The IoT gateway devices market size is expected to see rapid growth in the next few years. It will grow to $22.73 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to high penetration of smart wearables, rising implementation of IoT in the healthcare sector, growing trend of industrial automation, increasing investments in IoT implementation, and advert for 5G technology. Major trends in the forecast period include development in connection technologies, rise in usage of AI, updation in communication across various platforms and devices, edge data processing and decision making, and edge computing integration.
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Segmentation & Regional Insights
The iot gateway devices market covered in this report is segmented –
1) By Type: Consumer Internet Of Things (IoT) Gateway, Industrial Or Commercial Internet Of Things (IoT) Gateway
2) By Component: Microcontroller Unit (MCU), Field Programmable Gate Arrays (FPGAs), Sensor, Memory, Other Components
3) By Connectivity Technology: Bluetooth, Wi-Fi, Zigbee, Ethernet, Z-Wave, Other Connectivity Technologies
4) By End User: Automotive And Transportation, Healthcare, Industrial, Consumer Electronics, Banking, Financial Services, And Insurance (BFSI), Oil And Gas, Retail, Aerospace And Defense , Other End Users
North America was the largest region in the IoT gateway devices market in 2023. Asia-Pacific is expected to be the fastest-gowing region in the forecast period. The regions covered in the IoT gateway devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of 5G technology is expected to propel the growth of the IoT gateway devices market going forward. 5G technology refers to the fifth generation of mobile network technology, which represents a significant advancement over its predecessors (2G, 3G, and 4G, or LTE). The adoption of 5G technology is driven by the need for faster data speeds, lower latency, and increased network capacity to support the growing demands of IoT, streaming services, and emerging technologies such as autonomous vehicles and smart cities. 5G technology uses IoT gateway devices to enable ultra-fast, low-latency connectivity for a wide range of IoT devices, facilitating seamless communication, data exchange, and the proliferation of smart applications across various industries. For instance, in April 2023, according to 5G Americas, a US-based industry trade organization, global 5G wireless connections experienced a remarkable 76% growth from the conclusion of 2021 to the conclusion of 2022, reaching a total of 1.05 billion connections. It is projected to surpass the 5.9 billion mark by the conclusion of 2027. Therefore, the increasing adoption of 5G technology is driving the growth of the IoT gateway devices market going forward.
Key Industry Players
Major companies operating in the IoT gateway devices market report are Dell Inc.; Huawei Technologies Co. Ltd.; Intel Corporation Ltd.; Cisco Systems Inc.; Hewlett Packard Enterprise Company; Texas Instruments Incorporated; TE Connectivity Ltd.; STMicroelectronics N.V.; NXP Semiconductors N.V.; Microchip Technology Inc.; Advantech Co. Ltd.; Kontron S&T AG; Pepperl+Fuchs SE; Samsara Networks Inc.; ADLINK Technology Inc.; Aaeon Technology Inc.; NEXCOM International Co. Ltd.; Axiomtek Co. Ltd.; Lantronix Inc.; Eurotech S.p.A.; Winmate Inc.; Laird Connectivity LLC; Neousys Technology Inc.
The iot gateway devices market report table of contents includes:
1. Executive Summary
2. IoT Gateway Devices Market Characteristics
3. IoT Gateway Devices Market Trends And Strategies
4. IoT Gateway Devices Market – Macro Economic Scenario
5. Global IoT Gateway Devices Market Size and Growth
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31. IoT Gateway Devices Market Other Major And Innovative Companies
32. Global IoT Gateway Devices Market Competitive Benchmarking
33. Global IoT Gateway Devices Market Competitive Dashboard
34. Key Mergers And Acquisitions In The IoT Gateway Devices Market
35. IoT Gateway Devices Market Future Outlook and Potential Analysis
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