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Global IoT Node and Gateway Markets, 2020-2026 - Cross-Domain Collaborations and Emerging Smart Cities Present Lucrative Opportunities

DUBLIN, May 19, 2020 /PRNewswire/ -- The "IoT Node and Gateway Market by Hardware (Processor, Connectivity IC, Sensor, Memory Device, Logic Device), End-use Application (Industrial, Consumer), and Geography (North America, Latin America, Europe, APAC, RoW) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.This research report categorizes the global IoT node and gateway market based on hardware, end-use application, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the IoT node and gateway market, and forecasts the market till 2026.

Global IoT Node and Gateway Market is Estimated to Grow from USD 387.1 Billion in 2020 to USD 563.7 Billion by 2026, at a CAGR of 6.5%
The major factors driving the IoT node and gateway industry growth are the development of internet connectivity, the growing use of wireless sensors and its networks, increased IP address space and better security solutions made available through IPv6, growth of application-specific MCUs and flexible SoC-type designs, and growing market of connectivity devices. Concerns regarding the security and privacy of user data act as restraints for the IoT node and gateway market.

Consumer electronics segment of consumer end-use application is expected to hold the largest market share during the forecast period

The consumer electronics segment mainly comprises of smart consumer appliances. With the evolution of consumer appliances that can connect to the Internet and smartphones, the growth of IoT technology in the consumer electronics segment is expected to receive a boost.Smart appliances, also known as intelligent appliances, have the ability to measure and control their energy usage and communicate it to homeowners and utility departments. These appliances can be connected to smart energy meters or home energy management systems and can help reduce electricity usage during off-peak hours. The growth of this segment is attributed to the increase in the market of smart home appliances such as smart TVs, smart washing machines, smart refrigerators, and others.

BFSI segment of industrial end-use application is projected to be the fastest-growing segment during the forecast period

The growth of the BFSI segment in the IoT node and gateway market for industrial is driven by the increasing adoption of mPOS. Currently, customers use different devices for financial transactions, which allow banks to view their financial information and accordingly offer different services to them. Moreover, in case of car loans, IoT can also be used by insurers and financial institutes to collect the data related to vehicles through sensors and accordingly provide new loan schemes.Mass adoption of online banking, contactless payments, and mobile banking apps has increased significantly. Banks are trying to create intelligent and personalized customer cross-selling opportunities. Moreover, the demand for intelligent banking is also expected to create a demand for connectivity ICs, processors, and sensors, which are used in devices such as mPOS and smart kiosks.

Building automation subsegment of industrial end-use application to hold the largest share of IoT node and gateway market in 2020

The demand for more energy-efficient solutions, enhanced security, increased venture capital funding, as well as constant efforts to improve lifestyle, have led to the development of the building automation market. Building automation, which started with wired technology, has now entered the era of wireless technologies such as ZigBee, Wi-Fi, and Bluetooth.
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