IoT Node and Gateway Market Worth $563.7 Billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 7, 2020 /PRNewswire/ -- According to the new market research report "IoT Node and Gateway Market by Hardware (Processor, Connectivity IC, Sensor, Memory Device, Logic Device), End-use Application (Industrial, Consumer), and Geography (North America, Latin America, Europe, APAC, RoW) - Global Forecast to 2026", published by MarketsandMarkets™, the global IoT Node and Gateway market size is estimated to grow from USD 387.1 billion in 2020 to USD 563.7 billion by 2026, at a CAGR of 6.5%. Major driving factors for the IoT node and gateway industry are the development of internet connectivity, growing use of wireless sensors and their 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 restraint for the IoT node and gateway market.

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Connectivity ICs market to hold largest share of IoT node and gateway market, by hardware in 2026

Connectivity chips help IoT devices to connect with each other and the Internet. A majority of the IoT devices use personal area network (PAN), local area network (LAN), and wide area network (WAN). A number of connectivity technologies are being used currently and experimented upon. The market has seen an increase in the number of companies providing low-power wireless network connectivity that is specifically designed for IoT applications. 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. In addition, increasing demand for consumer electronics and the soaring popularity of smart homes, which use multiple connectivity technologies, such as Bluetooth, BLE, Wi-Fi, and near-field communication (NFC), is expected to further drive the demand for connectivity ICs. Wi-Fi and Bluetooth are likely to record the maximum shipment during the forecast period because of their low power consumption and low cost.

Consumer end-use application to hold largest share of IoT node and gateway market in 2026

The consumer end-use application of IoT node and gateway market includes wearable devices and consumer electronics segments. 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. Given the large population base in some of the developing economies, such as China, India, and Thailand, there has been an increased number of new M2M connections per year in the APAC region. Therefore, the demand for smart consumer devices is higher in this region. Due to an increase in the penetration of Internet in developing Asian countries, paired with changing lifestyle of consumers, the uptake of smart home devices has increased in the region. Increasing requirement of comfort and convenience has considerably surged the demand of smart devices.

BFSI is fastest-growing industrial vertical, in terms of volume, in IoT node and gateway market

The IoT node and gateway market has a huge opportunity in the BFSI segment. 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. The growth of the BFSI segment is driven by the increasing adoption of mPOS. 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.

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US to hold largest share of North American IoT node and gateway market in 2026

The US is estimated to be the largest market for IoT node and gateway in North America during the forecast period. It is home to some of the most prominent companies for IoT hardware manufacturers, such as NXP Semiconductors (US), Intel Corporation (US), and Texas Instruments Incorporated (US). Increased R&D in the field of IoT in terms of new and improved technologies, growing government investments for the implementation of IoT solutions, and rising demand for improved lifestyle are the major factors driving the growth of the market.

Emerging R&D, at both the academic and industry levels, is broadening the application areas of IoT in different industries, such as consumer electronics, retail, automotive & transportation, and healthcare. Moreover, the US government has provided an ideal environment for research and innovation, which has facilitated massive advancements in various fields of science and technology.

Key Market Players

Key players in the market are Intel Corporation (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (US), Texas Instruments Incorporated (US), Cisco Systems Inc. (US), Hewlett Packard Enterprise Co. (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd (Taiwan), Dell Technologies (US), Microchip Technology Inc. (US), Notion (US), Helium Systems Inc. (US), Samsara Networks Inc.(US), Beep Inc. (US), Estimote Inc. (US), Aaeon Technology Inc. (Taiwan), Nexcom International Co., Ltd. (Taiwan), STMicroelectronics N.V. (Switzerland), Eurotech S.P.A (Italy), and Adlink Technology Inc. (Taiwan).

Related Reports:

Industrial IoT (IIoT) Market by Device & Technology (Sensor, RFID, Industrial Robotics, DCS, Condition Monitoring, Networking Technology), Connectivity (Wired, Wireless, Field Technology), Software (PLM, MES, SCADA), Vertical, Region - Global Forecast to 2025

IoT Chip Market by Hardware (Processor, Sensor, Connectivity IC, Memory Device, and Logic Device), End-Use Application (Wearable Devices, Building Automation, Industrial, Automotive & Transportation, and Others), and Geography - Global Forecast to 2022

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