"Overview of the IoT Gateway Market"
Global IoT Gateway Market was valued at USD XX Bn in 2018 and is expected to reach USD 122.7 Bn by 2027, at a CAGR of 30.21 % during 2019-2027.
Vital factors that are driving the IoT gateway market are stimulated internet connectivity in developed nations worldwide. There is also a considerable rise in the IP address space and security solutions offered in IPv6. IoT gateway eliminates the security issue by prompting its own level of security which is stimulating the growth of this market. Propelling this market is due to increased IoT supportive gadgets that personalize technology. Because of its high installation changes for multiple gateways and the designing of IoT gateway needs professionals which are limiting its growth in the market.
There is a remarkable increase in the IoT gateway market share due to its compliance with the big data analytics platform which is being used largely used. Such technology integration with the industrial usage of manufacturing is a contribution to the gathering of information is increasing the demand of IoT gateway. It stabilizes the business operations and decision-making efficacy due to its flexibility in operations. IoT gateway helps in optimization of business resources and contributes to innovative business models along with its offerings.
Companies capable of capturing and implement IoT gateway technology have an exponential growth opportunity in future. Organizations are required to integrate and operate in cross-domain expertise in order to grab this technological advantages. Thus, firms could considerably take advantage of IoT gateway depending on cross-sector collaborations and approaches to the business models.
The Upsurge demand for IoT gateway market for IC connectivity:
IoT gateway market for IC connectivity for hardware held the significant market share in 2018. There is a considerable demand for better edge gadgets connectivity with advanced developments at low connectivity technologies such as Bluetooth and Wi-Fi usage at low power. These are the dominant factors for the highest market share in the IC connectivity by 2027.
The IoT node and gateway market for connectivity IC, by hardware, held the largest share in 2018. The increasing demand for better edge devices connectivity and significant developments in low-power connectivity technologies such as Wi-Fi, Bluetooth, and Bluetooth low energy (BLE) are the key contributing factors leading to the largest market share of connectivity ICs in 2018.
Demand for wearable devices to expand at rapid pace in the Global IoT gateway Market:
Wearable devices are in surge among the IoT gateway market categories because of remarkable contribution to the end-users. These devices collect information about the health and other details about customers helping them to optimize and increase their productivity; as a result, there is a high demand for these gadgets. The wearable devices are considered to be having a significant market share among others in the IoT gateway because of their technological advantages.
It could be due to the reason such as activity tracking, fitness details and rising authorization for a specific activity are driving the software market. The rising adoption of wearable appliances in various application areas, like medical and healthcare, industrial, and military are the main factor driving the growth of the global IoT gateway market.
BFSI end-user adoption is projected to behave a rise at a high CAGR in IoT node and gateway market for 2019-2027. This has an empirical use, especially in the aerospace and defense industries. There is a considerable implementation of IoT gateway by financial institutions for up and cross-selling methods in order to personalize their offerings to the prospective customers. Thus advancement in the implementation of this technology by banking applications, cashless payments and net banking are fueling this market.
North America and Europe are Leading the IoT Gateway market:
The penetration rate has been significantly increased in recent time because of its wide range of usage and currently being advanced to IoT gateways. Thus the rate of penetration is observed to be high in the regions of developed nations such as North America and Europe due to advancement in technological applications. Thus for these regions, the penetration rate for the year 2018 is accounted for 80.2% on an average for both. Those regions that are developing had accounted for approximately 31% on average. It is observed to be having a significant amount of broadband usage in the developed nations contributing to the adoption of IoT gateway market share.
North America has accounted to behave the highest share of the market in the IoT gateway by 2025. Major factors supporting to growth of IoT gateway is in North America is because of the high amount of R&D investments taking place to minimize the prices, device advancements and for compact size. There is a high contribution by research and development, and business in expanding the operational areas on the Internet of things for specific industries, such as financial institutions, health-care, consumer electronics, automotive of the US market.
One of the prominent players in the IoT gateway is Intel Corporation which has generated considerable in the industry. It has been competing with various key players in the IoT gateway market.
The key players in the market are Intel Corporation, Huawei Investment & Holding Co., Ltd., NXP Semiconductor N.V., Texas Instruments Inc., Cisco Systems Inc., Hewlett Packard Enterprise Co., TE Connectivity Ltd., STMicroelectronics N.V., Advantech Co., Ltd., Dell Inc., Eurotech S.P.A, AAEON Technology Inc., Adlink Technology Inc., NEXCOM International Co. Ltd., and Microchip Technology Inc., Notion, Helium System Inc., Samsara Networks Inc., Estimote Inc., and Beep Inc.
Key Segment of IoT Gateway Market:
- Connectivity IC
- Memory device
- Logic device
- Weareable devices
- Automotive & Transportation
- Consumer electronics
- Building automation
- Oil & Gas
- Aerospace & Defence
- Asia Pacific
- Middle East & Africa