Continuous demand for cyber protection and advanced security in network infrastructure across enterprises will boost the development of IoT gateway devices market over the coming years. The devices provide multi-level authentication along with end-to-end encryption of data.
There is a mounting adoption of IoT-enabled sensors together with cloud technology in facility management. These include helping building managers access real-time data derived from heating, ventilation, air conditioning, and refrigeration (HVAC/R) systems in commercial, residential, and industrial establishments. Consistent integration of IoT technologies with efficient building management systems will lead to increased device consumption.
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ZigBee connectivity technology is capable of handling over 65,000 nodes per network along with maintaining the signal strength throughout the sending and receiving of data. It is witnessing a rising deployment due to high reliability and capability to handle large nodes per network. This, along with reduced risks associated with signal failure will influence the industry outlook.
Revenues from the ZigBee segment were valued at 14% of the overall IoT gateway devices market share in 2019. It is estimated to reach a CAGR of over 11% through 2026 due to the efficiency to render high reliability, low power consumption, and secure data encryption over the network in the devices.
IoT gateway devices sensor components accounted for 20% of the business share in 2019, and the segment pegged to show a 10% CAGR in the coming years owing to rising integration of wireless sensors with cloud technologies across the industrial and residential sectors. The sensors assist in collecting data from the surrounding environment and sending this large amount of data to IoT gateways as an input for processing operations in enterprises, further complimenting the efficiency of the connected systems.
For instance, two-way communication between the cloud, IoT devices, and sensors established by Microsoft Azure IoT hub, offers a device-to-cloud data analysis to enhance the performance of the connected systems. There is also a rise in technological progressions in IoT sensors and a considerable decline in the sensor component costs with the industry expansion.
Considering the higher adoption of the devices in hospitals and healthcare facilities, growth of IoT gateway devices from healthcare application will hit a CAGR of 17% due to the deployment of IoT technology to assist doctors and healthcare professionals. The device provides access to the patient records from the data gathered.
This can be done with the help of smart sensors, medical wearable devices, and connected patient monitoring solutions apart from offering remote treatment and patient monitoring. For instance, to render support to patients affected with coronavirus, the Shanghai Public Health Clinical Center (SPHCC), is utilizing Bluetooth IoT products as well as solution provider like Cassia Network’s gateways with VivaLNK supplied medical wearable sensors to monitor the health of COVID-19 patients.
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On the regional landscape, Europe is considered to be a lucrative market for IoT gateway device manufacturers. Reports suggest that the market could account for almost 15% CAGR by the end of 2026. Supportive federal initiatives backed by government investments aimed at driving smart infrastructure activities could stir significant growth opportunities for IoT gateway hardware manufacturers. As per the European Commission (EC), the government intends to build over 300 smart cities by 2020.
IoT gateway devices market players implementing new technologies and indulging in strategic frameworks to sustain market competition. For instance, Mitsubishi Electric Corporation unveiled a new IoT gateway solution, to deliver secure connection to industrial equipment via cloud servers for monitoring and visualization. Few of the other companies include Huawei Technologies Co., Cisco Systems Inc., Siemens AG, Laird Connectivity Inc., Intel Corporation, Avnet Inc., Ltd., Advantech Ltd., and Eurotech Group.
Major Key Points from Table of Content:
Chapter 6 IoT Gateway Devices Market, By Component
6.1 Key trends, by component
6.2.1 IoT gateway devices market estimates and forecast, 2016-2026
188.8.131.52 IoT gateway devices market estimates and forecast, 2016-2026
6.4.1 Market estimates and forecast, 2016-2026
184.108.40.206 Market estimates and forecast, 2016-2026
220.127.116.11 Market estimates and forecast, 2016-2026
Chapter 7 IoT Gateway Devices Market, By Application
7.1 Key trends by application
7.2 Wearable devices
7.2.1 IoT gateway devices market estimates and forecast, 2016-2026
7.3.1 Market estimates and forecast, 2016-2026
7.4 Automotive and transportation
7.4.1 Market estimates and forecast, 2016-2026
7.5 Building automation
7.5.1 Market estimates and forecast, 2016-2026
7.6.1 Market estimates and forecast, 2016-2026
7.7 Consumer electronics
7.7.1 Market estimates and forecast, 2016-2026
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