IoT Node and Gateway Market by Hardware, End-use Application - Global Forecast to 2029

 

The IoT Node and Gateway market was valued at USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029, registering a CAGR of 7.3% during the forecast period. The growth of market is driven by the emergence of 5G technology, the Rising use of wireless smart sensors and networks, the Provision of increased IP address space through IPv6, and the Increasing need for data centers.

The market for Connectivity IC segment to hold largest market share during the forecast period.

Connectivity IC accounts for major share in the IoT Node and Gateway market in the forecast period. Connectivity ICs are increasingly integrating sensor interfaces, allowing for simplified data acquisition and processing, which is particularly useful in IoT sensors and wearable devices for monitoring environmental conditions, health parameters, and activity tracking. In July 2023, Nordic Semiconductor introduced the nPM1300 PMIC, featuring two buck converters, two load switches/LDOs, and integrated battery charging, streamlining battery-operated applications. This IC reduces BoM by consolidating multiple discrete components into one chip. The nPM1300 PMIC serves as a connectivity IC, enhancing power management efficiency in various battery-operated applications such as wearable devices, IoT sensors, smart home devices, and portable electronics.  Its integration with Bluetooth Low Energy (BLE) and other wireless protocols enhances interoperability and connectivity options for IoT nodes and gateways, facilitating seamless communication and data exchange in IoT ecosystems.

Consumer electronics segment in end-use application held highest market share of the IoT Node and Gateway market during the forecast period.

The proliferation of smart televisions, smart home devices, and IoT gadgets indicates the growing trend towards smart consumer electronics. These devices leverage advanced technologies such as sensors, embedded systems, and actuators, to provide users with intelligent features such as voice recognition, biometric authentication, gesture control, and real-time data monitoring. Smart appliances, also known as intelligent appliances, have the ability to measure and control their energy usage and communicate the same to homeowners. These appliances can be linked to smart energy meters or home energy management systems which can further help to reduce electricity usage during off-peak hours. The evolution of a number of consumer appliances with improved internet connectivity and smartphones, leverage the market for IoT nodes and gateway in the consumer electronics.

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The IoT Node and Gateway market in North America is estimated to account for largest share during the forecast period.

North American cities are transforming into hubs of innovation with a focus on smart infrastructure. This push for smarter systems heavily relies on networks of IoT nodes and gateways, acting as the backbone for data collection, communication, and analysis. According to reviews.org data of September 2023, an average American owns eight smart devices and intends to purchase four new ones within the next year. Personal electronics like phones, computers, and wearables are currently the most popular, but standalone smart home devices such as smart video doorbells, cameras, and light bulbs are gaining traction, especially considering the 35.6% ownership of smart speakers.