DUBLIN--(BUSINESS WIRE)--The "IoT Node and Gateway Market with Covid-19 Impact Analysis, by Hardware (Processor, Connectivity IC, Sensor, Memory Device, and Logic Device), End-use Application (Industrial and Consumer), Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The IoT node and gateway market was valued at USD 387.1 billion in 2020 and is projected to reach USD 566.4 billion by 2027; it is expected to grow at a CAGR of 6.7% from 2021 to 2027.
The key factors driving the growth of the IoT node and gateway market include emergence of 5G technology, growing use of wireless smart sensors and networks, growing market for connected devices, increasing necessity of data centers due to rising adoption of cloud platforms, and others.
The IoT node and gateway market includes major Tier I and II suppliers such as Intel Corporation, Huawei Technologies Co., Ltd., NXP Semiconductor N.V., Texas Instruments Incorporated, Cisco Systems, Inc., Hewlett Packard Enterprise, and so on. These suppliers have their manufacturing facilities spread across various countries across North America, Latin America, Europe, APAC, and RoW. COVID-19 has impacted their businesses as well.
Connectivity IC segment to account for the largest share of IoT node and gateway market during the forecast period
On the basis of Hardware, the IoT node and gateway market has been segmented into processor, sensor, connectivity IC, memory device, and logic device. the connectivity IC segment held the largest share of the overall IoT node and gateway market, in terms of volume. The increasing demand for better edge devices connectivity 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.
Consumer application to account for the largest share of IoT node and gateway market during the forecast period
Based on end-use application, the IoT node and gateway market has been segmented into industrial and consumer. Consumer application held the largest share of the overall IoT node and gateway market to during the forecast period. With the evolution of a number of consumer appliances that can connect to the Internet and smartphones, the growth of IoT technology in the consumer electronics segment is expected to receive a boost.
APAC is expected to register the highest growth of IoT node and gateway market during the forecast period
APAC is expected to register the highest growth in the IoT node and gateway market during the forecast period from 2021 to 2027. The growing penetration of the internet across commercial as well as residential spaces, broad consumer base, increasing disposable income, and improving IT infrastructure are some of the key determinants supplementing the growth of the IoT node and gateway market in APAC. Moreover, the adoption of cloud-based services and rising trend of industrial automation are the key growth drivers for the IoT node and gateway market for commercial applications in countries such as China, South Korea, and Japan.
Market Dynamics
Drivers
- Emergence of 5G Technology
- Growing Use of Wireless Smart Sensors and Networks
- Increased Ip Address Space and Better Security Solutions Made Available Through Ipv6
- Increasing Necessity of Data Centers Due to Rising Adoption of Cloud Platforms
- Growing Market for Connected Devices
Restraints
- Unsettled Concerns Regarding Security and Privacy of User Data
Opportunities
- Cross-Domain Collaborations
- Government Support for Research and Development of IoT Technologies
- Accelerated IoT Adoption in Healthcare Sector Post COVID-19 Outbreak
Challenges
- High Market Fragmentation Due to Lack of Common Protocols and Communication Standards
- Requirement for Wireless Spectrum and Licensed Spectrum for IoT
- High Power Consumption by Wireless Sensor Terminals/ Connected Devices
- Delay in Deployment of IoT Projects Due to Lack of IoT-Related Skills and Connectivity Issues
Companies Mentioned
- Aaeon Technology Inc.
- Adlink Technology Inc.
- Advantech Co. Ltd.
- Beep Inc.
- Cisco Systems, Inc.
- Cradlepoint, Inc.
- Dell Technologies
- Embitel Technologies
- Estimote, Inc.
- Eurotech
- Helium Systems Inc.
- Hewlett Packard Enterprise (Hpe)
- Huawei Technologies Co. Ltd.
- Intel Corporation
- Lantronix, Inc.
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- Nexcom International Co. Ltd.
- Notion
- NXP Semiconductors N.V.
- Samsara Networks Inc.
- Stmicroelectronics N.V.
- TE Connectivity Ltd.
- Texas Instruments Incorporated
- Volansys Technologies
For more information about this report visit https://www.researchandmarkets.com/r/p2xumm
