Dublin, June 28, 2019 (GLOBE NEWSWIRE) -- The "Internet of Thing (IoT) Middleware Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market for IoT middleware was valued at USD 6.44 billion in 2018 and is expected to reach a value of USD 18.68 billion by 2024 at a CAGR of 19.72%, over the forecast period (2019-2024).
In April 2019, Trusted IoT Alliance (TIoTA) announced the competitors for its Smart E-Mobility Challenge which includes Bosch and Siemens. The Alliance is a group of more than 50 organizations that aim to build open source trusted systems for IoT using blockchain and other technologies.
Key Highlights
- In order to tackle some of these issues of data storage and management, cloud computing emerged to IoT as Cloud of Things (CoT), which provides virtually unlimited cloud services to enhance the large-scale IoT platforms. The heterogeneity of different objects is one of the problems in the implementation of CoT platforms. This problem can be addressed by the deployment of appropriate middleware, which acts as a communication platform among components with different interfaces. Hence, a rise in cloud computing is expected to drive the IoT middleware market.
- The emerging applications and business models coupled with the falling device costs have been instrumental in driving the adoption of IoT and consequently the number of connected devices - connected cars, machines, meters, wearable, and consumer electronics.
- Some companies lack knowledge of IoT benefits which is hampering the adoption of this technology. According to Vodafone's IoT trends report for the Netherlands, Almost 90% of businesses in the Netherlands are barely aware of the competitive advantages the internet of things (IoT) can offer them. Security and privacy concerns were mentioned as the biggest obstacles.
Major Market Trends
Manufacturing Expected to Have High Growth Potential
- The manufacturing industry is anticipated to have high growth potential. IoT enables manufacturers to connect machinery and control systems together, allowing them to get a deep insight into the manufacturing process.
- The growing acceptance of industrial 4.0 have buoyed IoT in manufacturing, growing number of machine to machine connections and the increasing need for factory efficiency on the floor as well as on the field. The role of IoT has been significant particular for manufacturing companies that have adopted automated solutions.
- By connecting devices and processes together, manufacturers can enable workflow automation to optimize production processes without much human intervention.
- The meticulous workflow of an entire manufacturing process requires smart support systems, which can organize different processes and optimize the output efficiently. Science and technology have always played a part in it and the emergence of better IoT solutions have brought a number of reforms to the manufacturing sector.
North America to Witness the Highest Market Share Owing to Presence of Enabling Technology
- North America, owing to established and developed economies, like the United States and Canada, is poised to be the fastest-growing region in the global market,
- The United States is expected to dominate the market in North America. Increasing adoption of IoT in energy & utility, automotive, and healthcare industries facilitates the growth of the IoT middleware market.
- Moreover, the adoption of concepts, such as Industry 4.0, in the production and manufacturing industry is expected to promote the growth of the IoT middleware market in this region.
- Another major market in the region is the home automation systems. The products consumers are looking to add to their homes include connected cameras (highest demand), video doorbells, connected light bulbs, smart locks and smart speakers of late. With the proliferation of these smart devices and systems, the need for middleware to offer seamless connectivity provides an opportunity for market growth in the region.
Competitive Landscape
IoT is set to disrupt the traditional IT industry by providing innovative solutions to enterprises. With the growth in the number of devices and the changing architectures, the importance of IoT device management and application enablement is on the rise. Giants like Cisco, Red Hat and Oracle are the top IoT vendors which deliver connected solutions.
Recent Developments
- April 2019 - GMO, a global Certificate Authority (CA) and provider of identity and security solutions for the Internet of Things (IoT), announced a technology partnership with Xage Security, an industrial internet-of-things (IIoT) cybersecurity company. They will jointly offer a converged method for identity management consistent with multiple standards.
- September 2018 - Cloud and machine learning platform provider Cloudera, alongside Red Hat and Eurotech, launched a new end-to-end open source IoT architecture. The new IoT architecture is fully integrated, Built on open industry standards and is flexible in operation.
Topics Covered
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Adoption of Cloud Models by the Enterprises is Driving the Growth of Market
4.3.2 Increased Integration of IoT Across the Manufacturing Sector is Encouraging the Growth of Market
4.4 Market Restraints
4.4.1 Lack of Knowledge of the IoT Middleware Platforms is Restraining the Growth of the Market
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Application
5.1.1 Application Management
5.1.2 Data Management
5.2 By Platform
5.2.1 Application Enablement
5.2.2 Device Management
5.2.3 Connectivity Management
5.3 By End-user Industry
5.3.1 Manufacturing
5.3.2 Healthcare
5.3.3 Energy & Utilities
5.3.4 Transportation & Logistics
5.3.5 Agriculture
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Cisco Systems Inc.
6.1.2 Red Hat Inc.
6.1.3 Oracle Corporation
6.1.4 ClearBlade Inc.
6.1.5 PTC Inc.
6.1.6 Prodea Systems
6.1.7 Axiros
6.1.8 Davra Networks
6.1.9 Amazon Web Services Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/mj8fwn
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