Market Research Future (MRFR) says that the global IoT gateways market could exhibit a CAGR of 16.9% during the forecast period (2018-2023). It is poised to touch a valuation of USD 15.59 billion by 2023, adds MRFR.
Market Potential and Primary Restraints
High demand for Big Data analytics has transformed the IoT gateway market to a great extent in recent years. Surge in demand for analytics goes hand in hand with the demand for IoT gateway as Big Data aids in analyzing sensor data. Other than this, it helps collect data for numerous industrial machines, including turbines, oil refineries, and others. It also assists organizations in boosting their business decisions, in addition to giving way to new business models, service offerings, and products.
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Additional factors promoting market growth could be high-quality internet connectivity in technologically advanced countries along with increasing IP address space and security solutions offered in IPv6. The primary driver for the IoT Gateway market is the soaring product demand, as prevents security glitch of cloud to some degree by itself enhancing the level of security.
That being said, the IoT gateways market could face challenges in the form of lack of skilled professionals that could design such a complex technology. But, the surging use of wireless sensors in commercial and industrial applications could boost the overall market growth in the subsequent years.
The IoT gateways market can be segmented on the basis of gateway type, component, connectivity, application, and node.
Types of IoT gateways mentioned in the report are rugged, lightly rugged, compact, and ultra-compact. The compact segment could be worth USD 6.04 billion by 2023. The rising use of IoT based devices combined with the soaring demand for high-speed Internet will help the segment achieve a CAGR of 18.1% during the forecast period. The rugged segment is estimated to display a CAGR of 17.1% during the given timeframe.
Components covered by the MRFR report are microcontroller unit (MCU), field-programmable gate array (FPGA), memory card, sensor, and others. The sensor segment could reach the valuation of USD 5.23 billion at a growth rate of 18.2% during the forecast period. The segmental control over the market is the result of the rising integration of sensors in IoT devices in industrial network architecture along with other smart devices. Also, mounting demand for wearables could have a significant impact on the segment in the years ahead.
Connectivity-wise, the market covers Wi-Fi, Bluetooth, Ethernet, ZigBee, cellular, and others. The Wi-Fi segment is estimated to be worth USD 3.42 billion by 2023, growing at a rate of 15.24% during the evaluation period. Rising use of Wi-Fi in monitoring systems across various industries, as it ensures seamless transmission of data could benefit the segment in the subsequent years.
Major applications covered by MRFR are building automation, consumer electronics, wearable devices, automotive and transportation, industrial, healthcare, and others. The industrial segment size could be around USD 2.89 billion by 2023 and could achieve a CAGR of 14.62% during the conjectured timeframe. Emergence of industrial IoT (IIoT) has induced the demand for IoT gateways. In addition, rising use of this technology to automate significant processes and bring down the production costs could leave a lucrative effect on the market. The automotive and transportation segment could develop at a rate of 19.1% during the appraisal period on account of its application in emission levels and monitoring fuel.
Nodes backed by IoT Gateways Market Forecast are smart TV, smart watch, camera, actuator, thermostat, RADAR, and others.
The latest trends and opportunities within the IoT gateways market have been studied in the main regions of North America, Asia Pacific (APAC), Europe, and the Rest-of-the-World (RoW).
In 2017, North America was singled out as the leading market for IoT gateways, estimated at USD 2.4 billion. The regional market could touch the valuation of USD 5.52 billion by 2023, and expand at the rate of 15.4% in the coming course of time. The surge in the adoption of application-specific MCUs across several industries has a big hand in the said market growth. Research and development activities at the scholarly and business level are increasing the operation areas of the Internet of Things in industries like consumer electronics, healthcare, banking, automotive and healthcare in the United States (U.S).
APAC IoT gateways market could touch the size of USD 5.47 billion by 2023 and is predicted to expand at a rate of 19% during the review period. To induce growth of IoT gateway market in the region, governments of various countries are taking a number of initiatives. Declaration of at least 100 smart cities by the government in India is one such initiative.
Remarkable growth of the existing IoT gateway companies and their rising number benefits the Europe market. Apart from this, surge in research and development activities within the IoT space aimed at developing smaller, improved, and cheaper could really do wonders for the IoT gateways market in the region.
Key companies contributing to the worldwide IoT gateways market are NEC Corporation (Japan), Dell Technologies (U.S.), Siemens AG (Germany), Sierra Wireless, Inc. (Canada), Cisco Systems, Inc., (U.S.), Lantronix Inc. (U.S.), Robert Bosch GmbH (Germany), Toshiba Corporation (Japan), Hewlett Packard Enterprises Company (U.S.), Mitsubishi Electric Corporation (Japan), Fujitsu Ltd. (Japan), Huawei Technologies Co. Ltd. (China), Eurotech SPA (Italy), to mention a few
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