The global IoT node and gateway market is expected to rake in USD 17 billion. Market Research Future (MRFR) reports that the market is poised to demonstrate a CAGR of 29% during the assessment period (2017-2023).
— Market overview
IoT nodes and gateways finds application in data processing and filtering, device connectivity, protocol translation and security.
The IoT boom has reflected favourably on the IoT node and gateway market. The fundament task of IoT gateways is to establish smoot connectivity between two or multiple devices. Rapid integration of connected appliances in enterprises has led to creation of vast interconnected ecosystem of networks that require secured node and gateways. IoT node and gateways facilitate networking protocols as well as support seamless data flow between devices, servers and cloud. Moreover, IoT gateway also finds application in managing repository on the data and edge analytics.
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Increased internet connectivity, rapid adoption of wireless sensors, rising number of smartphone users are some of the factor supporting the growth of the global market for IoT node and gateway. However, absence of effective communication protocols across platforms somewhat hinders the market potential.
Global IoT Node and Gateway Market: Competition Analysis
MRFR in its report has profiled some of the top-notch market players namely NXP Semiconductor N.V. (Netherlands), Stmicroelectronics N.V. (Switzerland), Intel Corporation (U.S.), Cisco Systems Inc. (U.S.), Texas Instruments Incorporated (U.S.), Eurotech S.P.A (Italy), Advantech Co. Ltd. (Taiwan), Adlink Components Inc. (Taiwan), Hewlett Packard Enterprise Co. (U.S.), and Aaeon Components Inc. (Taiwan).
Global IoT Node and Gateway Market: Segmental Analysis
The segmental analysis of the market has been conducted based on end-user, component and region.
On the basis of the end user, the market has been segmented into wearable, agriculture, building & automation, healthcare, consumer electronics and BFSI. The BFSI segmented is projected to remain high profitable during the forecast period. This is mainly owing to increased application of internet products in the BFSI sector. The boom in online banking and rising user base of mobile banking app are among the other positive indications. Moreover, the growing popularity of e-payment is favouring the segment’s growth. The BFSI segment is also finding growth opportunities owing to the rapid adoption of mPOS.
On the basis of components, the market has been segmented into hardware. The hardware segment covers processor, wired, memory device, connectivity IC, wireless and sensor. The connectivity IC segment currently accounts for a relatively higher market share in terms of value. The growing need for superior edge devices connectivity along the arrival of low-power high-speed connectivity technologies such as Wi-Fi and Bluetooth is creating tremendous application opportunities for the connectivity ICs.
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Global IoT Node and Gateway Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC) and Rest-of-the-World (RoW). In terms of revenue, North America represents a standout share of the global IoT node and gateway. Countries such as the U.S. and Canada have vast network infrastructure that require effective point-to-point gateway system. In addition, faster adoption of internet technologies is partly influencing the market growth.
Asia Pacific is an emerging market for IoT node and gateway. It is projected the APAC IoT node and gateway market will exhibit the highest CAGR during the assessment period. Expanding IoT networks and growth of IP security space in the region supporting the market growth. Moreover, increased effort to improve network infrastructure is likely to provide tailwinds to the APAC market.
Europe is also viewed as a key destination for market players. This is mainly owing to the high penetration of internet and existence of an advanced network infrastructure. In addition, the strong government support for secured network infrastructure bodes well for market players.
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