Home > Electronics & Media > IoT Gateway Devices Market
IoT Gateway Devices Market size exceeded USD 7.5 billion in 2020 and is predicted to grow at a CAGR of over 15% from 2021 to 2027. The market growth is attributed to the increasing demand for remote monitoring of patients across the medical & healthcare sector. The healthcare facilities and hospitals across the globe are witnessing high adoption of various point-of-care diagnostic devices such as blood glucose monitors, heart-rate monitors, pulse oximeters, and intelligent thermometers. These devices are highly integrated with wireless connectivity chipsets, and the implementation of IoT solutions in these devices helps to enhance patient interactions, streamline workflows, and improvise the operational efficiency of healthcare professionals in the industry.
To get more details on this report: Request Free Sample PDF
The COVID-19 pandemic severely affected the growth opportunities of the IoT gateway devices market players in the first half of 2020. By mid-2020, several regulatory bodies and governments across the world have imposed strict lockdown norms and international trade restrictions, which has resulted into closure of several manufacturing facilities from automotive, consumer electronics, and industrial sectors. The temporary shutdown of manufacturing facilities during pandemic has resulted into lesser investments in smart infrastructure by the companies and restrained the acceptance of newer technologies to some extent in the market. However, rising work from home scenarios and growing emphasis towards digitalization is expected to increase the demand for various wireless computing devices including tablets, desktop/PCs, laptops, and smartphones, supporting the industry growth during the pandemic.
Report Coverage | Details |
---|---|
Base Year: | 2020 |
Market Size in 2020: | 7.5 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 15% |
2027 Value Projection: | 20 Billion (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 300 |
Tables, Charts & Figures: | 404 |
Segments covered: | Connectivity Technology, Component, Application |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
To get more details on this report: Request Free Sample PDF
Bluetooth segment held 40.5% of the revenue share in 2020 and will showcase around 18% growth rate through 2027 led by several high-end features offered by the technology such as low power consumption, faster data-exchange rates, and high-end encryption for device pairing. The IoT devices with Bluetooth connectivity operate from 2.402 GHz to 2.480 GHz frequency band, which are highly suitable for short range communications. The shorth range connectivity and high data-security features further increase their usage in the building automation sector. Technological advancement in Bluetooth connectivity with the introduction of advanced features and protocols is slated to support the market demand.
To get more details on this report: Request Free Sample PDF
MCU segment will capture 37.5% of the IoT gateway devices market share and is projected to expand at a CAGR of more than 17.5% by 2027 on account of the rising acceptance of MCUs in modular IoT gateway devices. The MCU helps modular IoT gateway devices to support a variety of connectivity platforms including Z-Wave, Wi-Fi, Ethernet, Bluetooth, and ZigBee. It offers multi-protocol functionality in gateway devices to connect multiple use-cases simultaneously. The market players are focusing on new product developments to cater to high demand in the industry.
To get more details on this report: Request Free Sample PDF
The industrial segment in the IoT gateway devices market will account for 34% of the revenue share and is estimated to attain a CAGR of 15% through 2027 driven by the increasing adoption of IoT gateway devices across manufacturing and processing plants. IoT gateway devices are used to connect various industrial sensors, human-machine interfaces, programmable controllers, and automation systems over wireless network in manufacturing facilities. These gateway devices help to improve the plant efficiency and increase production capacity, thus fueling the industry value.
North America IoT gateway devices market captured over 41% of the revenue share in 2020 and is poised to expand at 17% CAGR during 2021 to 2027 impelled by the growing penetration of smart home technology products in the U.S. According to January 2020 press release by Consumer Technology Association, around 69% of the U.S. citizens i.e., around 83 million U.S. households own at least one smart home technology in their households. The rising penetration of smart home devices, such as service robots, robotic vacuums, smart TVs, smart home appliances, and smart security systems, will increase the demand for IoT gateway devices in the region over the forecast period.
Key players operating in the IoT gateway devices market are Dell Technologies, Inc., Huawei Technologies Co., Advantech Co., Ltd., Intel Corporation, Ltd., ADLINK Technology Inc., Laird Connectivity, Inc., Cisco Systems Inc., among others. These market leaders are highly involved in new product innovations, developments and launches to cater to highly competitive edge over other companies.
Click here to Buy Section of this Report
Market, By Connectivity Technology
Market, By Component
Market, By Application
The above information has been provided for the following regions and countries: