Press release
IoT Gateway Devices Market Expansion Continues, with Forecast Valuation of $24.81 Billion by 2029
IoT Gateway Devices
What Is the Expected CAGR for the IoT Gateway Devices Market Through 2025?
There has been a swift expansion in the iot gateway devices market recently. The market which stood at $12.86 billion in 2024 is projected to escalate to $14.75 billion in 2025, registering a compound annual growth rate (CAGR) of 14.7%. The unprecedented growth during the prior period is ascribed to various factors like the surge in healthcare industry applications, the rise in the number of connected devices, the widening of broadband infrastructure, the incorporation of cloud computing technology, and the digital transformation of the economy.
What's the Projected Size of the Global IoT Gateway Devices Market by 2029?
In the coming years, a swift expansion is projected for the iot gateway devices market, with its value expected to reach $24.81 billion in 2029, growing at a compound annual growth rate (CAGR) of 13.9%. Several factors contribute to this anticipated increase during the forecast period, including the widespread use of smart wearables, the growing application of IoT in healthcare, the trend towards industrial automation, increased investment in IoT development, and the push for 5G technology. Other significant trends projected for the coming period include advancements in connection technologies, the heightened utilization of AI, updates in communication across a variety of platforms and devices, as well as edge data processing and decision making and edge computing integration.
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Top Growth Drivers in the IoT Gateway Devices Industry: What's Accelerating the Market?
The IoT gateway devices market is predicted to be buoyed by the growing use of 5G technology. This technology, representing the fifth installment of mobile network technology, marks a tremendous leap in progress from the technology of 2G, 3G, and 4G (or LTE). The integration of 5G technology is spurred by the demand for swifter data speeds, diminished latency, and boosted network capacity to fulfill the increasing expectation of IoT, streaming services, and newly emerged technologies such as self-operating vehicles and smart cities. 5G technology utilizes IoT gateway devices to provide speedy, low-latency connectivity for a diverse array of IoT devices, enabling effortless communication, data exchanges, and the spread of intelligent applications in various sectors. For instance, as verified by 5G Americas, an industry trade group based in the US, global 5G wireless connections saw a noteworthy upsurge of 76% from the end of 2021 to the end of 2022, totaling at 1.05 billion connections. It is forecasted to go beyond the 5.9 billion threshold by the end of 2027. Consequently, the escalating uptake of 5G technology is fuelling the expansion of the IoT gateway devices market into the future.
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What Trends Will Shape the IoT Gateway Devices Market Through 2029 and Beyond?
Leading firms in the IoT gateway devices market are coming up with innovative solutions such as aircraft IoT gateways, to offer real-time tracking and observation of cargo. These specialized devices or systems, used in aircraft, aid in connectivity, data gathering, and communication between different onboard systems and exterior networks. For example, in March 2024, OnAsset Intelligence Inc., a company from the US specializing in supply chain asset management, introduced the Sentry 600 FlightSafe device, marking its debut as a dedicated aircraft IoT gateway. This transformative technology turns aircrafts into virtually connected warehouses, providing instant tracking and inspection of cargo compartments and cabin conditions. It has the added ability to identify sensor-fitted cargoes, galley carts, and other aircraft resources in real-time. The data gathered by the gateway is automatically transferred to the OnAsset Insight Cloud, enabling staff to utilize dashboards, set rules and alarms, and merge data using API functions for ongoing analysis. This leads to improved operational effectiveness, reduced downtime, and enhanced safety and security protocols for stationary planes.
What Are the Main Segments in the IoT Gateway Devices Market?
The iot gateway devicesmarket covered in this report is segmented -
1) By Type: Consumer Internet Of Things (IoT) Gateway, Industrial Or Commercial Internet Of Things (IoT) Gateway
2) By Component: Microcontroller Unit (MCU), Field Programmable Gate Arrays (FPGAs), Sensor, Memory, Other Components
3) By Connectivity Technology: Bluetooth, Wi-Fi, Zigbee, Ethernet, Z-Wave, Other Connectivity Technologies
4) By End User: Automotive And Transportation, Healthcare, Industrial, Consumer Electronics, Banking, Financial Services, And Insurance (BFSI), Oil And Gas, Retail, Aerospace And Defense, Other End Users
Subsegments:
1) By Consumer Internet Of Things (Iot) Gateway: Smart Home Gateways, Wearable Device Gateways, Health And Fitness Device Gateways, Smart Appliance Gateways, Personal Assistant Gateways
2) By Industrial Or Commercial Internet Of Things (Iot) Gateway: Industrial Automation Gateways, Smart City Gateways, Connected Vehicles Gateways, Smart Metering Gateways, Commercial Building Automation Gateways
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Which Top Companies are Driving Growth in the IoT Gateway Devices Market?
Major companies operating in the IoT gateway devices market report are Dell Inc.; Huawei Technologies Co. Ltd.; Intel Corporation Ltd.; Cisco Systems Inc.; Hewlett Packard Enterprise Company; Texas Instruments Incorporated; TE Connectivity Ltd.; STMicroelectronics N.V.; NXP Semiconductors N.V.; Microchip Technology Inc.; Advantech Co. Ltd.; Kontron S&T AG; Pepperl+Fuchs SE; Samsara Networks Inc.; ADLINK Technology Inc.; Aaeon Technology Inc.; NEXCOM International Co. Ltd.; Axiomtek Co. Ltd.; Lantronix Inc.; Eurotech S.p.A.; Winmate Inc.; Laird Connectivity LLC; Neousys Technology Inc.
Which Regions Will Dominate the IoT Gateway Devices Market Through 2029?
North America was the largest region in the IoT gateway devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT gateway devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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