What is the Projected Market Size and Growth Rate for the Global IoT Middleware Market?
The IoT middleware market has experienced a steady growth curve in the recent years according to The Business Research Company. From $17.26 billion in 2024, the market has been projected to grow to $20.72 billion in 2025 at a compound annual growth rate (CAGR) of 20.0%. This growth in the historic period was fuelled by an increase in connected devices, industry-specific demands, efforts towards standardization, integration requirements, and a rise in the adoption of cloud computing.
Looking towards the future, the IoT Middleware market is expected to maintain its rapid growth. By 2029, it is predicted to grow to an impressive $39.69 billion at a CAGR of 17.6%. The key driving factors for this growth include evolving customer expectations, cost-efficient solutions, standardization initiatives, and a widespread integration with cloud services. Major trends impacting the market include the increasing prevalence of remote work and connectivity, hybrid deployment models, demand for real-time analytics, and the emphasis on interoperability and standard setting.
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What are the Key Factors Driving the Growth of the IoT Middleware Market?
The key driver propelling the growth of the IoT middleware market is the rise in high-speed network connectivity. As devices get inter-connected and functions become complex, they necessitate faster network connections. Subsequently, this need encourages the development of sophisticated IoT middleware solutions that establish robust connectivity between devices and facilitate faster functions. According to the Ookla reports published in January 2023, fixed broadband speeds had accelerated by at least 28%, and mobile speeds had shot up by nearly 17% from November 2021 to November 2022. Hence, it is evident that with the rise in high-speed network connectivity, the IoT middleware market is poised for further growth.
What Are the Key Segments in the IoT Middleware Market?
The market segments in the report include:
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
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Who Are the Major Players in the IoT Middleware Market?
A number of major companies like Microsoft Corporation, International Business Machines Corporation, SAP SE, Cisco Systems Inc., Google LLC, Hitachi Ltd., Oracle Corporation, General Electric Company, Schneider Electric SE, ClearBlade Inc., PTC Inc., Robert Bosch GmbH, Siemens AG, ABB Ltd., AVEVA Group PLC, Alitzon Inc., Eurotech S.p.A., Fujitsu Ltd., Hewlett Packard Enterprise Development LP, Huawei Technologies Co. Ltd., Intel Corporation, Litmus Automation Inc., Mocana Corporation, Nebbiolo Technologies Inc., Nokia Corporation, Particle Industries Inc., Progress Software Corporation, ThingWorx Inc., and Wind River Systems Inc., have been identified as significant players in the IoT middleware market.
Which Trends Are Shaping The IoT Middleware Market Landscape?
The IoT middleware market is seeing a shift with strategic partnerships being adopted by market players to broaden their offerings. These partnerships involve leveraging strengths and resources to achieve mutual success. For instance, in October 2023, Milesight, a provider of innovative sensing products, partnered with Asteria Corporation, to simplify the implementation of Internet of Things (IoT) solutions across various sectors. By fusing their technologies, both companies aim to facilitate global digital transformation and help businesses to leverage on-site data, thereby catalyzing the adoption of IoT solutions across diverse industries.
What are the Regional Growth Trends in the IoT Middleware Market?
In 2024, North America was the region dominating the IoT middleware market. However, Asia-Pacific is expected to be the fastest-growing region for this market in the forecasted period. Other regions evaluated in the report include Western Europe, Eastern Europe, South America, Middle East, Africa.
What Can You Expect from The IoT Middleware Market Research Report 2025?
The IoT Middleware Market research report furnishes global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. IoT middleware is essentially software that serves as an essential interface among the IoT components, making way for communication among the elements that would not be capable of connectivity otherwise. Purchase the exclusive report now to unlock valuable insights: https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=8472
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