DUBLIN--(BUSINESS WIRE)--The "IoT Middleware Market by Platform Type, Organization Size, Vertical , and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global IoT middleware market 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% during the forecast period.
The demand for middleware enabled IoT platform is surging, owing to an increase in the use of IoT devices in the connected world. The middleware manages the connectivity between various IoT devices and gateways with the goal of enabling the development of services. Moreover, the IoT middleware facilitates communication, data flow, device management, and the functionality of applications. Additionally, it enables applications to connect machines, devices, and people to data and control centers.
IoT platform's functionalities cover the entire digital value chain, from sensors/actuators and hardware to connectivity, cloud, and applications. Hardware connectivity platforms are used for connecting the edge devices and processing the data outside the data center (edge computing/fog computing). They are also used to program the devices to make decisions on the fly. The key benefits of IoT platforms are security, interoperability, scalability, and manageability. IoT software platforms include the integration of heterogeneous sensors/actuators; various communication protocols abstract all those complexities and present developers with simple Application Programming Interfaces (APIs) to communicate with any sensor over any network. Cloud service providers offer cloud-based IoT platforms to help developers build IoT solutions in their clouds. Providers of Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) have solutions for IoT developers.
The goal of IoT platforms is to simplify the development of IoT applications and services and their operations by providing a set of out-of-the-box functionalities. Rather than developing required system components from scratch for an end-to-end IoT system, developers and service providers can build upon a set of buildings blocks, significantly shortening the development cycle and time to market. As these building blocks are common and repeatable across IoT applications and services, they contribute to the economies of scale, thus reducing the overall costs required to build an IoT-enabled solution.
The IoT middleware market includes vendors that provide IoT platforms for their clientele across the globe. The major IoT platform vendors include International Business Machines Corporation (IBM), PTC Inc. (PTC), SAP SE (SAP), Oracle Corporation (Oracle), Hitachi, Ltd. (Hitachi), General Electric Company (GE), Amazon Web Services, Inc. (AWS), Cisco Systems Inc. (Cisco), Hewlett Packard Enterprise Company (HPE), Salesforce.com, Inc. (Salesforce), Bosch Group (Bosch), Microsoft Corporation (Microsoft), Siemens Group (Siemens), Alphabet Inc. (Google), and Schneider Electric Infrastructure Limited (Schneider). These players have adopted partnerships, agreements, and collaborations as the key strategies to expand their market reach.
Key Benefits of Buying the Report
The report would help the market leaders/new entrants in the IoT middleware market with the information on the closest approximations of the revenue numbers for the overall IoT middleware market and subsegments. The report would also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
Market Dynamics
Drivers
- Integrating Operations Technology and It
- Growing Need for Centralized Monitoring
- Increasing Adoption of Cloud
- Mandatory Compliance with Stringent Regulations
- Evolution of High-Speed Network Technologies
- Rising Adoption of Next-Generation Technologies
Restraints
- Integration With Legacy Systems
- Absence of Uniform IoT Standards and Lack of Interoperability
- Concerns Over Data Security & Privacy
Opportunities
- Increasing Shift Toward Outcome and Pull Economies
- Rising Adoption of IoT in SMEs
Challenges
- Dearth of Skilled Workforce
- Implementation & Security Challenges
Use Cases
- Qivicon
- Exelon
- Centratech Systems
- Haemonetics Corporation
- Pima County
- Homeexcept
- Golden State Foods
- Calstar
Companies Profiled
- Alphabet
- Amazon
- Bosch
- Cisco
- GE
- Hitachi
- HPE
- IBM
- Microsoft
- Oracle
- PTC
- Salesforce
- SAP
- Schneider Electric
- Siemens
For more information about this report visit https://www.researchandmarkets.com/r/i06buw
