LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial IoT gateway market to grow to USD 1,390.2 million by 2021, at a CAGR of close to 15% over the forecast period, according to their latest report.
The research study by Technavio on the global industrial IoT gateway market for 2017-2021 provides a detailed industry analysis based on applications (remote monitoring, preventive maintenance, and product optimization), end-user (process industry and discrete industry), and geography (the Americas, EMEA, and APAC).
|An Internet of things (IoT) gateway is a switching device used for aggregating, filtering, and processing sensor data by providing a highly secure platform. The process industry is the leading end-user for industrial IoT gateways, occupying over 68% of the overall shares.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global industrial IoT gateway market:
- Rising need to achieve competitive advantages
- New technical advancements in industrial IoT gateways
- Increased amount of data generation due to industrial IoT
Rising need to achieve competitive advantages
“Many manufacturing industries are forming partnerships with major service providers with smart IoT and unified communication systems, to gain a competitive edge over their competitors,” says Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for automation research.
Industrial IoT gateways are mainly used for cost reduction, quality enhancement, and product differentiation in various end-user industries. Companies in the Industrial IoT ecosystem are implementing new business models through digital platforms to create values for customers and enhance their profitability.
New technical advancements in industrial IoT gateways
Technological advancements and innovations in gateway technology have led to its proliferation, which has augmented the availability and affordability of gateways across all industries. Gateway technologies have advanced in terms of connectivity, performance, costs, and miniaturization, which has resulted in the increased demand for these products.
The IoT connectivity has been shifting from wired to wireless connections such as Bluetooth, Wifi, ZigBee, and other technologies, boosting the demand for advanced IoT gateways. In an industrial Internet setup, gateways boost enterprise mobility, remote monitoring, secure data exchange, consolidate data, and remote system control.
Increased amount of data generation due to industrial IoT
“The rise in the number of connected devices globally has led to massive amounts of data generation. Businesses are using this data to optimize their processes by adopting analytics to optimize costs, enhance delivery services, and boost revenues,” says Raghav.
Companies are introducing advanced IoT gateways to deal with large amounts of data in automation and flexible production techniques by enhancing productivity. Also, in the infrastructure industries, such as water and power, the data exchanged through gateways can be used to prevent machine failures and related damages.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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