IoT Middleware Market Revenues to Expand at a CAGR of 23.7% by 2023
The report "IoT
Middleware Market by Platform Type (Device, Application, and
Connectivity Management), Organization Size (Large Enterprises and SMES),
Vertical (Manufacturing, Government & Defense, Automotive &
Transportation), and Region - Global Forecast to 2023", The global IoT
middleware market size is expected to grow from USD 6.9 billion in 2018 to USD
19.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 23.0% during
the forecast period.
Major driving factors for the IoT
middleware market are the growing need for centralized monitoring, increased
cloud adoption, increase in regulatory compliance, evolution of high speed
network technologies, and rising adoption of next-generation technologies. INQUIRY
Key IoT
Middleware Market Players
Major vendors in the IoT middleware market include IBM (US), PTC (US),
SAP (Germany), Cisco (US), Alphabet (US), Amazon (US), Hitachi (Japan), HPE
(US), Bosch (Germany), Microsoft (US), Salesforce (US), Oracle (US), GE (US),
Siemens (Germany), and Schneider Electric (France).
Browse 42 market data Tables
and 43 Figures spread through 117 Pages and in-depth TOC on "IoT
Middleware Market - Global Forecast to 2023"
Large
enterprises segment to account for a higher market share during the forecast
period
The large enterprises segment is expected to have the largest market
size in the IoT middleware market, due to their early adoption of IoT platform
and high investment capabilities. In addition to this, large enterprises are
investing in IoT platform and associated services to cater to the dynamic
customer needs, streamline business operations, and enhance the experience of
the stakeholders. Moreover, affordability of resources and high economies of
scale enable these organizations to leverage the benefits of IoT platform.
Manufacturing
vertical to account for the highest market share during the forecast period
Manufacturing organizations are moving toward Industry 4.0, wherein
smart devices and automation would work together in an entirely new way. In
Industry 4.0, robotics is connected remotely to computer systems equipped with
Machine Learning (ML) and Artificial Intelligence (AI) algorithms, which can
learn and control robots with minimal inputs. The Industry 4.0 includes
cyber-physical systems, which monitor physical processes of factories and make
decentralized decisions. IoT is at the center of factory automation and
Industry 4.0, and helps organizations streamline their business processes and
optimize operations. IoT platforms enable connectivity between various layers
and the application layer. IoT platforms help manufacturing companies to
automate processes and manage supply chains.
Device
management segment to account for the highest market share during the forecast
period
With the deployment of IoT ecosystems, a large number of devices are
being connected, which range from small sensors and single-purpose
microcontrollers to powerful gateways that connect the devices to the server.
These ecosystems need a single platform that can manage the information and
applications across a variety of devices. The device management platform provides
capabilities, such as provisioning and authentication, configuration and
control, monitoring and diagnostics, software updates, and maintenance. Device
management platforms assist organizations in effectively managing and tracking,
and securing the devices used in the organization.
North America
to account for the highest market share during the forecast period
North America is the dominant region for IoT platform deployment and
progressive in terms of technology adoption. The region comprises US and Canada.
The US accounts for the highest market share in the IoT middleware market. The
US and Canada are also the early adopters of trending technologies, such as
IoT, big data, and mobility, and it would provide significant growth
opportunities for IoT platform vendors.
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