PUBLISHER: The Business Research Company | PRODUCT CODE: 1499868
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499868
IoT gateway devices function as intermediaries linking IoT sensors or devices to the cloud or central server. They gather, process, and transmit data from connected devices, often incorporating edge computing capabilities to locally filter and analyze data before transmission. These gateways are essential for facilitating secure, efficient, and reliable communication within IoT ecosystems.
The primary types of IoT gateway devices include consumer Internet of Things (IoT) gateways and industrial or commercial Internet of Things (IoT) gateways. A consumer IoT gateway serves as a conduit between IoT devices and the Internet, enabling communication, data processing, and control for consumers' smart home systems. It encompasses various components such as microcontroller units (MCUs), field-programmable gate arrays (FPGAs), sensors, memory, and others, along with multiple connectivity technologies including Bluetooth, Wi-Fi, Zigbee, Ethernet, Z-Wave, and others. It finds application across diverse end-user sectors such as automotive and transportation, healthcare, industrial settings, consumer electronics, banking, financial services, and insurance (BFSI), oil and gas, retail, aerospace and defense, among others.
The IoT gateway devices research report is one of a series of new reports from The Business Research Company that provides IoT gateway devices market statistics, including the IoT gateway devices industry's global market size, regional shares, competitors with an IoT gateway devices market share, detailed IoT gateway devices market segments, market trends, and opportunities, and any further data you may need to thrive in the IoT gateway devices industry. This IoT gateway devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The IoT gateway devices market size has grown rapidly in recent years. It will grow from $11.18 billion in 2023 to $12.86 billion in 2024 at a compound annual growth rate (CAGR) of 15.0%. The expansion observed during the historical period can be attributed to the growing applications in the healthcare industry, the proliferation of connected devices, the expansion of broadband infrastructure, the adoption of cloud computing technology, and the transformation of the digital economy.
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 anticipated growth in the forecast period can be attributed to the widespread adoption of smart wearables, the increasing implementation of IoT in the healthcare sector, the growing trend of industrial automation, rising investments in IoT implementation, and anticipation surrounding 5G technology. Significant trends expected in the forecast period include advancements in connection technologies, a surge in the utilization of AI, enhancements in communication across various platforms and devices, the adoption of edge data processing and decision-making, and the integration of edge computing.
The anticipated surge in 5G technology adoption is set to drive the growth of the IoT gateway devices market in the future. 5G technology represents a significant advancement in mobile network technology, offering faster data speeds, lower latency, and increased network capacity compared to its predecessors (2G, 3G, and 4G/LTE). This adoption is fueled by the demand for supporting the growing needs of IoT, streaming services, and emerging technologies like autonomous vehicles and smart cities. IoT gateway devices play a crucial role in 5G technology, enabling ultra-fast, low-latency connectivity for a wide array of IoT devices, facilitating seamless communication, data exchange, and the proliferation of smart applications across various industries. For example, in April 2023, global 5G wireless connections experienced a notable 76% growth from the end of 2021 to the end of 2022, reaching a total of 1.05 billion connections, as reported by 5G Americas, a US-based industry trade organization. The number is projected to surpass 5.9 billion by the end of 2027. Hence, the increasing adoption of 5G technology is a key driver of the IoT gateway devices market's growth.
Major players in the IoT gateway devices market are innovating by developing specialized products such as aircraft IoT gateways, which provide real-time visibility and monitoring of cargo. These gateways are installed on aircraft to facilitate connectivity, data collection, and communication between onboard systems and external networks. For instance, in March 2024, OnAsset Intelligence Inc., a US-based supply chain asset management company, introduced the Sentry 600 FlightSafe device, the first dedicated aircraft IoT gateway. This device transforms aircraft into virtual connected warehouses, offering immediate visibility and surveillance of cargo hold and cabin conditions. It can detect sensor-equipped shipments, galley carts, and other aircraft assets in real-time. Data collected by the gateway is automatically transmitted to the OnAsset Insight Cloud, enabling personnel to utilize dashboards, set rules and alerts, and integrate data through API functions for continuous analysis. This results in improved operational efficiency, reduced downtime, and enhanced safety and security measures for parked aircraft.
In January 2023, Semtech Corporation, a US-based semiconductor manufacturing company, acquired Sierra Wireless Inc. for $1.2 billion. This acquisition aims to combine the ultra-low power benefits of LoRa (long-range) IoT technology with the higher bandwidth capabilities of cellular technology, positioning Semtech to offer a comprehensive Internet of Things (IoT) platform. Sierra Wireless Inc., based in Canada, is a communications equipment company specializing in manufacturing IoT gateway devices.
Major companies operating in the IoT gateway devices market 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.
North America was the largest region in the IoT gateway devices market in 2023. Asia-Pacific is expected to be the fastest-growing 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.
The countries covered in the IoT gateway devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The IoT gateway devices market consists of sales of ethernet connectivity components, sensor interfaces, power management ICs, security features, software development kits or middleware, data storage components, real-time clock modules, and external interfaces. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
IoT Gateway Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on IoT gateway devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for IoT gateway devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The IoT gateway devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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