In its latest market research report with the punchy title “IoT Node and Gateway Market by Hardware (Processor, Connectivity IC, Sensor, Memory Device, Logic Device), by End-Use (Wearable Devices, Healthcare, Consumer Electronics, Building Automation, Industrial, Retail), and Geography – Global Forecast to 2023” MarketsandMarkets said the market will register a shipment of 17.18 Billion units by 2023.
This means that it will grow 30.9 percent between 2017 and 2023.
The market has an enormous potential of growth in various end-use applications such as retail, BFSI, and aerospace and defence, the report said.
The major factor driving the growth of the IoT node and gateway market are improved internet connectivity in technologically advanced countries and increased IP address space and better security provided by IPv6.
Emerging economies such as India, China, and Brazil, the improving IT infrastructure, along with business-friendly initiatives by government organisations is driving the growth of the IoT node and gateway market.
The IoT node and gateway market for connectivity IC, by hardware, held the largest share in 2016. The increasing demand for better edge devices connectivity and significant developments in low-power connectivity technologies such as Wi-Fi, Bluetooth, and Bluetooth low energy (BLE) are the key contributing factors leading to the largest market share of connectivity ICs in 2016.
BFSI end-use application is expected to grow at the highest rate during the forecast period.
The mass adoption of online banking, contactless payment, and mobile banking apps has increased significantly. Banks are trying to create intelligent and personalized customer cross-selling opportunities. The shipment of the BFSI end-use application in the IoT node and gateway market would largely be driven by the increasing adoption of mPOS, the report said.
In 2016, North America held the largest share of the IoT node and gateway market, in terms of volume. North America is one of the fastest-growing markets in terms of technological advancement, manufacturing operations, and infrastructure.
The wide-scale adoption of IoT technologies in several industries such as retail, automotive and transportation, and healthcare is the key factor supporting the growth of the IoT node and gateway market in this region.