IoT Node and Gateway Market Size To Expand at a Notable CAGR Of 29% During 2017 - 2023

Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global IoT Node and Gateway Market. 

Market Scenario

The global IOT node and gateway market is predicted to garner USD 17 billion during the forecast period (2017-2023). The global market is estimated to expand at 29% CAGR owing to the high demand for better internet network, asserts Market Research Future (MRFR).A gateway is referred to as a network node which connects two dissimilar or similar networks by using different protocols. Several critical functions like device connectivity, protocol translation, data filtering and processing, security, etc. are performed by IoT nodes and gateways. IoT is proving to be an emerging technology and is rapidly adopted across the world. IoT gateways are fundamental elements for carrying next generation and traditional devices to the internet of things.

Drivers and Constraints Impacting the Market

With the development of connected appliances by several business organizations, the entire ecosystem surrounding them is also expanding remarkably. As IoT gateway holds the center piece in the building block for IoT, surging development of connected appliances is contributing to the growth of IoT gateway marketacross the globe. IoT gateways also help to accommodate protocols for networking, help data flow securely between the cloud and devices, and manage edge analytics and repository on the data. The rising internet connectivity, growing use of wireless sensors and its networks, and uninterrupted rise in requirement of smartphones, are some of the factors contributing to the growth of the global IoT node and gateway market. Moreover, the accelerating shipment of logics devices due to the increasing adoption of wearable devices by the tech savvy consumers has further boosted the market growth. Burgeoning demand for application specific microcontroller units, growing adoption of wearable devices, and rising use of wireless sensors are some of the current trends triggering the market demand.

On the flip side, lack of standard communication protocols across platforms is considered to be a major challenge to the global IoT node and gateway market. Moreover, high power consumption by the connected devices is alsolimiting the adoption of IoT services, therebydampeningthe market growthduring the appraisal period.

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Global IoT Node and Gateway Market: Segmental Analysis

The global IoT node and gateway market has been segmented on the basis of components, end-user, and region.

By mode of components, the global IoT node and gateway market has been segmented into hardware. The hardware segment has been sub-segmented into sensor, processor, wireless, wired, connectivity IC and memory device. Among these, the connectivity IC segment is presumed to hold the largest market share owing to therising demand for better edge devices connectivity coupled with significant developments in the low-power connectivity technologies like Bluetooth, Wi-Fi,and Bluetooth low energy.

By mode of end-user, the global IoT node and gateway market has been segmented into BFSI, wearable, healthcare, agriculture, consumer electronics, and building & automation.Among these, the BFSI segment is considered to expand at the highest rate in the coming years. Mass adoption of online banking, mobile banking apps, and contactless payment has increased significantly, thereby contributing to the market growth. Banks are also creating personalized and intelligent customer cross-selling opportunities. The shipment of the BFSI in the IoT node and gateway market is estimated to be driven by the surging adoption of mPOS.

Regional Insights

Geographically, the IoT node and gateway market span across regions namely, Europe, North America,Asia-Pacific and Rest-of-the-World (RoW).

Among all the regions, the North American region is considered to dominate the IOT node and gateway market occupying the largest market share due to the well-developed network infrastructure coupled with therising IP security space.

The Asia-Pacific region is anticipated to expand with the highest CAGR due to the improving IOT network structure of enterprises and developed countries adopting the technology in order to createa better network structure.

The European region is expected to grow with a considerable pace owing to therising demand from the citizens for better internet connectivity. Moreover, investmentsmade by the government in IOT node and gateway market is further fueling the market growth in this region.

Industry Updates

January 10, 2019: A company specializing in the development of Artificial Intelligence and Internet of Things, Gopher Protocol Inc. has enabled mobile technologies, comprising a global mesh network technology platform for mobile as well as fixed solutions.

Competitive Dashboard

The prominent players operating the global IoT node and gateway market are Eurotech S.P.A (Italy), NXP Semiconductor N.V. (Netherlands), Hewlett Packard Enterprise Co. (U.S.), Stmicroelectronics N.V. (Switzerland), Adlink Components Inc. (Taiwan), Intel Corporation (U.S.), Aaeon Components Inc. (Taiwan), Cisco Systems Inc. (U.S.), Advantech Co. Ltd. (Taiwan), Texas Instruments Incorporated (U.S.), and others.