The IoT Gateway Devices Market size is set to surpass USD $16 billion by 2026, according to a new research report by Global Market Insights. The demand for IoT gateway devices is expected to increase rapidly driven by the growing inclination towards integrating IoT solutions within building management systems. Gateway devices that are rigged with IoT-enabled sensors and cloud solutions enable building managers to record real-time data of HVAC/R systems that are used across residential, industrial and commercial spaces.
Rising concerns over cybersecurity and advanced network infrastructure protection across businesses have accelerated the adoption of IoT gateway devices that provide end-to-end encryption and multi-level authentication of data.
Robust application in the industrial sector has advocated the development of new IoT gateway devices market. For example, industrial IoT gateway solutions, KUBER-2000 and LYNX-6K series, developed by American Portwell Technology, Inc., offers scalable infrastructure for virtual machines, data, front-end applications and servers. The devices provide benefits like ruggedized design, flexible I/O expansion, fast time-to-market, low power consumption and wireless connectivity for different applications.
On the basis of application, the IoT gateway devices market is mainly bifurcated into healthcare, wearable device, building automation, automotive and transportation, consumer electronics and industrial production. Among these, the healthcare application segment recorded a market share of more than 15% in 2019 and is estimated to register a CAGR of 17% within the predicted timeframe. Surging deployment of IoT devices and solutions in healthcare facilities and hospitals could play a crucial role in accelerating industry growth, says the report.
IoT devices help in improving the operating efficiency of healthcare professionals and doctors by enabling them to instantly access patient records using smart sensors, connected patient monitoring solutions and medical wearable devices. Technologies such as these has also paved the way for remote monitoring and treatment of patients. Citing an instance, earlier in February 2019, VivaLNK released an IoT-built medical wearable sensor solution for constant patient-monitoring applications.
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.
Additionally, presence of large-scale automotive OEMs like Audi AG, Daimler, and Volkswagen in Europe could broaden the industry landscape for IoT companies. Automakers are focusing on incorporating IoT systems like advanced sensors and ADAS solutions to enhance vehicle safety and performance.
Companies functioning in the IoT gateway devices market are emphasizing on forming strategic alliances to bring in new technologies and product launches to expand their market presence and consumer base. Taking August 2020 for instance, Semtech Corporation partnered with TensorIoT and Amazon Web Services (AWS) to streamline the development of IoT solutions by delivering Smart Building Kits and Asset Tracking.
Key Companies covered in IoT gateway devices market are:
AAEON Technology, ADLINK Technology, Advantech Co., Ltd., Amazon Web Services, Inc. (AWS), Avnet Inc, Axiomtek Co., Ltd., Cisco Systems, Dell Technologies Digi International Eurotech, Enterprise Co., Technologies Co., Ltd., Intel Corporation, Intel Corporation, Mitsubishi Electric Corporation, Nexcom International Co., Ltd., Neousys Technology Inc, NXP Semiconductors N.V., Samsara Networks Sierra Wireless, Super Micro Computer
Global Market Insights | www.gminsights.com