IoT Node And Gateway Market to Reach USD 1219.86 Billion by 2031 | SkyQuest Technology
Westford, USA, Sept. 04, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global IoT Node And Gateway Market will reach a value of USD 1219.86 Billion by 2031, with a CAGR of 12.8% during the forecast period (2024-2031). IoT node and gateway market is progressing impressively owing to emerging trends like edge computing and the growing number of end-use industries. Since IoT devices produce more data, it is becoming essential to process it near to the production point instead of centralized servers. The use of improved technologies can lessen latency and expand data processing speed, enhancing IoT system performance. This is impacting the demand for IoT node and gateway in applications like autonomous cars, industrial automation, and smart cities, driving the market.
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Browse in-depth TOC on the “IoT Node And Gateway Market”
Pages – 192
Tables – 73
Figures – 147
IoT Node And Gateway Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 465.41 Billion |
| Estimated Value by 2031 | USD 1219.86 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, End-User Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Integration of IoT with Emerging Technologies like Blockchain and AI |
| Key Market Drivers | Growing Demand for IoT Solutions in Different Industries |
Growing Demand and Advancements in Hardware Components Propelling Growth
By component, the IoT node and gateway market is categorized into hardware and service. The hardware segment is expected to dominate the market owing to major advancements seen in the hardware components. The hardware components are in the infrastructure of IoT devices, allowing them to keep, process, and transfer data reliably and efficiently. The key feature of IoT hardware parts is its miniaturization, leading the market growth. These factors are propelling the demand for hardware components. Conversely, the service segment is expected to be the fastest-growing owing to the rising complexity of IoT deployments. IoT deployments mostly need customized solutions to cater to certain business requirements that comprise expert design, consulting, and integration services. The difficulty of these projects demands extensive expert services to guarantee better implementation. This is impacting the growth of the services segment.
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Consumer Electronics Segment to Lead Market Due to Impressive Efficiency and Convenience Offered
By end user, the consumer electronics segment held majority market share and is expected to lead over the forecast period as well owing to growing adoption of consumer electronics by users backed by growing disposable income of consumers, mainly in the developing economies. Moreover, the growth of IoT technology is impacted by the efficiency and convenience offered to consumers. Nonetheless, the aerospace and defense segment are expected to grow considerably owing to higher use of IoT devices and systems to monitor performance of aircraft, track military assets movements, enhance supply chain management and logistics. IoT in this industry has offered valuable insights and allowed better decision-making, thus driving the market growth.
North America to Dominate Market Owing to Speedy Adoption of Modernized Technologies
North America held a majority market share as compared to other regions owing to the rising technological advancements seen with robust network of technology enterprises, research institutes, and startups. This situation has resulted in the development of mature IoT solutions, which are suitable for more application areas. The region has been a faster adopter of improved technologies like edge computing, 5G, AI, among others crucial for IoT deployments.
Asia-Pacific is observed to be the fastest-growing region owing to the significant development of the manufacturing sector in India. The sector is speedily using IoT technology to enhance infrastructure, lower downtime, and improve efficiency. The rising adoption of IoT services is propelling the region’s growth.
IoT Node And Gateway Market Insight
Drivers:
- Rising Deployment of Smart City Initiatives
- Growing Investments in Industrial Internet of Things (IIoT)
- Growing Focus on Decision-Making and Data Analytics in Real-Time
Restraints:
- Scalability Issues
- Data Privacy Concerns
- High Power Consumption by Connected Devices
Prominent Players in IoT Node And Gateway Market
The following are the Top IoT Node and Gateway Companies
- Intel Corporation (United States)
- Qualcomm Technologies Inc.
- Texas Instruments Incorporated
- STMicroelectronics
- Microchip Technology Inc.
- Huawei Technologies Co. Ltd.
- NXP Semiconductors N.V.
- Cisco Systems Inc.
- Hewlett Packard Enterprise Development LP
- TE Connectivity Ltd.
Key Questions Answered in Global IoT Node And Gateway Market Report
- How big is the IoT Node And Gateway Market, as per SkyQuest Analysis?
- Which are the leading drivers of the IoT Node And Gateway Market?
- Which is the leading segment in component category in the IoT Node And Gateway Market?
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This report provides the following insights:
Analysis of key drivers (heavy adoption of IoT devices, advancements in technology, growing need for data management and processing), restraints (high implementation costs, interoperability issues, operational issues), opportunities (growth of advanced connectivity technologies, rise of smart cities, expansion of IIoT), and challenges (security concerns, battery life and power consumption, technical complexity) influencing the growth of IoT node and gateway market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the IoT node and gateway market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the IoT node and gateway market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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