IoT Node and Gateway Market by Hardware Processor, Connectivity IC, Sensor, Memory Device, Logic Device

The global IoT node and gateway market size is expected to grow from USD 365.3 billion in 2019 to USD 563.7 billion by 2026; growing at a CAGR of 6.5%. The major factors driving the IoT node and gateway industry growth are the development of internet connectivity, growing use of wireless sensors and their networks, increased IP address space and better security solutions made available through IPv6, growth of application-specific MCUs and flexible SoC-type designs, and the growing market of connectivity devices.

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Concerns regarding the security and privacy of user data act as restraints for the IoT node and gateway market. There are a lot of opportunities for the IoT node and gateway industry, including cross-domain collaborations, government funding for research, innovation, and development related to IoT, and emerging smart cities. Highly fragmented market due to lack of common protocols and communication standards, requirement of wireless spectrum and licensed spectrum, and high power consumption by wireless sensor terminals/connected devices are the challenges for the IoT node and gateway market.

The IoT node and gateway market, based on hardware, has been segmented into processors, connectivity integrated circuits, sensors, memory devices, and logic devices. On the basis of end-use application, the market has been segmented into industrial and consumer. The industrial end-use application is further segmented into healthcare, automotive & transportation, building automation, manufacturing, retail, BFSI, oil & gas, agriculture, aerospace & defense, and others. The consumer end-use application is further segmented into wearable devices and consumer electronics. The market based on region has been segmented into North America, Latin America, Europe, APAC, and RoW.

The IoT node and gateway market for industrial end-use application is expected to record the highest CAGR during the forecast period. The growth of the IoT node and gateway market in APAC can be attributed to commercialization of IoT application which is estimated to be in its introductory stages in the developing economies of APAC. However, countries such as China, India, and Japan are aggressively taking initiatives such as heavy investments in R&D to encourage the adoption of IoT in this region, which is expected to boost the demand for IoT nodes and gateways in the future. North America is the largest market for IoT nodes and gateways since major companies are from the US, including Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US).

The IoT node and gateway market is projected to grow at a significant rate in both Latin America and the Rest of the World during the forecast period. IoT is an ecosystem that comprises a number of sensors/edge devices and various connectivity technologies. In an IoT network, sensors/edge devices act as a node. These nodes use different protocols, such as Wi-Fi, Bluetooth, and ZigBee, to connect, and are responsible for gathering various forms of data. An IoT gateway is required to collect the sensor data, perform protocol translation, process the data, and then send it to the cloud (if required).

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The connectivity integrated circuits holds the largest size of the IoT node and gateway market, by hardware, in terms of volume. The increasing demand for better connectivity of edge devices and significant developments in low-power connectivity technologies, such as Wi-Fi, Bluetooth, and Bluetooth Low Energy (BLE) are the key factors supporting the growth of the connectivity IC segment. In addition, increasing demand for consumer electronics and the soaring popularity of smart homes, which use multiple connectivity technologies, such as Bluetooth, BLE, Wi-Fi, and near-field communication (NFC), is expected to further drive the demand for connectivity ICs.
The IoT node and gateway market in Latin America is expected to grow at the second-highest CAGR, preceded by APAC, during the forecast period. The market in APAC has been further classified into China, Japan, South Korea, and the Rest of APAC. The market in Latin America primarily includes Mexico, Brazil, Colombia, and the Rest of Latin America. Growing penetration of wireless products across multiple end-user applications, such as healthcare and BFSI, and government funding programs to establish IoT ecosystem are driving the IoT node and gateway market.

Mr. Aashish Mehra
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