The market for IOT node and gateway 2020 can touch an approximate valuation of USD 17 Billion by the end of 2023, says Market Research Future (MRFR). The market is estimated to procure a growth rate of 29% between 2017 and 2023, which is the evaluation period.
Top Boosters and Main Challenges
IoT node and gateway holds significant potential, which boosts its use in various industries like retail, defense, aerospace, BFSI and more. The expanding IP address space, enhanced security provided by IPv6, and the rising internet connectivity all over the world stimulates the growth of the market for IoT node and gateway. The surge in government-backed initiatives and the advancements in the IT infrastructure, mostly in developing countries like India, Brazil, and China, are some other growth inducers in the market. In the years to come, surging deployment of wireless sensors, rising use of microcontroller units, and improving internet connectivity can also benefit the worldwide market.
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The mounting production as well as the shipment of various logics devices backed by the rising demand for wearable devices by the expanding population of tech savvy consumers also works wonders for the market. Wearable technology has gained substantial ground in recent years, especially in Brazil, India and China, leading the IoT node and gateway market to greater heights.
Increasing use and advancements in the connectivity technology like Zigbee, Bluetooth, near field communication technology and Wi-Fi are the top trends currently prevalent in the node and gateway industry.
The prominent players in the IOT Node And Gateway Market are- Intel Corporation (U.S.), NXP Semiconductor N.V. (Netherlands), Texas Instruments Incorporated (U.S.), Cisco Systems Inc. (U.S.), Hewlett Packard Enterprise Co. (U.S.), Stmicroelectronics N.V. (Switzerland), Advantech Co., Ltd. (Taiwan), Eurotech S.P.A (Italy), Aaeon Components Inc. (Taiwan), Adlink Components Inc. (Taiwan) and others.
Global IOT Node and Gateway Market – Regional Analysis
Europe, North America, Asia Pacific or APAC, and the rest of the world or RoW are the top markets for IOT node and gateway services.
The highest portion of the global market has been procured by North America, due to factors like the presence of a highly established network infrastructure and the expanding IP security space. North America has the lead when it comes to deployment of Internet of Things and automation in healthcare and vehicles. The growth trajectory is also boosted by the increasing government initiatives and the investments being made in the R&D activities to develop better quality products.
The APAC market can soon achieve the fastest growth rate, on account of the improving IOT network in India and China along with the rising number of enterprises employing the technology to induce expansion of their network structure. Strong demand for wearable devices has also been observed, especially since the number of tech savvy consumers is growing rapidly in the region. The increasing internet penetration and the hike in the number of smart cities have pushed the intake of IOT node and gateway in the region.
Europe’s notable growth pace in the global market can be the result of the escalating demand among the people for enhanced internet connectivity. Also, the increasing spending by the government in the IOT node and gateway field is identified as one of the chief factors that can induce market growth in the approaching period.
IOT Node and Gateway Market – Segmentation
IOT Node and Gateway market segmentation comprises components and end-user
IOT node & gateway market, in terms of components, are sensor, hardware, wireless, memory devices and connectivity. The hardware segment covers processor, sensor, wired, wireless, memory device and connectivity IC. Between these, the segment of connectivity IC can expect to attain the leading spot in the market on account of the increasing demand for more advanced edge device connectivity combine with the notable advancements in low-power connectivity technologies such as Wi-Fi, and Bluetooth.
The primary end-users in the market are Agriculture, IT & Telecommunication, Aerospace & Defense, Wearable devices, Healthcare, Building & Automation, Consumer Electronics, BFSI, and others. Out of these, the BFSI segment can race ahead at the highest pace in the upcoming period, with the high prevalence of mobile banking apps, contactless payment and online banking in the sector. Online transactions increased significantly in the first half of 2020 owing to the COVID-19 outbreak, on account of the lockdown requirements, which have also enhanced the market growth.
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