Market Trends of IoT Middleware Industry
Manufacturing Expected to Have the High Potential Growth
- Industry 4.0 and IoT are at the center of new technological approaches for developing, producing, and managing the entire logistics chain, otherwise known as smart factory automation. Massive shifts in manufacturing due to Industry 4.0 and the acceptance of IoT require enterprises to adopt agile, smarter, and innovative ways to advance production with technologies that complement and augment human labor with robotics and reduce industrial accidents caused by process failure.
- With the high rate of adoption of connected devices and sensors and the enabling of M2M communication, there has been a surge in data points that are generated in the manufacturing industry. These data points can be of various kinds, ranging from a metric describing the time taken for the material to pass through one process cycle to a more advanced one, such as calculating the material stress capability in the automotive industry.
- IoT Middleware can implement IoT-based virtual manufacturing applications as well as IoT-based factory automation, which encourages manufacturers to deploy IoT devices in key manufacturing establishments. Another factor driving the market growth is the advantage of IoT in attaining “informed” manufacturing. IoT middleware enables four essential elements of manufacturing, such as Products, People, Processes, and Infrastructure, to work seamlessly.
- Also, a significant consideration while aiming for the manufacturing industry is the promotion of flexibility through open architectures that support customization and streamlined software upgrades across multiple devices. Therefore, this segment is expected to benefit from the rapid emergence of Open-source IoT middleware developments.
- Additionally, manufacturing organizations in many countries worldwide are increasingly investing in emerging technologies, thus creating significant growth opportunities for adopting IoT middleware in the manufacturing sector. For instance, according to a survey conducted by CommBank in January 2022, 42% of Australian manufacturers intend to invest in the emerging technology area relating to intelligent automation and robotic process automation over the next two to three years. Investment in mobile, connectivity, and the Internet of Things (IoT) was among the second intended investment areas, with 40% of manufacturers intending to invest.
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North America Region is Anticipated to Holds Major Market Share
- North America is expected to be a prominent market due to the growing role of IoT among the significant revenue-generating end-user industries of the region, driven by the deployment of connected cars, smart energy projects, home automation, and a focus on smart manufacturing. The US and Canada are the early adopters of technologies, such as Big Data, IoT, and mobility, and it creates significant growth opportunities for the IoT middleware market.
- The United States is on the verge of the fourth industrial revolution. Data is being used on a large scale for production while integrating it with a wide variety of manufacturing systems throughout the supply chain. Therefore, the emergence of information technology and the increased usage of IoT across a wide range of manufacturing, industrial, and automotive applications have added a new dimension to conducting business operations.
- Manufacturers in the region rely on IIoT platforms for general process optimization, dashboards and visualization, and condition monitoring. SMEs are becoming increasingly flexible in incorporating new technologies with their existing systems, whereas large manufacturers have massive budgets for digitization.
- Another significant driver is the prevalence of an environment of increasing input, labor cost, and competition from large global manufacturers, which is expected to attract investment in technologies such as IoT to remain competitive and maintain operating margins.
- Aiding this trend is the formation of the “Advanced Manufacturing Partnership (AMP) 2.0,” an initiative undertaken to make the industry universities. The federal government is investing in emerging technologies and smart manufacturing initiatives, such as the Smart Manufacturing Leadership Coalition (SMLC), to drive and facilitate the broad adoption of manufacturing intelligence. Such trends in the market are also expected to emphasize the need for IoT middleware solutions in the market.
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