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IoT is proving to be a rising technology and is being rapidly adopted worldwide. IoT gateways are being considered as a fundamental element for carrying traditional and next generation devices to the Internet of Things. IoT gateways execute several functions, including protocol translation, device connectivity, data filtering, and security. Soaring demand for IoT enabled devices and personalized technologies are the major factors propelling the growth of the global IoT gateways market.
The development of connected appliances by business organizations is increasing and the whole ecosystem surrounding them is also growing remarkably. As IoT gateway structures the center piece in the building block for IoT, soaring development of connected appliances is supporting the growth of IoT gateway market. IoT gateways accommodate protocols for networking, manage repository and edge analytics on the data, and help data flow securely between devices and the cloud. Increase in internet connectivity, uninterrupted increase in requirement of smartphones and other related devices, and increase in the use of wireless sensors and its networks are some of the major factors propelling the growth of global IoT gateway market.
Wearable devices are expected to contribute largest revenue to the global IoT gateway market in near future. Wearable devices refer to the category of technology devices that can be worn by end users and generally include trailing information related to fitness and health. Escalating acceptance of internet of things, rising endorsement of wearable devices, including smart watches, fitness trackers and activity trackers, and growing demand for personalized technology in consumer markets are the major factors spurring the growth of the IoT gateway market. The major factors contributing to the growth of the market are the rising acceptance of wearable appliances in numerous application areas, such as medical and healthcare, industrial, and military.
IoT helps the building management companies by controlling millions of square feet of office and industrial space from a remote location using a scattered IoT network of sensors and controllers connected via cloud. Moreover, building automation market is expected to generate huge opportunities for the global IoT gateway market, with increasing demand for energy-efficient solutions and security solutions.
North America is expected to contribute the largest revenue to the global market for IoT gateway by 2022; however, the market for IoT gateway is expected to register the fastest growth rate in Asia-Pacific, during the forecast period. Advancement in research and development in the IoT space to get smaller, cheaper and improved devices is one of the major factors contributing to the growth of the IoT gateway market in North America. The research and development at both scholarly and business levels is expanding the operation areas of the Internet of Things in distinct industries, such as healthcare, consumer electronics, healthcare, banking and automotive, especially in the U.S.
Further, rise in investment in IoT by companies and developers in Asia-Pacific is likely to support the growth of this market. To support the growth of IoT gateway market in Asia-Pacific, governments of different countries are also taking initiatives. Declaration of the vision of 100 smart cities by Indian government is one among these initiatives. IoT helps with increased productivity and efficiency. With the help of right analytical tools, businesses can enhance their productivity and efficiency and can also become flexible in responding to customers and capturing new opportunities in the market. The benefits offered by IoT act as the major factors behind the growth of IoT gateway market in the Asia-Pacific. The integration of IoT technologies in healthcare industry significantly influences healthcare solutions and helps in improving the reliability of operations in the region. It also helps healthcare industry to combat several contagious diseases in the region. These factors are driving the growth of the Asia-Pacific IoT gateway market. Increasing integration of technology into healthcare is also expected to offer opportunities to the Asia-Pacific market for advanced healthcare in terms of decentralization, democratization and digitization of data. Moreover, these factors are help to introduce low-priced technologies through innovative concept attainment models.
The IoT gateways ecosystem comprises component providers, distributors, network operators, network providers, and IoT system integrators. Some of the key players in the global IoT gateways market include Intel Corporation, Mitsubishi Electric Corporation, NXP Semiconductors N.V. and Super Micro Computer, Inc. among others.
Global IoT Gateway Market Segmentation