IoT Gateways Market Trends, COVID-19 Pandemic Impact, Business Opportunities and Strategic Assessment till 2023
As per the analysis by Market Research Future Reports (MRFR), the global Internet of Things Gateways Market is estimated to expand at a CAGR of 16.9% during the forecast period from 2018 to 2023. There has been a rise in the usage of connected devices at a global level. The development of networking technologies is the primary factor in augmenting market growth during the review period.
Besides, the rising usage of wireless sensors in commercial and industrial applications is projected to be another factor for expanding the global IoT gateways market 2020. The rising need for big data analytics to support a complicated network architecture in healthcare and other sectors are estimated to propel the demand for IoT gateways in the forthcoming period. The big data assists in analyzing sensor data and collects data for many industrial machines like turbines, oil refineries, and others.
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Moreover, it assists in innovating new business models, service offerings, and products. The increasing demand for IoT, including smartwatches, increasing usage of wearable devices, fitness trackers and activity trackers, and increasing demand for personalized technology in consumer markets, are likely to propel the market during the forecast period. However, the expensive price of IoT gateway acts as a hurdle in the expansion of the market. Besides, the outbreak of COVID-19 has caused most of the operations to be compromised. The organizations are innovating ideas that may improve revenue.
The global IoT gateways market can be segregated on the basis of connectivity, type, component, node, application, and region.
On the basis of connectivity, the global IoT gateways market can be segregated into Wi-Fi, cellular, Bluetooth, ZigBee, Ethernet, and others.
On the basis of component, the global IoT gateways market can be segregated into the memory card, MCU, sensor, FPGA, and others.
On the basis of the node, the global IoT gateways market can be segregated into the thermostat, smartwatch, RADAR, camera, actuator, and smart tv
On the basis of application, the global IoT gateways market can be segregated into consumer electronics, wearable devices, industrial, healthcare, building automation, automotive and transportation, and others.
On the basis of region, the global IoT gateways market can be segregated into Asia-Pacific, Europe, North America, and the Rest of the World (RoW).
On the basis of geographical analysis, Asia-Pacific, Europe, North America, and the Rest of the World.
As per the analysis, the North American market is estimated to lead the IoT gateway market due to research and development on industry and academic levels is widening the application areas of IoT in several sectors like healthcare, consumer products, manufacturing, automotive and transportation, energy, and power. The U.S. plays a significant role in the expansion of the market. On the other side, the Asia-Pacific region is projected to be the fastest-growing region for the IoT gateway market due to an increase in investment in IoT by the organizations established in the region. The presence of the fastest evolving economies like India and China has played a considerable role in the growth of the market. The increasing implementation of IoT technology in the healthcare industry is likely to offer several opportunities to the APAC market for developed healthcare facilities.
The forefront players of global IoT gateways market are Huawei Technologies Co. Ltd. (China), Siemens AG (Germany), Fujitsu Ltd. (Japan), Eurotech SPA (Italy), Sierra Wireless, Inc. (Canada), Cisco Systems, Inc., (U.S.), NEC Corporation (Japan), Hewlett Packard Enterprises Company (U.S.), Mitsubishi Electric Corporation (Japan), Dell Technologies (U.S.), Toshiba Corporation (Japan), Lantronix Inc. (U.S.), Robert Bosch GmbH (Germany).
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