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.
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.
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.
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 deand 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.
The Internet of Things (IoT) emphasizes the development of an integrated building automation system. This would allow for optimal utilization of the data gathered by the components of a building automation system. Also, the increased awareness toward energy conservation, stringent legislations and building directives, promotion of numerous smart grid technologies, and the availability of a number of open protocols are driving the growth of the building automation market.
The UK government has been aggressively supporting the development of IoT, aiming to put the country at the forefront of this industrial revolution. To this end, it announced funds worth USD 75 million for the development of IoT. The funds would encourage innovation in the IoT market space, especially in the energy and power sectors, for efficient power utilization and energy conservation. Such government initiatives are expected to drive the growth of the IoT node and gateway market in the region.
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