The IoT Node and Gateway Market is projected to grow at a CAGR of 29%. The market is further expected to reach up to USD 17 Billion during the forecast period 2017-2023. The major driving factors are the growing trends and adoption of the Internet of Things (IoT) and better connection of the internet. It is widely used in various industries by major key players in the market. Also, the growing use of biometric systems in various components such as smartphones and many more are fuelling the market growth.
The sensors are lightweight and compact as well, they are equipped with highly advanced technology that enhances network connectivity. Along with that, the use of IoT devices helps to provide accurate data and also solve complications. The use of wireless devices for contactless and technology such as GPS, Bluetooth, Wi-Fi, and many more are also boosting the IoT Node and Gateway Market Growth.
The IoT node and gateway market overview suggest that the North American region will dominate the market. Countries such as the US and Canada are influencing the market due to the presence of various key players. The growing technological advancements and awareness are improving the IoT Node and Gateway Market growth. However, the Asia-Pacific region will also have a significant CAGR during the forecast period. In this way, the global market of IoT gateway devices will develop the market in the upcoming period.
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Top market contributors are NXP Semiconductor Adlink Components Inc. (Taiwan), Intel Corporation (U.S.), Cisco Systems Inc. (U.S.), Stmicroelectronics N.V. (Switzerland), Texas Instruments Incorporated (U.S.), N.V. (Netherlands), Advantech Co. Ltd. (Taiwan), Aaeon Components Inc. (Taiwan), Hewlett Packard Enterprise Co. (U.S.), to list a few.
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.
Geographically, the IoT Node and Gateway Market size are divided into Asia-Pacific, North America, Europe, and the Rest of the World. It is anticipated that North America will hold the largest IoT Node and Gateway Market Share during the forecast period. Due to the well-established infrastructure of the network, the region will have exponential growth. Also, the growing security space for IP platforms is enhancing the market growth.
The Asia-Pacific region is projected to have significant growth during the forecast period. It is projected that the Asia-Pacific region will record the highest CAGR for the Global IoT Gateway Market. The rapid improvement in the infrastructure is attracting the key players to invest and operate from these countries such as India and China.
Europe is also expected to have substantial growth during the forecast period. The major reason for the continuous growth is the supportive policies and investments by the key players as well.
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