IoT Middleware Market Worth $19.5 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 4, 2019 /PRNewswire/ --According to a new market research 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", published by MarketsandMarkets™, 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.
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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.
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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.
Major vendors in the global 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).
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