Market Highlights
The increasing use of wireless sensors to facilitate the rapid transmission of data is one of the biggest factors driving the IoT gateways market. Emergence of edge computing which allows devices such as actuators and smart sensors to power micro-service architectures can positively impact the market. Demand for gateways which can function as endpoints in industry verticals such as healthcare to reducing the complexity in network architecture will bode well for the market in the forthcoming years. But high maintenance costs of these cyber-physical systems may impede the market growth.
Global IoT Gateways Market Growth was valued at USD 1200 Million in 2022. The IoT Gateways market industry is projected to grow from USD 1398.4 Million in 2022 to USD 3400.4 Million by 2030, exhibiting a compound annual growth rate (CAGR) of 13.53% during the forecast period (2022 – 2030). The technological shift from 4G to 5G, Increased consumer spending on smart products, and required for better interface for end products drives the market for IoT Gateways.
Smart cities have gained prominence owing to the pressing need to be connected to the Internet. Furthermore, the production of smart devices and applications which can be controlled via voice allures consumers. IoT gateways are the linchpin for handling various connected devices and the extended IoT ecosystem.
Recently, Nokia has launched ‘IoT for Smart Cities’, a platform offering cities to manage and deliver smart city services. In response, cable companies, alarm companies, mobile phone operating system developers, and internet providers are actively creating applications to cater to this technology. Gateway manufacturers are creating devices which can connect seamlessly on platforms created by major software behemoths.
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Segmentation:
The IoT gateways market can be segmented by gateway type, component, connectivity, application, and node.
Types of IoT gateways include lightly rugged, rugged, compact, and ultra-compact. The compact segment is estimated to touch a market size of USD 6.04 billion by 2023. The advent of IoT based devices coupled with the demand for high-speed Internet is forecasted to drive the segment growth at a 18.1% CAGR over the forecast period. The rugged segment is expected to display a 17.1% CAGR during the same period.
Components in the IoT gateways market include field programmable gate array (FPGA), microcontroller unit (MCU), sensor, memory card, and others. The sensor segment valuation is expected to balloon to USD 5.23 billion at a 18.2% CAGR over the forecast period. This can be credited to the integration of sensors in IoT devices in industrial network architecture and other smart devices. Increasing demand of wearables can have a sizeable impact on the segment growth in the coming years.
By connectivity, the market is segmented into Bluetooth, Wi-Fi, ZigBee, Ethernet, cellular, and others. The Wi-Fi segment is expected to reach USD 3.42 billion by 2023, exhibiting a 15.24% CAGR over the forecast period. Its use in monitoring systems in industries and ensuring the seamless transmission of data is expected to bode well for the segment demand in the coming years.
Major applications include consumer electronics, building automation, automotive and transportation, wearable devices, healthcare, industrial, and others. The industrial segment is likely to expand to USD 2.89 billion by 2023, growing at a 14.62% CAGR during the assessment period. The introduction of industrial IoT (IIoT) is responsible for inducing the demand for IoT gateways. The use of the technology to automate major processes and cut down on production costs is likely to impact the market. The automotive and transportation segment is projected to exhibit a 19.1% CAGR during the forecast period owing to its application in monitoring fuel and emission levels.
Nodes supported by IoT gateways include smart watch, smart TV, actuator, camera, RADAR, thermostat, and others.
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Regional Analysis:
The IoT gateways market covers the latest trends and opportunities across North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
North America had dominated the global market with a valuation of USD 2.4 billion in 2017. It is projected to expand to USD 5.52 billion by 2023, at a 15.4% CAGR over the forecast period. This can be credited to the adoption of application specific MCUs in various industries.
The APAC IoT gateways market is expected to touch a size of USD 5.47 billion, growing at a 19% CAGR during the assessment period.
Key Players:
Key players in the IoT gateways market include Eurotech SPA (Italy), NEC Corporation (Japan), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Sierra Wireless, Inc. (Canada), Cisco Systems, Inc., (U.S.), Lantronix Inc. (U.S.), Robert Bosch GmbH (Germany), Huawei Technologies Co. Ltd. (China), Hewlett Packard Enterprises Company (U.S.), Dell Technologies (U.S.), Fujitsu Ltd. (Japan), and Toshiba Corporation (Japan).
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