This research report categorizes the global IoT node and gateway market based on hardware, end-use application, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the IoT node and gateway market, and forecasts the market till 2026.
Global IoT Node and Gateway Market is Estimated to Grow from USD 387.1 Billion in 2020 to USD 563.7 Billion by 2026, at a CAGR of 6.5%
The major factors driving the IoT node and gateway industry growth are the development of internet connectivity, the growing use of wireless sensors and its networks, increased IP address space and better security solutions made available through IPv6, growth of application-specific MCUs and flexible SoC-type designs, and growing market of connectivity devices. Concerns regarding the security and privacy of user data act as restraints for the IoT node and gateway market.
Consumer electronics segment of consumer end-use application is expected to hold the largest market share during the forecast period
The consumer electronics segment mainly comprises of smart consumer appliances. With the evolution 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.
Smart appliances, also known as intelligent appliances, have the ability to measure and control their energy usage and communicate it to homeowners and utility departments. These appliances can be connected to smart energy meters or home energy management systems and can help reduce electricity usage during off-peak hours. The growth of this segment is attributed to the increase in the market of smart home appliances such as smart TVs, smart washing machines, smart refrigerators, and others.
BFSI segment of industrial end-use application is projected to be the fastest-growing segment during the forecast period
The growth of the BFSI segment in the IoT node and gateway market for industrial is driven by the increasing adoption of mPOS. Currently, customers use different devices for financial transactions, which allow banks to view their financial information and accordingly offer different services to them. Moreover, in case of car loans, IoT can also be used by insurers and financial institutes to collect the data related to vehicles through sensors and accordingly provide new loan schemes.
Mass adoption of online banking, contactless payments, and mobile banking apps has increased significantly. Banks are trying to create intelligent and personalized customer cross-selling opportunities. Moreover, the demand for intelligent banking is also expected to create a demand for connectivity ICs, processors, and sensors, which are used in devices such as mPOS and smart kiosks.
Building automation subsegment of industrial end-use application to hold the largest share of IoT node and gateway market in 2020
The demand for more energy-efficient solutions, enhanced security, increased venture capital funding, as well as constant efforts to improve lifestyle, have led to the development of the building automation market. Building automation, which started with wired technology, has now entered the era of wireless technologies such as ZigBee, Wi-Fi, and Bluetooth.
The Internet of Things (IoT) emphasizes the development of an integrated building automation system. This would allow for optimal utilization of the data gathered by the components of a building automation system. Also, the increased awareness toward energy conservation, stringent legislations and building directives, promotion of numerous smart grid technologies, and the availability of a number of open protocols are driving the growth of the building automation market.
Europe is expected to hold the second-largest share of IoT node and gateway market in 2020
Growing federal involvement to improve the IoT ecosystem was the prime factor behind the growth of the IoT node and gateway industry in Europe. For instance, in March 2015, the European Commission launched the Alliance for Internet of Things Innovation (AIoTI) to support the growth and development of an innovative and industry-driven IoT ecosystem in Europe. In May 2015, the European Commission adopted the Digital Single Market (DSM) strategy to further boost the growth of the IoT ecosystem in the region.
The UK government has been aggressively supporting the development of IoT, aiming to put the country at the forefront of this industrial revolution. To this end, it announced funds worth USD 75 million for the development of IoT. The funds would encourage innovation in the IoT market space, especially in the energy and power sectors, for efficient power utilization and energy conservation. Such government initiatives are expected to drive the growth of the IoT node and gateway market in the region.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 IoT Node and Gateway Market, 2020-2026 (USD Billion) 4.2 IoT Node and Gateway Market, By End-Use Application 4.3 IoT Node and Gateway Market in North America, By End-Use Application and Country 4.4 IoT Node and Gateway Market, By Consumer Application 4.5 IoT Node and Gateway Market, By Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 18.104.22.168 Development of Internet Connectivity 22.214.171.124 Growing Use of Wireless Sensors and Networks 126.96.36.199 Increased IP Address Space and Better Security Solutions Made Available Through IPV6 188.8.131.52 Growth of Application-Specific MCUs and Flexible SoC-Type Designs 184.108.40.206 Growing Market of Connected Devices 5.2.2 Restraints 220.127.116.11 Concerns Regarding Security and Privacy of User Data 5.2.3 Opportunities 18.104.22.168 Cross-Domain Collaborations 22.214.171.124 Government Funding in Research, Innovation, and Development Related to IoT 126.96.36.199 Emerging Smart Cities 5.2.4 Challenges 188.8.131.52 Highly Fragmented Market Due to a Lack of Common Protocols and Communication Standards 184.108.40.206 Requirement of Wireless Spectrum and Licensed Spectrum for IoT 220.127.116.11 High Power Consumption by Wireless Sensor Terminals/ Connected Devices 5.3 Impact of COVID-19 on the IoT Node and Gateway Market
6 IoT Node and Gateway Market, By Hardware 6.1 Introduction 6.2 Processor 6.3 Sensor 6.4 Connectivity IC 6.5 Memory Device 6.6 Logic Device
7 IoT Node and Gateway Market, By End-use Application 7.1 Introduction 7.2 Industrial 7.3 Consumer
8 Geographic Analysis 8.1 Introduction 8.2 North America 8.3 Latin America 8.4 Europe 8.5 APAC 8.6 RoW