IoT Gateway Devices Market Analysis

IoT Gateway Devices Market Analysis

style="text-align:justify">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.

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.

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.