The IoT node and gateway market was valued at USD 387.1 billion in 2020 and is projected to reach USD 566.4 billion by 2027; it is expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2027.
The key factors driving
the growth of the IoT node and gateway industry include emergence of 5G
technology, growing use of wireless smart sensors and networks, growing market
for connected devices, increasing necessity of data centers due to rising
adoption of cloud platforms, and others.
Connectivity IC segment
to account for the largest share of IoT node and gateway market during the
forecast period
On the basis of
Hardware, the IoT node and gateway market has been segmented into processor,
sensor, connectivity IC, memory device, and logic device. the connectivity IC
segment held the largest share of the overall IoT node and gateway market, in
terms of volume. 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 factors supporting the
growth of the connectivity IC segment.
Consumer application to
account for the largest share of IoT node and gateway market during the forecast
period
Based on end-use
application, the IoT node and gateway market has been segmented into industrial
and consumer. Consumer application held the largest share of the overall IoT
node and gateway market to during the forecast period. With the evolution of a
number of consumer appliances that can connect to the Internet and smartphones,
the growth of IoT technology in the consumer electronics segment is expected to
receive a boost.
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APAC is expected to
register the highest growth of IoT node and gateway market during the forecast
period
APAC is expected to
register the highest growth in the IoT node and gateway market during the
forecast period from 2021 to 2027. The growing penetration of the internet
across commercial as well as residential spaces, broad consumer base,
increasing disposable income, and improving IT infrastructure are some of the
key determinants supplementing the growth of the IoT node and gateway market in
APAC. Moreover, the adoption of cloud-based services and rising trend of industrial
automation are the key growth drivers for the IoT node and gateway market for
commercial applications in countries such as China, South Korea, and Japan.
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