[April 20, 2017] |
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Global Industrial IoT Gateway Market - Drivers and Forecast from Technavio
Technavio
analysts forecast the global
industrial IoT gateway market to grow to USD 1,390.2
million by 2021, at a CAGR of close to 15% over the forecast period,
according to their latest report.
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Technavio has published a new report on the global industrial IoT gateway market from 2017-2021. (Graphic: Business Wire)
The research study by Technavio on the global
industrial IoT gateway market for 2017-2021 provides a detailed
industry analysis based on applications (remote monitoring, preventive
maintenance, and product optimization), end-user (process industry and
discrete industry), and geography (the Americas, EMEA, and APAC).
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An Internet of things (IoT) gateway is a switching device used
for aggregating, filtering, and processing sensor data by providing
a highly secure platform. The process industry is the leading
end-user for industrial IoT gateways, occupying over 68% of the
overall shares.
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Technavio analysts highlight the following three factors that are
contributing to the growth of the global industrial IoT gateway market:
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Rising need to achieve competitive advantages
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New technical advancements in industrial IoT gateways
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Increased amount of data generation due to industrial IoT
Rising need to achieve competitive advantages
"Many manufacturing industries are forming partnerships with major
service providers with smart IoT and unified communication systems, to
gain a competitive edge over their competitors," says Raghav
Bharadwaj Shivaswamy, a lead analyst at Technavio for automation
research.
Industrial IoT gateways are mainly used for cost reduction, quality
enhancement, and product differentiation in various end-user industries.
Companies in the Industrial IoT ecosystem are implementing new business
models through digital platforms to create values for customers and
enhance their profitability.
New technical advancements in industrial IoT gateways
Technological advancements and innovations in gateway technology have
led to its proliferation, which has augmented the availability and
affordability of gateways across all industries. Gateway (News - Alert) technologies
have advanced in terms of connectivity, performance, costs, and
miniaturization, which has resulted in the increased demand for these
products.
The IoT connectivity has been shifting from wired to wireless
connections such as Bluetooth, Wifi, ZigBee (News - Alert), and other technologies,
boosting the demand for advanced IoT gateways. In an industrial Internet
setup, gateways boost enterprise mobility, remote monitoring, secure
data exchange, consolidate data, and remote system control.
Increased amount of data generation due to industrial IoT
"The rise in the number of connected devices globally has led to
massive amounts of data generation. Businesses are using this data to
optimize their processes by adopting analytics to optimize costs,
enhance delivery services, and boost revenues," says Raghav.
Companies are introducing advanced IoT gateways to deal with large
amounts of data in automation and flexible production techniques by
enhancing productivity. Also, in the infrastructure industries, such as
water and power, the data exchanged through gateways can be used to
prevent machine failures and related damages.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
resellers, and end-users.
If you are interested in more information, please contact our media team
at media@technavio.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170420005801/en/
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