As per reports published by Fior Markets, The IoT Gateway Devices market is expected to grow from USD 8.8 Billion in 2020 to USD 28.85 Billion by 2028, at a CAGR of 16% during the forecast period 2021-2028.
IoT gateways are devices that operate between edge systems and the cloud. Protocol translation, data processing, data storage, data filtering, and system protection are all they undertake. Modern IoT gateways are also becoming more crucial for edge analytics, ensuring that only the most critical data and alarms are transmitted up to the cloud to be acted on.
IoT gateways offer various advantages to an IoT network, including high scalability, low hardware costs, quick production with a shorter time-to-market, lower telecommunications costs, risk mitigation, and increased security. It can minimise machine-to-machine (M2M) traffic, isolate faulty devices, and encrypt communications between sensors and the cloud.
The growing need for cyber security and the increased requirement for improved network infrastructure security across various industries are boosting the adoption of IoT gateway devices. These devices enable multi-level authentication as well as end-to-end data encryption. The use of IoT gateway devices is being accelerated by the rising acceptance of industry 4.0 technologies and the increased usage of Bluetooth technology by IoT devices in industries. The increased use of IoT components and sensors in applications such as infotainment systems integrated in vehicles and self-driving cars, as well as the rising adoption of digital wearable devices that are enabled by IoT technology such as smart glasses, fit bits, smart watches, etc, are driving the market growth for IoT gateways. Market development for IoT gateways, is anticipated to be restrained by distortion produced by complex network architecture. The absence of security and privacy of user data is also a concern for the IoT gateways business. Market research is being performed all over the world to incorporate IoT devices into various industrial verticals. In the future years, this opportunity will expand market share.
AAEON Technology, Inc., Advantech Co., Ltd., Cisco Systems, Inc., Intel Corporation, Huawei Technologies Co. Ltd., Avnet Inc., Dell Technologies, Inc., and Eurotech Group are significant players in the IoT gateway devices market.
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The Bluetooth segment dominated the market and held the largest market share of 31% in 2020.
Based on the Connectivity Technology, the IoT Gateway Devices Market is segmented into Bluetooth, Wi-Fi, ZigBee, Ethernet, and Z-Wave. The Bluetooth segment dominated the market and held the largest market share of 31% in 2020. This is due to a rise in the usage of industrial automation throughout the world, which is largely responsible for the market share. These Bluetooth-enabled gateways make it simple for computers to communicate with one another, making machine-to-machine communication more efficient. The ZigBee connectivity technology segment is also growing with a high CAGR. This is because, ZigBee connection technology has a high acceptance rate in the industrial sector due to its excellent dependability and capacity to manage massive nodes per network.
The Healthcare segment dominated the market with the largest market share of 25% in 2020.
Based on the application, the IoT Gateway Devices Market is segmented into Wearable Device, Healthcare, Automotive & Transportation, Building Automation, Industrial, and Consumer Electronics. The Healthcare segment dominated the market with the largest market share of 25% in 2020. This is due to the integration of IoT devices into healthcare infrastructure. To monitor machinery and appliances, IoT devices with high-speed internet connectivity are being incorporated into healthcare. IoT technology benefits healthcare practitioners by allowing them to readily see patient data gathered from smart sensors, medical wearable devices, and linked patient management systems. Medical facilities and hospitals are also embracing IoT technology for telemedicine, remote control, and inventory management. These technologies enable remote patient monitoring and care, boosting customer adoption of IoT gateway devices. The industrial application is also growing at a fast pace. The incorporation of IoT technology into smart manufacturing boosts productivity while also increasing production and efficiency. Many plant manufacturers have integrated IoT and linked devices into their facilities due to technological development. IoT gateway devices may also help with manufacturing, inventory management, and supply chain management in various sectors.