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.
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.
Internet penetration coupled with rising use of smartphones and tablets facilitates online payments and this factor will help to trigger the IoT node and gateway market during the forecast period. Healthcare and building automation also commands considerable market share in the IoT node and gateway market. Internet of things facilitates interconnection among physical devices such as buildings, healthcare equipment, and vehicles with software, sensors and others. This kind of inter-connectivity promotes automation in physical devices. Growing popularity of automation in automobile, real estate, and healthcare increases demand for IoT node and gateway in these industries, thus propelling the market opportunity during the forecast period.
On the basis of geography, the IoT node and gateway market is segmented into five regions - North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America held the leading market share as Internet of Things has maximum usage in this region. Automation in vehicles and healthcare has been emphasized owing to rising government initiatives and lump sum investment. These factors promote the growth trajectory of this market in this region. Asia Pacific is the fastest growing segment in the IoT node and gateway market as there has been considerable growth in infrastructure which trigger utilization of IoT node and gateway in retail, real estate, and automobile industries.
Some of the key market players in the IoT node and gateway market include Huawei Investment & Holding Co., Ltd., Texas Instruments Inc., NXP Semiconductor N.V, Hewlett Packard Enterprise Co. and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.