Top Drivers and Key Barriers
The global market for IoT node and gateway shows the potential to achieve an approximate valuation of USD 17 Billion by 2023, reveals Market Research Future (MRFR). MRFR also suggests that the market can record a strong growth rate of 29% between 2017 and 2023, which is the forecast period.
The IoT node and gateway market is set to note a strong growth rate in the near future, as there is high growth potential in its end-use applications like BFSI, defense, aerospace, and retail. The growth of IP address space, elevated security offered by IPv6 and surging internet connectivity worldwide contribute tremendously to the growth of the global IoT node and gateway market.
The rising number of initiatives by governments, coupled with the rapid development of the IT infrastructure, mostly in developing countries like India, Brazil, and China also benefits the market. Further, the market growth is also in response to the increase in adoption of wireless sensors, surge in application-specific microcontroller units, and enhanced internet connectivity.
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With the rising shipment of logics devices, given the growing demand for wearable devices among tech-savvy consumers, the market is bound to witness robust demand in the coming years. Over the years, wearable technology has gained significant momentum in countries like India, Brazil, and China, which triggers the growth prospects of the market. On the downside, since connected devices require high power to function, their adoption can take a hit in the coming years, ultimately slowing down the growth rate of the global IoT node and gateway market.
Some of the esteemed companies that are shaping the worldwide IoT node and gateway market include Texas Instruments Incorporated (U.S.), Cisco Systems Inc. (U.S.), Stmicroelectronics N.V. (Switzerland), NXP Semiconductor N.V. (Netherlands), Intel Corporation (U.S.), Aaeon Components Inc. (Taiwan), Eurotech S.P.A (Italy), Adlink Components Inc. (Taiwan), Hewlett Packard Enterprise Co. (U.S.), Advantech Co. Ltd. (Taiwan), and others.
The global market for IoT node and gateway has been studied with respect to segments like components and end-user.
Considering the mode of components, the global IoT node and gateway market includes software and hardware. The hardware segment can be split into processor, sensor, wireless, wired, connectivity IC and memory device. Out of these, the connectivity IC segment has the potential to garner the top position in the market, on account of the elevated demand for better edge devices connectivity combined with substantial advancements in the low-power connectivity technologies such as Wi-Fi, Bluetooth, and Bluetooth low energy.
The end-users in the global IoT node and gateway market are wearable, BFSI, agriculture, healthcare, building & automation and consumer electronics. Between these, the BFSI segment is believed to attain the highest CAGR in the following years. High adoption of mobile banking apps, contactless payment and online banking is responsible for the robust market growth. Banks are giving way to personalized as well as intelligent customer cross-selling opportunities in the market. While use of IoT node and gateway market in BFSI is expected to boost by the growing adoption of mPOS.
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The global IoT node and gateway market is split into the primary regions of North America, Europe, Asia Pacific (APAC) and the Rest-of-the-World (RoW).
North America forms the largest market for IOT node and gateway and is currently at the top spot, thanks to the highly developed network infrastructure and the expanding IP security space. Additionally, automation in healthcare and vehicles has risen considerably in recent years, given the surge in the number of government initiatives as well as lump sum investments.
The APAC market can record the highest growth rate in the upcoming years, on account of the expanding IOT network structure in enterprises among others. A number of developing countries in the region are also fast adopting this technology in a bid to develop an improved network structure. The developing countries like India, South Korea and China are able to boost their network structure with the help of the government, which has led to surge in investment in telecommunication. The region is also known for being an attractive investment destination, attracting sizeable foreign investment, which stimulates market growth as well.
Europe stands as a strong contender in the market and is slated to grow at a considerable rate during the review period. The hike in the demand among citizens for improved internet connectivity is one of the chief reasons responsible for the strong market growth in the region. Also, substantial investments by the government induce market growth for IOT node and gateway.
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