IoT Gateways Global Market
“The Business Research Company recently released a comprehensive report on the Global IoT Gateways Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The IoT gateways market size has grown rapidly in recent years. It will grow from $1.70 billion in 2023 to $1.99 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to proliferation of IOT devices, edge computing needs, cloud integration, cost reduction, and demand for real-time insights.
The IoT gateways market size is expected to see rapid growth in the next few years. It will grow to $3.77 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to edge artificial intelligence (AI) and machine learning (ML) acceleration, blockchain integration, edge-to-cloud continuum, environmental monitoring and sustainability, customization and modularity and lifecycle management and maintenance. Major trends in the forecast period include AI and machine learning integration, interoperability standards, hybrid cloud and edge deployments, demand for low-power solutions and vertical-specific solutions.
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Market Drivers and Trends:
The enhanced internet connectivity is expected to propel the growth of the IoT gateways market going forward. Internet connectivity refers to the ability of devices to connect and communicate with each other through the Internet, enabling the exchange of information and facilitating communication. The rising internet connectivity is due to economic incentives, policy initiatives, increasing demand for digital services, and changing consumer behaviors. IoT gateways are instrumental in ensuring that IoT devices and systems reliably and securely connect to the Internet, manage data efficiently, and maintain essential communications, which is crucial to leveraging IoT solutions’ full potential across various sectors. For instance, in November 2022, according to the International Telecommunication Union, a Switzerland-based specialized agency, around 5.3 billion individuals, representing 66% of the world’s population, were Internet users in 2022, an increase of 6.1% compared to 2021. Therefore, enhanced internet connectivity is driving the growth of the IoT gateways market.
Major companies operating in the IoT gateways market are developing technologically advanced products, such as automotive-qualified Ethernet PHYs, to drive revenues in the market. The automotive-qualified ethernet PHY (physical layer) is an essential element within IoT gateways, facilitating high-speed communication and data transfer between IoT devices and the cloud. For instance, in July 2023, Microchip Technology, a US-based manufacturer of specialized semiconductor products, launched its automotive-qualified Ethernet PHYs, the LAN8670/1/2 10BASE-T1S devices. These devices have advanced features such as enhanced EMC/EMI performance, sleep/wake functionality, and time-sensitive networking support for precise time synchronization. Notably, they offer advanced PHY diagnostics and support multiple Ethernet PHYs on a shared bus line, effectively reducing cabling and switch ports while ensuring functional safety readiness for ISO 26262 applications.
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Major Key Players of the Market:
Dell Inc., Huawei Technologies Co. Ltd., Hewlett Packard Enterprise Co., Cisco Systems Inc., Texas Instruments Incorporated, STMicroelectronics N.V., TE Connectivity Ltd., Eurotech Inc., NXP Semiconductors, Harman International Industries Inc., Microchip Technology Inc., Super Micro Computer Inc., Advantech Co. Ltd., Kontron S&T AG, Pepperl+Fuchs Inc., Banner Engineering Corp., Samsara Networks Inc., ADLINK Technology Inc., Aaeon Technology Inc., Softing Industrial Automation GmbH, Multi-Tech Systems Inc., Helium Systems Inc., Winmate Inc., Rigado LLC, ClearBlade Inc.
IoT Gateways Market 2024 Key Insights:
• The IoT gateways market size is expected to see rapid growth in the next few years. It will grow to $3.77 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%.
• Impact Of Enhanced Internet Connectivity On The IoT Gateways Market
• Microchip Technology’s Advanced Automotive-Qualified Ethernet PHYs For IoT Gateways
• North America was the largest region in the IOT gateways market in 2023
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