IoT Middleware Market was Valued at USD 10.1 Billion in 2020 and Projected to Grow at a CAGR of 18.3% by 2028 - Report by Market Research Future (MRFR)

Rising Trend of Smart Homes to Boost IoT Middleware Market Growth

New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “IoT Middleware Market information by Platform Type, by Organization Size, by Vertical and Region – forecast to 2028” market size to grow at a compound annual growth rate of 18.3% by 2028.

Market Scope:
The increasing adoption of IoT middleware in the manufacturing industry will offer robust opportunities for the market over the forecast period. IoT allows manufacturers in connecting machinery and controlling systems together enabling them in getting a deep insight into the process of manufacturing that is likely to boost the adoption of IoT middleware in the manufacturing industry. Via connecting processes and devices together, manufacturers can allow workflow automation in optimizing production processes sans human intervention.

Dominant Key Players on IoT Middleware Market Covered 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)

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Market USP Exclusively Encompassed:
Market Drivers

The rising trend of connected factories and cities, smart homes, wearables, connected cars, consumer electronics, and others will boost market growth over the forecast period. Besides, the rising government investments and initiatives in projects like smart cities & automation are also fuelling market growth.

Absence of Uniform IoT Standards to act as Market Restraints

The absence of uniform IoT standards coupled with the lack of interoperability may act as market restraints over the forecast period.

Security Challenges and Implementation to act as Market Challenge

Implementation as well as privacy & data security challenges may act as market challenges over the forecast period.

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Segmentation of Market Covered in the Research:
The global IoT middleware market has been bifurcated based on platform type, organization size, and vertical.

By platform type, connectivity management will lead the market over the forecast period.

By organization size, SMEs will dominate the market over the forecast period.

By vertical, manufacturing will spearhead the market over the forecast period.

Regional Analysis
North America to Command IoT Middleware Market

North America will command the IoT middleware market over the forecast period. The expanding significance of IoT in different end user industries like home automation, smart energy projects, connected automobiles, and focus on smart manufacturing, increase in the adoption of cloud, rise in the evolution of high-speed network technologies, increasing adoption of cloud of things technology in organizations for addressing the issues of data storage and management, the presence of developed countries like Canada and the US, technological advances, growing necessity for IoT in business developments, and a rise in implementation of digital technologies & IoT solution providers are adding to the global IoT middleware market growth in the region. Besides, the increasing adoption in the US for the presence of a well-developed information communication technology infrastructure, increased adoption of connected devices across different industry verticals, the presence of several key players such as Cisco Systems Inc., Intel Corp., and IBM Corp., and ample opportunities for new entrants being promised by developing venture capitalists is also fueling market growth.

APAC to Have Favorable Growth in IoT Middleware Market

The APAC region will have favorable growth in the IoT middleware market over the forecast period. Growing awareness about the benefits of increased corporate efficiency, the availability of professionally developed IoT middleware platforms supplied by manufacturers, substantial facilities to implement and maintain data applications at cost-effective prices, the growing awareness about the rise in business productivity,  the presence of rapidly growing economies like India, Japan, and China that have undertaken significant adoption of IoT middleware platforms for catering to the needs of governance and data quality in SMEs and large enterprises, rapid economic growth, increased adoption of data regulatory practices, increasing globalization, increasing awareness about technology, increasing absorption by booming economies, and huge adoption of services among SMEs are adding to the global IoT middleware market growth in the region. Besides, growing government initiatives for smart cities, increasing internet penetration in Australia, and rising interest of multinational players are also adding market growth.

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COVID-19 Impact on the Global IoT Middleware Market
Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the IoT middleware market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.

Competitive Landscape
The IoT middleware market is both competitive as well as fragmented for the presence of multiple international and domestic key players. These industry players have incorporated a series of innovative strategies for staying at the forefront along with catering to the surging need of the clients including joint ventures, geographic expansions, collaborations, contracts, partnerships, new product launches, and others. Besides, the players are also devoting in numerous research & development activities.

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