IoT Middleware Market

According to a research report "loT Middleware Market with Impact of Gen AI, by Platform (Device Management, Application Management, Connectivity Management, Data Management, and Security Management), Vertical (Government & Defense, Manufacturing, BFSI) - Global Forecast to 2029" published by MarketsandMarkets, the IoT middleware market is expected to reach USD 41.7 billion by 2029 from USD 18.5 billion in 2024, at a CAGR of 17.6 % during 2024–2029.  

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loT Middleware market is largely driven by the growth of loT devices in different industries at a relatively higher growth rate. They are being employed in homes, industries, healthcare sector, transport sector, and many more other sectors. This implies that the more connected devices there are, the more difficult it becomes to manage them. loT Middleware can be understood as an intermediate layer that is designed to mediate interactions, data sharing, and device control in areas of various platforms anc devices. In this regard, it assists the organizations in compiling a host of loT devices and ensure they work in a coordinated manner, thus improving performance.

The healthcare vertical is projected to register the highest CAGR during the forecast period.

IoT has continued to increase in health care because of the adoption of implanted sensors, fast cellular networks such as LTEs and 3Gs, and wireless devices. This interconnection of sensors and devices ensures that healthcare organizations can coordinate clinical activities, monitor workflow, and even dispense patient care from the patient’s home or any other location. Consequently, a great emphasis is placed on introducing solid applications and correlated technologies in healthcare. Integrated health technologies, which include using new points of care through IoT middleware solutions, are being embraced, including remote patient monitoring, health care worker and patient workflow management, medication management, and medical asset tracking. Some players are moving in this area, taking advantage of experience in the communications infrastructure essential for M2M communication. M2M has numerous uses in healthcare, such as cell phones with RFID-sensor features that can track medical indices and control medication.

During the forecast period, the device management platform contributed the largest market share in the IoT middleware market.

Device Management platforms offer the necessary frameworks to ensure that connected devices are effectively managed and controlled. It allows real-time interaction across the connected devices with the hub application and the processed data transmissions. This often provides services like device onboarding, configuration, & monitoring and firmware update to help businesses to maintain massive IoT deployments. This also ensures that devices are properly functioning well, protected, and updated and thus reduce the incidences of breakages, losses, or delays. In addition, this platform also has extensibility to have new devices added in the future when the IoT network expands. The middleware platform addresses the management challenge for IoT devices making it easier for organizations to keep track of the health of the devices and security of their IoT infrastructure.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

The IoT middleware Asia-Pacific market is on the growth slope graph that is expected to reach USD 15.8 billion by 2029, with China, Japan, and India leading the charge. IoT middleware has been seen to register rapid growth in the Asia Pacific region due to government support and Smart city projects, especially in China, which by 2024 will account for over 30% of the region's Market. Due to the early adoption of new technologies, Asia-Pacific is expected to observe the highest compound annual growth rate during the forecast period. The region’s strategic drive to improve its IT structure allows organizations to adopt innovative information technologies. The Global Mobile Suppliers Association report revealed that Asia-Pacific has the potential to become the world’s biggest IoT services market, with nearly 11 billion connections in the market in the next seven years. It is an emerging market pulling in the big guns, including Litmus Automation, which has moved to Japan to satisfy the growing need for IoT sophistication in industrial processes.

The report profiles key players such as Microsoft(US), IBM (US), PTC (US), Cisco (US), AWS (US), SAP (Germany), Google (US), Hitachi (Japan), Oracle (US), HPE (US), Bosch (Germany), Siemens (Germany), GE (US), Schneider Electric (US), Software AG (Germany), Aeris Communication (US), Salesforce (US), Atos (France), ClearBlade(US), Davra Networks (US), Axiros (Germany), Eurotech (Italy), Litmus Automation (US), Ayla Networks (US), SumatoSoft (US), QiO Technologies (UK), Particle Industries (US) and Exosite (US).

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