- It projected to gather a CAGR of above 19 per cent over the forecast years 2020-2025
- The North America region is expected to hold the highest market share during the forecast years
The global IoT middleware market size is projected to reach nearly nearly $24.8 billion by 2025 as per a report by Adroit Market Research. It projected to gather a CAGR of above 19 per cent over the forecast years 2020-2025.
it added that Internet of Things (IoT) middleware can be classified as software that serves as an interface between components of the IoT, making communication possible among elements that would not otherwise be capable of interface in integrated technologies. . IoT middleware handles the format, structure, and encoding of the information that is being exchanged between different devices, sensors, and layers.
As per the report, ” IoT middleware acts as a common standard amongst the diversity of sensors, devices, OS, and applications that encompass the IoT ecosystem architecture. It also serves as APIs for physical layer communication, without exposing anything to the adjacent layers. Moreover, IoT middleware plays a role in the security of the applications integrated in the middleware too. Owing to such advantages, the IoT middleware market is witnessing substantial growth.”
Increased adoption across verticals
The report said that the future and existing IoT middleware market progress are outlined to know the market attractiveness. Key influencing factors focus on the IoT middleware of market opportunities over the forecast years. Increased adoption across verticals to improve their monitoring and asset tracking are driving the market growth. It added that the huge growth in the number of IoT devices is further aiding the growth of the global IoT middleware market.
The market is plagued with connectivity standards and implantation issues. The lack of connectivity standard is also leading to a lack of interoperability which is hindering the market growth. The move towards cloud is anticipated to be an opportunity for the IoT middleware companies.
North America region is expected to hold the highest market share
The North America region is expected to hold the highest market share during the forecast years. This is due to the presence of key industry players in the market. The market is at the forefront of internet penetration which is also increasing the North American market. A favorable environment for competition has also resulted in the high technology absorption in the region.
It added, “Asia-Pacific region is projected to showcase the highest growth rate during the forecast years owing to the increasing awareness about the technology and increasing absorption by booming economies of the region. The region is expected to see a huge adoption of services among small and medium-sized enterprises.”