Selbyville, Delaware, Sept. 22, 2020 (GLOBE NEWSWIRE) --

According to latest report “IoT Gateway Devices Market by Connectivity Technology (Bluetooth, Wi-Fi, ZigBee, Ethernet, Z-Wave), Component (Multipoint Control Unit, Field Programmable Gate Array, Sensor, Memory), Application (Wearable Device, Healthcare, Automotive & Transportation, Building Automation, Industrial, Consumer Electronics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of IoT gateway devices will cross $16 billion by 2026. The market growth is attributed to rising trend of integrating IoT technologies with building management systems.

The increasing use of IoT-enabled sensors and cloud technology in facility management allows building managers to access real-time data related to the heating, ventilation, air conditioning, and refrigeration (HVAC/R) systems in commercial, residential, and industrial buildings. The growing trend of connected buildings will positively impact the market value.

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The ZigBee connectivity technology segment held a IoT gateway devices market share of over 14% in 2019 and is projected to witness around 11% growth rate till 2026 due to technology offering high reliability, low power consumption in the devices, and secure data encryption over network. The ZigBee potentially handles more than 65,000 nodes per network by maintaining the signal strength while sending and receiving data. Owing to high reliability and ability to handle large nodes per network, the ZigBee connectivity technology has high adoption in the industrial sector. The exceptional capability of handling a large number of nodes while minimizing the risk of signal failure has increased its applications in IoT devices.

Sensor components accounted for more than 20% of IoT gateway devices market share in 2019 and is anticipated to register growth of 10% through 2026. The growth is majorly attributed to increasing integration of wireless sensors with cloud technologies in industrial as well as residential sectors. These sensors perform the function of gathering data from the surrounding environment and sending it as inputs to IoT gateways for further processing. The enterprises are managing a large amount of sensor data collected through IoT gateway to increase the efficiency of the connected system. Furthermore, technological advancements in IoT sensors coupled with gradually declining cost of these components due to the rising number of suppliers in the market are supporting the segment growth.

The IoT gateway devices market for healthcare application held around 15% revenue share in 2019 and is poised to expand at 17% CAGR from 2020 to 2026 impelled by increasing adoption of IoT devices and networks in hospitals and healthcare facilities. IoT technology enhances the operating efficiency of doctors and healthcare professionals by allowing them to quickly access patients’ records through data collected from medical wearable devices, smart sensors, and connected patient monitoring solutions. These solutions enable remote treatment and monitoring of patients, influencing the adoption of IoT gateway devices in the market.

The Europe IoT gateway devices market will attain a CAGR of 15% till 2026 on account of increasing government investments in smart infrastructure projects. According to the European Commission (EC), the European government is planning to develop around 300 smart cities by 2020. Such supportive government investments for rapid development of smart infrastructure will fuel the market revenue. Moreover, the presence of major automotive OEMs in the region including Daimler, Audi AG, Volkswagen, etc., focusing on integrating IoT solutions with sensors and ADAS systems into vehicles to increase performance and safety will drive the European market size.   

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Major companies operating in the IoT gateway devices market are Intel Corporation, Avnet Inc., Cisco Systems Inc., Huawei Technologies Co., Ltd., Advantech Ltd., Siemens AG, Laird Connectivity Inc., Eurotech Group, among others. These players are focusing on integration of new technologies, new product launches, and strategic collaborations and acquisitions to expand their offerings and target new markets. For instance, in June 2019, Mitsubishi Electric Corporation launched a new IoT gateway solution, which delivers secure connection to industrial machinery through cloud servers for monitoring and visualization. The new IoT gateway device helps OEMs and industries for predictive maintenance and remote monitoring of their assets.   

Some major findings of the IoT gateway devices market report include:

  • The growing need for cyber protection and advanced security for network infrastructure across enterprises are supporting the adoption of IoT gateway devices. These devices offer multi-level authentication and end-to-end encryption of data.
  • The rising adoption of MCUs in IoT-enabled smart wearable devices including smart watches, smart glasses, fit bits, etc., will create market opportunities for IoT gateways.
  • Proliferation of IoT sensors and components in ADAS, self-driving cars, and in-vehicle infotainment systems (IVI) will boost the demand for IoT gateway devices application in automotive and transportation sectors.
  • Increasing adoption of Bluetooth connectivity technology by IoT devices in industries, such as oil & gas, manufacturing, and production sector, will accelerate the IoT gateway devices market demand. The companies are integrating IoT sensors and devices into the industrial sector for plant & asset monitoring applications. 
  • The growing adoption of industry 4.0 technologies and proliferation of smart factories in North America are amplifying the adoption of IoT gateway devices.

Table of Contents (ToC) of the report:

Chapter 3      IoT Gateway Devices Market Insights

3.1      Industry segmentation

3.2      Industry landscape, 2016 - 2026

3.3      Impact of analysis of COVID-19 pandemic

3.3.1    Global outlook

3.3.2    Regional impact

3.3.3    Industry value chain

3.3.3.1    Research & development

3.3.3.2    Manufacturing

3.3.3.3    Marketing

3.3.3.4    Supply

3.3.4    Competitive landscape

3.3.4.1    Strategy

3.3.4.2    Distribution network

3.3.4.3    Business growth

3.4      Industry ecosystem analysis

3.4.1    Component suppliers

3.4.2    Manufacturers

3.4.3    Distribution channel analysis

3.5      Technological and innovation landscape

3.5.1    Advancements in IoT edge gateways

3.6      Regulatory Landscape

3.7      Industry impact forces

3.8      Industry impact forces

3.8.1    Growth Drivers

3.9      Industry pitfalls & challenges

3.10    Growth potential analysis

3.11    Porter’s analysis

3.11.1    Supplier power

3.11.2    Buyer power

3.11.3    Threat of new entrants

3.11.4    Threat of substitutes

3.11.5    Internal rivalry

3.12    PESTEL analysis

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