According to a research report "IoT Node and Gateway Market by Hardware (Processor, Connectivity IC, Sensor, Memory, Logic Devices), End-use Application (Consumer Electronics, Building Automation, Automotive & Transportation, Wearable Devices, Retail) and Region - Global Forecast to 2029" The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.
By Hardware, the Logic
Devices are projected to grow at a high CAGR of IoT Node and Gateway market
during the forecast period.
Logic devices can adapt
to changing requirements even after deployment. As new features or
functionalities are needed, the logic within the device can be reprogrammed to
accommodate these changes, extending the useful life of the product and
reducing the need for hardware revisions. The integration of FPGA technology
into IoT devices further enhances these advantages. The integration of FPGAs
into IoT nodes and gateways empowers manufacturers to develop highly optimized,
customizable, and scalable solutions that meet the diverse needs of IoT
applications. Tesla's Full Self-Driving (FSD) computer utilizes FPGAs to handle
complex neural network computations for autonomous driving algorithms. This
allows them to potentially improve their FSD capabilities through software
updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node
and Gateway Market is projected to grow at a highest CAGR during the forecast
period.
BFSI sector can use IoT
technology to provide more convenient solutions for customers. IoT can be used
to perform data collection in real time and for instant communication between
devices. For instance, it can facilitate cashless payments using an RFID scanner
to identify products in the shopping cart and mobile wallet. The adoption of
mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the
landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere,
benefiting unbanked populations and enabling temporary service points for
events. Kiosks offer convenient banking functionalities, reducing wait times
and freeing up staff for complex inquiries. These technologies drive cost
savings by requiring less investment and automating routine tasks, allowing
resources to be reallocated strategically. They provide rich data for
personalized services, fraud detection, and operational optimization. mPOS
systems and kiosks promote financial inclusion by extending services to remote
areas, fostering economic activity and well-being.
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North America accounts
for the largest share in IoT Node and Gateway Market.
The North American IoT
market is poised to grow, driven by government efforts to transition cities
into smart urban centers. The growing need for sophisticated IoT solutions,
fueled by the widespread availability of high-speed data, will further propel market
expansion in this region. Furthermore, North America's dynamic IoT node and
gateway ecosystem features established players like Intel Corporation (US),
Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving
competition, innovation, and affordability. Increasing research and development
at industry levels is broadening the application areas of IoT in various
industries, such as retail, consumer electronics, automotive and
transportation, and healthcare, especially in the US. The increased demand for
effective solutions and focus on early, accurate, and fast diagnosis of
diseases has led to huge investments in technological developments in the
healthcare sector.
Key Players
Key companies operating
in the IoT Node and Gateway market are Intel Corporation (US), Qualcomm
Technologies, Inc. (US), Texas Instruments Incorporated (US),
STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei
Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco
Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE
Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies
(US), among others.
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