IoT Gateway Devices Market Key Drivers
“The Business Research Company recently released a comprehensive report on the Global IoT Gateway Devices 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 gateway devices market size has grown rapidly in recent years. It will grow from $11.18 billion in 2023 to $12.86 billion in 2024 at a compound annual growth rate (CAGR) of 15.0%. The growth in the historic period can be attributed to the increased healthcare industry applications, increase in connected devices, expansion in broadband infrastructure, adoption of cloud computing technology, and digital economy transformation.
The IoT gateway devices market size is expected to see rapid growth in the next few years. It will grow to $22.73 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to high penetration of smart wearables, rising implementation of IoT in the healthcare sector, growing trend of industrial automation, increasing investments in IoT implementation, and advert for 5G technology. Major trends in the forecast period include development in connection technologies, rise in usage of AI, updation in communication across various platforms and devices, edge data processing and decision making, and edge computing integration.
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Market Drivers and Trends:
The increasing adoption of 5G technology is expected to propel the growth of the IoT gateway devices market going forward. 5G technology refers to the fifth generation of mobile network technology, which represents a significant advancement over its predecessors (2G, 3G, and 4G, or LTE). The adoption of 5G technology is driven by the need for faster data speeds, lower latency, and increased network capacity to support the growing demands of IoT, streaming services, and emerging technologies such as autonomous vehicles and smart cities. 5G technology uses IoT gateway devices to enable ultra-fast, low-latency connectivity for a wide range of IoT devices, facilitating seamless communication, data exchange, and the proliferation of smart applications across various industries. For instance, in April 2023, according to 5G Americas, a US-based industry trade organization, global 5G wireless connections experienced a remarkable 76% growth from the conclusion of 2021 to the conclusion of 2022, reaching a total of 1.05 billion connections. It is projected to surpass the 5.9 billion mark by the conclusion of 2027. Therefore, the increasing adoption of 5G technology is driving the growth of the IoT gateway devices market going forward.
Major companies operating in the IoT gateway devices market are developing innovative products, such as aircraft IoT gateways, to provide real-time visibility and monitoring of cargo. Aircraft IoT gateways are specialized devices or systems installed on aircraft to facilitate connectivity, data collection, and communication between various onboard systems and external networks. For instance, in March 2024, OnAsset Intelligence Inc., a US-based supply chain asset management company, launched the Sentry 600 FlightSafe device, the first dedicated aircraft IoT gateway. This gateway revolutionizes aircraft functionality by converting them into virtual connected warehouses, facilitating immediate visibility and surveillance of cargo hold and cabin conditions. It includes the capability to detect sensor-equipped shipments, galley carts, and other aircraft assets in real-time. Data from the gateway is automatically directed to the OnAsset Insight Cloud, empowering personnel to utilize dashboards, establish rules and alerts, and integrate data via API functions to facilitate continuous analysis. This results in heightened operational efficiency, minimized downtime, and heightened safety and security measures for parked aircraft.
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Major Key Players of the Market:
Dell Inc., Huawei Technologies Co. Ltd., Intel Corporation Ltd., Cisco Systems Inc., Hewlett Packard Enterprise Company, Texas Instruments Incorporated, TE Connectivity Ltd., STMicroelectronics N.V., NXP Semiconductors N.V., Microchip Technology Inc., Advantech Co. Ltd., Kontron S&T AG, Pepperl+Fuchs SE, Samsara Networks Inc., ADLINK Technology Inc., Aaeon Technology Inc., NEXCOM International Co. Ltd., Axiomtek Co. Ltd., Lantronix Inc., Eurotech S.p.A., Winmate Inc., Laird Connectivity LLC, Neousys Technology Inc.
IoT Gateway Devices Market 2024 Key Insights:
• The IoT gateway devices market size is expected to see rapid growth in the next few years. It will grow to $22.73 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%.
• Impact Of 5G Technology In The IoT Gateway Devices Market
• Key Players Introducing Advanced Gateway Devices To Enhance Aviation Supply Chain System
• North America was the largest region in the IoT gateway devices market in 2023
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