According to the new market research report “IoT Gateway Market by Nodes (Smart Watch, Camera, RADAR, Thermostat, Actuator, Smart TV), Connectivity Technology (Bluetooth, WiFi, ZigBee, Ethernet, Z-Wave), Component (MCU, FPGA, Sensor, Memory), End-Use and Geography – Global Forecast to 2022“, published by MarketsandMarkets, the market is estimated to reach USD 12.64 Billion by 2022, at a CAGR of 14.2% between 2016 and 2022.
Factors which are driving the IoT gateway market include, expanded Internet connectivity, continuous growth in the demand for smart phones & other connecting devices, expansion in the use of wireless sensors and its network, cloud computing technology becoming mainstream.
Wearable devices expected to lead the IoT gateway market
Wearable devices are expected to hold the largest share of the IoT gateway market by 2022. The major factors driving the wearable devices market for IoT nodes and gateways include the growing popularity of Internet of Things and the increasing adoption of smart watches and activity trackers in consumer markets. The major opportunities contributing to the growth of the market are the increasing adoption of wearable devices in multiple application areas such as medical and healthcare, industrial, and military among others.
Building automation is second fastest-growing segment of the IoT gateway market
The market for building automation is expected to be the second-highest between 2016 and 2022. This is mainly because high demand for energy efficiency and security & safety required in buildings. Moreover, advancements in the wireless communication technologies and convergence of IoT and building automation would further increase the growth of the building automation system market.
North America expected to hold the largest market share and grow during the forecast period
The IoT gateway market in North America is expected to hold the largest share by 2022 owing to major driving forces- it is home to some of the largest multinational corporations such as General Motors (U.S.) Cisco Systems, Inc. (U.S.) among others in the IoT eco-system. The increased research and development in the field of Internet of Things in terms of new and improved technologies as well as the increasing demand for improved lifestyle are two crucial factors driving this market.
Major players involved in the development of IoT gateways are Intel Corporation (U.S.), Mitsubishi Electric Corporation (Japan), NXP Semiconductors N.V. (Netherlands), Super Micro Computer, Inc. (U.S.), ARM Holdings, Plc. (U.K.), and others.
This research report categorizes the global IoT gateways market based on end use and regions. This report describes the drivers, restraints, opportunities, and challenges with respect to the IoT gateways market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the IoT gateways market.
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