The global IoT node and gateway market size is expected to grow from USD 365.3
billion in 2019 to USD 563.7 billion by 2026; growing at a CAGR of 6.5%. The major
factors driving the IoT node and gatewayindustry growth are the development of
internet connectivity, growing use of wireless sensors and their networks,
increased IP address space and better security solutions made available through
IPv6, growth of application-specific MCUs and flexible SoC-type designs, and
the growing market of connectivity devices.
Concerns
regarding the security and privacy of user data act as restraints for the IoT
node and gateway market.There are a lot of opportunities for the IoT node and
gatewayindustry, including cross-domain collaborations, government funding for
research, innovation, and development related to IoT, and emerging smart cities.
Highly fragmented market due to lack of common protocols and communication
standards, requirement of wireless spectrum and licensed spectrum, and high
power consumption by wireless sensor terminals/connected devices are the
challenges for the IoT node and gatewaymarket.
The IoT node
and gateway market,based on hardware, has been segmented into processors,
connectivity integrated circuits, sensors, memory devices, and logic devices.
On the basis of end-use application, the market has been segmented into
industrial and consumer. The industrial end-use application is further
segmented into healthcare, automotive & transportation, building
automation, manufacturing, retail, BFSI, oil &gas, agriculture, aerospace
& defense, and others. The consumer end-use application is further
segmented into wearable devices and consumer electronics. The market based on region
has been segmented into North America, Latin America, Europe, APAC, and RoW.
The IoT node and
gateway market for industrial end-use application is expected to record the highest
CAGR during the forecast period.The growth of the IoT node and gatewaymarket in
APAC can be attributed to commercialization of IoT application which is estimated
to be in its introductory stages in the developing economies of APAC. However,
countries such as China, India, and Japan are aggressively taking initiatives
such as heavy investments in R&D to encourage the adoption of IoT in this
region, which is expected to boost the demand for IoT nodes and gateways in the
future. North America is the largest market for IoT nodes and gateways since
major companies are from the US, includingIntel Corporation (US), Texas
Instruments Incorporated (US), Dell (US), and Cisco Systems (US).
The IoT node and
gateway market is projected to grow at a significant ratein both Latin America
and the Rest of the World during the forecast period.IoT is an ecosystem thatcomprises
a number of sensors/edge devices and various connectivity technologies. In an
IoT network, sensors/edge devices act as a node. These nodes use different
protocols, such as Wi-Fi, Bluetooth, and ZigBee, to connect, andare responsible
for gathering various forms of data. An IoT gateway is required to collect the
sensor data, perform protocol translation, process the data, and then send it
to the cloud (if required).
The connectivity
integrated circuits holds the largest size of the IoT node and gateway market,by
hardware,in terms of volume. The
increasing demand for better connectivity of edge devices and significant
developments in low-power connectivity technologies, such as Wi-Fi, Bluetooth,
and Bluetooth Low Energy (BLE) are the key factors supporting the growth of the
connectivity IC segment. In addition, increasing demand for consumer
electronics and the soaring popularity of smart homes, which use multiple
connectivity technologies, such as Bluetooth, BLE, Wi-Fi, and near-field
communication (NFC), is expected to further drive the demand for connectivity
ICs.
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The IoT node and gateway marketin Latin America is expected to grow
at the second-highest CAGR, preceded by APAC,during the forecast period. The
market in APAC has been further classified into China, Japan, South Korea, and the
Rest of APAC. The market in Latin America primarily includes Mexico, Brazil,
Colombia, and the Rest of Latin America. Growing penetration of wireless
products across multiple end-user applications, such as healthcare and BFSI,
and government funding programs to establish IoT ecosystem are drivingthe IoT
node and gateway market.
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