Global IoT Node and Gateway Market: Snapshot
The global IoT node and gateway market is expected to witness a huge growth in the forecast period from 2017 to 2025 as there lies immense growth potential in its end-use applications such as defense, BFSI, retail, and aerospace. The growing IP address space, improved security offered by IPv6, and improvement in internet connectivity worldwide are some of the drivers of the growth of the global IoT node and gateway market. The growing initiatives by governments and improvement in the IT infrastructure, especially in emerging economies such as China, Brazil, and India are some of the other factors aiding the growth of this market. The increased use of wireless sensors, growth in application specific microcontroller units, and improved internet connectivity shall boost the growth of the global IoT node and gateway market in the years to come.
The increasing shipment of logics devices on account of the growing adoption of wearable devices by the tech savvy consumers of today has boosted the growth of this market. Wearable technology has gained high traction in recent times in countries such as Brazil, China, and India and is fueling the growth prospects of the overall IoT node and gateway market. On the other hand, there is no common protocol for communication. This lack of standard communication protocols across various platforms will pose a challenge for the market. In addition to this, connected devices consume high power and this will also deter their adoption, hampering the growth of the global IoT node and gateway market.
In telecommunication, gateway means the networking hardware. Computers or computer networks perform the task of gateways. A computer that is used by internet service providers helps to connect with internet users and that is referred to as gateway nodes. Increasing application of internet of things (IoT) is expected to drive the growth of the IoT node and gateway market during the forecast period.
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The growth of the IoT node and gateway market is influenced by considerable advancement in telecommunication networks. Governments of emerging economies such as China, India, and South Korea are increasing their investment in telecommunication, and being attractive investment destinations, these regions attract significant foreign investment. Higher internet penetration in these regions is triggering the growth of the IoT node and gateway market in recent years. Technological advancement in these regions leads to improved IT infrastructure which is likely to drive the IoT node and gateway market during the forecast period. Growing importance of IT security is another driver for the IoT node and gateway market in recent years.
On the basis of hardware, the IoT node and gateway market is segmented into five types. These include processor, connectivity IC, memory device, logic device, and sensors. IoT node and gateway market for connectivity IC held the dominant market share as there is increasing demand for low profile connectivity technology such as Bluetooth low energy (BLE), Bluetooth, and Wi-Fi. With rapid expansion of data transmission, this low profile connectivity technology is witnessing increasing demand, thus projecting higher demand for IoT node and gateway during the forecast period.
IoT node and gateway find substantial usage in different industry verticals such as healthcare, wearable devices, building automation, consumer electronics, retail, and banking, financial service & insurance (BFSI). IoT node and gateway market for BFSI industry segment is likely to expand at the fastest rate over the forecast period. Advent of digitization has encouraged increasing application of technology in the banking and financial sector. Online banking, installation of mobile banking apps, and contactless payment has become popular owing to the considerable application of technology in the banking sector. The objective of banks and other financial institutions is to widen their customer base, thus offering them the opportunity of easy and hassle-free transactions. Rising user base of consumer electronic goods broadens the prospect for mobile point of sale devices.
