBCO Software (US), Eurotech (Italy) are the key companies of the global IOT Middleware market.