IoT Software Market Rapidly Increasing in Size Globally : Latest Report with Current Trends and Future Estimations and Opportunity Analysis

Press release   •   Jul 22, 2019 11:34 IST

Market Scenario

Global IoT Software Market was valued US$ 1.5 Bn in 2017 and expected to reach US$ 7.9 Bn in 2026, at CAGR 23.8% during forecast period.

Software became an important segment for the whole IoT industry after hardware and services with the security spending crossing the USD 1.5 billion in 2017 itself. From 2018 to 2020, the market for software will grow at a huge rate with double-digit compounded annual growth rate as a result of growing government involvement, and technological evolution in the business and consumer sector being the main contributing factors.


Software testing divisions in IoT sector are facing ever-growing challenge of software and hardware interaction with inability of transmitting a huge amount of real-time data. The variety of real-time scenarios with heterogeneous sensors and protocol makes testing extremely complex. Organizations who want to stay ahead in competition when it comes to the quality of their IoT experience, need to consider the right mix of manual and automation testing. Enabling the storage, processing, data collection, manipulating and instructing are all functions of the software segment.

IoT applications extend the reach of existing systems and software to allow a wider, more effective system. It integrates predefined devices for specific purposes like allowing certain mobile devices or engineering instruments access. It supports improved productivity and more accurate data collection.

North America and Europe with countries like US, Germany, and UK have been a few regions to initially embark on the IoT and cloud-based paradigm for business and consumer sector. The security concerns related to the IoT devices that enable easy communication through artificial intelligence have eventually led to higher application security software through cloud, endpoint, networking and application types. European Union alone has invested more than 50 million USD on transformation of the security sector which is likely to cross USD 70 million by 2020.

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Key players operated in market includes Cisco, Centri Technology, Armis, Bastille, Claroty, DarkMatter, Dedrone, Dell EMC, EY, ForgeRock, McAfee, NewSkY Security, Palo Alto Networks, Praetorian, Prove & Run, Pwnie Express, Qadium, Rapid7, Raytheon Cyber, SecureRF, Sophos, Symantec, Thales, V5 Systems, Zingbox, Microsoft Corporation, IBM Corporation, Thingworx, Artik, HP, Salesforce.
Scope of Global IoT Software Market:

Global IoT Software Market by Type:

  • Real-time Streaming
    • Analytics Software
    • Security Solution Software
    • Data Management Software
    • Remote Monitoring System Software
    • Network Bandwidth Management Software
    Global IoT Software Market by Application:
  • Building and Home Automation
    • Manufacturing
    • Retail
    • Transportation
    • Others
    Global IoT Software Market by Region:
  • North America
    • Asia Pacific
    • Europe
    • Latin America
    • Middle East & Africa
    Key players operated in Global IoT Software Market include:
  • Cisco
    • Centri Technology
    • Armis
    • Bastille
    • Claroty
    • DarkMatter
    • Dedrone
    • Dell EMC
    • EY
    • ForgeRock
    • McAfee
    • NewSkY Security
    • Palo Alto Networks
    • Praetorian
    • Prove & Run
    • Pwnie Express
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    Maximize Consulting, are a strong unified team of industry specialists and analysts across sectors to ensure entire Industry ecosystem is taken in perspective, factoring all recent development, latest trends and futuristic – the technological impact of uniquely specific industries. In line with the agreed scope and objective of the study, our approach is uniquely custom detailed.