The IoT Middleware Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IoT Middleware Global Market Report 2024, The iot middleware market size has grown exponentially in recent years. It will grow from $14.54 billion in 2023 to $17.62 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to rise of connected devices, industry-specific demands, standardization efforts, integration requirements, cloud computing adoption.
The iot middleware market size is expected to see rapid growth in the next few years. It will grow to $33.96 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to evolving customer expectations, cost-efficient solutions, standardization initiatives, cloud integration, industry-specific solutions. Major trends in the forecast period include remote work and connectivity, cost efficiency, hybrid deployment models, demand for real-time analytics, interoperability and standards.
The rise in high-speed network connectivity is expected to propel the IoT middleware market growth. High-speed internet is the internet access provided by a network of servers that transfers data via high-speed cable, satellite, and wireless connections, and as a whole, high-speed internet is much faster than analog dial-up services. The need for high-speed network connectivity is increasing due to the connectivity of devices and supporting complex functions. The rising high-speed network connectivity will require better solutions and IoT middleware that establish better connectivity between devices and enable faster functions. For instance, according to the European Commission, an executive of the European Union, in 2021, 70.2% of EU households experienced high-speed internet coverage, which grew from 59.8% in 2020. Therefore, the rise in high-speed network connectivity will drive the growth of the IoT middleware market.
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The iot middleware market covered in this report is segmented –
1) By Platform Type: Device Management, Application Management, Connectivity Management
2) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises
3) By Vertical: Manufacturing, Government And Defense, Automotive And Transportation, Energy And Utilities, Healthcare, Retail, BFSI (Banking, Financial Services, And Insurance), Other Verticals
Technological advancement is a key trend gaining popularity in the IoT middleware market. Major companies operating in the IoT middleware market are focused on developing new technological solutions to strengthen their position. For instance, in October 2021, Kerlink, a France-based premier provider of IoT connectivity equipment, software, and services, launched its new LoRaWAN indoor gateway Wirnet iZeptoCell. It is created to help factories, smart cities, warehouses, and operators easily support connected sensors and devices of massive IoT. The new gateway will handle the number of individual endpoints connected to IoT networks, manage the increasing challenges for network coverage, and soaring amounts of the small data packages. It incorporates a fully operational design that combines hardware, software, and value-added services that are critical for the massive IoT and enhanced end-user experience. It is reliable and seamlessly supports low-power, wide-area networks (LPWAN) and LoRaWAN technology.
The iot middleware market report table of contents includes:
1. Executive Summary
2. IoT Middleware Market Characteristics
3. IoT Middleware Market Trends And Strategies
4. IoT Middleware Market – Macro Economic Scenario
5. Global IoT Middleware Market Size and Growth
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31. Global IoT Middleware Market Competitive Benchmarking
32. Global IoT Middleware Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IoT Middleware Market
34. IoT Middleware Market Future Outlook and Potential Analysis
35. Appendix
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