The global IoT Gateway Devices Market accounted for USD 5500 Million in 2020 and is expected to reach USD 15,500 Million by 2028, growing at a CAGR of 13.8 % from 2021 to 2028.
Devices that reside between edge systems and the cloud are known as IoT gateways. They perform tasks like protocol translation, data processing, data storage, data filtering, and system protection. Modern IoT gateways are also becoming increasingly important in assisting with edge analytics, ensuring that only the most critical data and warnings are sent up to the cloud to be acted upon. The growing adoption of industry 4.0 technologies, the need for advanced network infrastructure security and cyber protection across various enterprises, the usage of IoT components sensors across various applications and increased adoption of Bluetooth technology are factors driving growth in this market. Companies are constantly investing in the development of improved wireless connectivity in the industrial IoT to compete with existing competition.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on the IoT gateway device market, as the majority of IoT application fields, such as transportation and industrial, have undergone strict lockdown scenarios in various countries across the globe. A drop in GDP is expected in many countries, limiting the introduction of emerging technology and investments in smart infrastructure.
On the other hand, the COVID-19 pandemic has accelerated the introduction of IoT technology in the healthcare market, boosting growth during the pandemic. The use of IoT gateway devices is being driven by many industry leaders’ research and development initiatives and the adoption of new product strategies for the development of remote healthcare monitoring systems.
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IoT Gateway Devices Market: Growth Factors
The adoption of IoT gateway devices is being aided by the rising demand for cyber protection and the enhanced need for advanced network infrastructure security across various businesses. These devices provide authentication of multiple levels as well as end-to-end encryption of data. The growing adoption of industry 4.0 technologies along with the increased adoption of Bluetooth technology by IoT devices in industries is amplifying the adoption of IoT gateway devices.
The rising adoption of smart wearable devices that are enabled using IoT technology like smart glasses, fit bits, smart watches, etc., coupled with the increased usage of IoT components and sensors in applications like infotainment systems inbuilt in vehicles and self-driving cars are expected to create market opportunities for IoT gateways.
System Segment Analysis Preview
The Bluetooth segment held a share of around 30% in 2020. This is attributable to the rapid introduction of industrial automation around the world is largely responsible for the growth. These Bluetooth-enabled gateways make it simple for computers to communicate with one another, improving machine-to-machine communication. Firms are continually investing in the development of improved wireless communications in the industrial IoT to remain competitive. Furthermore, industry leaders are leaning toward emerging hardware innovations in the market that combine Bluetooth and Wi-Fi with various wireless networking options.
Application Segment Analysis Preview
The healthcare segment will grow at a CAGR of over 13% from 2021 to 2028. This is attributable to the use of these IoT devices in healthcare infrastructure. IoT systems with high-speed internet access are being integrated into healthcare to monitor machines and appliances. Healthcare practitioners benefit from IoT technology because it allows them to easily view patient information using data obtained from smart sensors, medical wearable devices, and connected patient management solutions. Furthermore, medical facilities and hospitals are leaning toward IoT technology used for telemedicine, remote control, and inventory management. These technologies allow remote patient care and tracking, positively affecting the consumer acceptance of these IoT gateway products.
IoT Gateway Devices Market: Regional Analysis Preview
The European region held a share of above 20% in 2020. This is attributable to the increased investments in smart infrastructure initiatives undertaken by the government. The European government has built around 300 smart cities by the year 2020. Market sales for IoT gateway devices have been fueled by such government efforts and initiatives. In addition to these factors, the presence of major automotive original equipment manufacturers (OEMs) such as Audi AG, Volkswagen, and others in this region is expected to drive the European market size for IoT gateway devices as these giants will incorporate IoT technologies with sensors and ADAS systems into their automobiles to improve safety and performance features.
Asia Pacific is projected to grow at a CAGR of around 13%, owing to increased investments in initiatives of integrating IoT in public infrastructures and smart city development. The Asia Pacific market will gain an edge in IoT gateway devices due to the deployment of various government policies which are aimed at boosting cyber security.
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IoT Gateway Devices Market: Key Players & Competitive Landscape
Some of the key players in are Advantech Co., Ltd., AAEON Technology, Inc., Avnet, Inc., Eurotech S.P.A, Dell Technologies, Inc., Cisco Systems, Inc., Huawei Technologies Co, Ltd, Hewlett Packard Enterprise Co., Nexcom International Co., Ltd. and NXP Semiconductors N.V. among others.
The players in the IoT Gateway devices market are focused on integrating of new technology into their services, launching new products, and adopting strategic alliances and acquisitions deals to expand their target new audiences and market offerings. For example, Mitsubishi Electric Corporation unveiled a new IoT gateway solution in June 2019 that provides secure connectivity to industrial machinery via cloud servers for tracking and visualization.
The global IoT gateway devices market is segmented as follows:
By End User
- Wearable Device
- Building Automation
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of the Middle East & Africa
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