According
to the latest market research report "IoT
Node and Gateway Market by Hardware (Processor, Connectivity IC,
Sensor, Memory Device, Logic Device), End-use Application (Industrial,
Consumer), and Geography (North America, Latin America, Europe, APAC, RoW) -
Global Forecast to 2026", The global IoT node and gateway market size
is estimated to grow from USD 387.1 billion in 2020 to USD 563.7 billion by
2026, at a CAGR of 6.5%. Major driving factors for the IoT node and gateway
industry 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 growing market of connectivity devices. Concerns
regarding the security and privacy of user data act as restraint for the IoT
node and gateway market.
Connectivity
ICs market to hold largest share of IoT node and gateway market, by hardware in
2026
Connectivity chips help IoT devices to
connect with each other and the Internet. A majority of the IoT devices use
personal area network (PAN), local area network (LAN), and wide area network
(WAN). A number of connectivity technologies are being used currently and
experimented upon. The market has seen an increase in the number of companies
providing low-power wireless network connectivity that is specifically designed
for IoT applications. 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. 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. Wi-Fi and Bluetooth are likely to record the maximum
shipment during the forecast period because of their low power consumption and
low cost.
Consumer
end-use application to hold largest share of IoT node and gateway market in
2026
The consumer end-use application of IoT node
and gateway market includes wearable devices and consumer electronics
segments. With the evolution 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. Given the large population
base in some of the developing economies, such as China, India, and Thailand,
there has been an increased number of new M2M connections per year in the APAC
region. Therefore, the demand for smart consumer devices is higher in this
region. Due to an increase in the penetration of Internet in developing Asian
countries, paired with changing lifestyle of consumers, the uptake of smart
home devices has increased in the region. Increasing requirement of comfort and
convenience has considerably surged the demand of smart devices.
BFSI
is fastest-growing industrial vertical, in terms of volume, in IoT node and
gateway market
The IoT node and gateway market has a huge
opportunity in the BFSI segment. Mass adoption of online banking, contactless
payments, and mobile banking apps has increased significantly. Banks are trying
to create intelligent and personalized customer cross-selling opportunities.
The growth of the BFSI segment is driven by the increasing adoption of mPOS.
Moreover, the demand for intelligent banking is also expected to create a
demand for connectivity ICs, processors, and sensors, which are used in devices
such as mPOS and smart kiosks.
US
to hold largest share of North American IoT node and gateway market in 2026
The US is estimated to be the largest market
for IoT node and gateway in North America during the forecast period. It is
home to some of the most prominent companies for IoT hardware manufacturers,
such as NXP Semiconductors (US), Intel Corporation (US), and Texas Instruments
Incorporated (US). Increased R&D in the field of IoT in terms of new and
improved technologies, growing government investments for the implementation of
IoT solutions, and rising demand for improved lifestyle are the major factors
driving the growth of the market.
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Emerging R&D, at both the academic and
industry levels, is broadening the application areas of IoT in different
industries, such as consumer electronics, retail, automotive &
transportation, and healthcare. Moreover, the US government has provided an
ideal environment for research and innovation, which has facilitated massive
advancements in various fields of science and technology.
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