IoT Gateway Devices Market Size

IoT Gateway Devices Market Size

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 key market trends

  Download Free Sample

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.