Global Industrial IoT Gateway Market 2020: Industry Trends and Investigation Growth Rate, consumption by Regional data, End-user Segmentation | Key Companies a Showing Impressive Growth by 2024
The industrial IoT gateway market is expected to grow by USD 1.12 billion, progressing at a CAGR of over 15% during the forecast period.
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The increased focus on edge computing is one of the major factors propelling market growth. However, factors such as high installation costs due to the need for multiple gateways will hamper the market growth.
Industrial IoT Gateway Market: End-user Landscape
The process segment holds a dominating share in the global industrial IoT gateway market owing to the high installed base of legacy automation systems and instruments. The need to reduce interoperability issues while integrating legacy automation systems with industry communication systems has been the key driving factor for the growth of the major process industries such as oil and gas, chemical and petrochemical, power, and food and beverage. IoT is helping organizations in the smooth transition of manufacturing floor operations in several ways, which will drive the growth of the market during the forecast period.
Industrial IoT Gateway Market: Geographic Landscape
North America was the largest industrial IoT gateway market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The numerous investments in capacity addition, renovation, and upgrading in the oil and gas, power, and automotive industries, especially in the US will significantly drive industrial IoT gateway market growth in this region over the forecast period. 36% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for industrial IoT gateway in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.
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Key Topics Covered:
Five Forces Analysis
Market Segmentation by End-user
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