Learn details of the Market Increasing Application of Internet of Things (IoT)
In telecommunication, gateway means the networking hardware. Computers or computer networks perform the task of gateways.
A computer that is used by internet service providers helps to connect with internet users and that is referred to as gateway nodes. Increasing application of internet of things (IoT) is expected to drive the growth of the IoT node and gateway market during the forecast period.
The growth of the IoT node and gateway market is influenced by considerable advancement in telecommunication networks. Governments of emerging economies such as China, India, and South Korea are increasing their investment in telecommunication, and being attractive investment destinations, these regions attract significant foreign investment.
Higher internet penetration in these regions is triggering the growth of the IoT node and gateway market in recent years. Technological advancement in these regions leads to improved IT infrastructure which is likely to drive the IoT node and gateway market during the forecast period.
Growing importance of IT security is another driver for the IoT node and gateway market in recent years.
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On the basis of hardware, the IoT node and gateway market is segmented into five types. These include processor, connectivity IC, memory device, logic device, and sensors.
IoT node and gateway market for connectivity IC held the dominant market share as there is increasing demand for low profile connectivity technology such as Bluetooth low energy (BLE), Bluetooth, and Wi-Fi. With rapid expansion of data transmission, this low profile connectivity technology is witnessing increasing demand, thus projecting higher demand for IoT node and gateway during the forecast period.
IoT node and gateway find substantial usage in different industry verticals such as healthcare, wearable devices, building automation, consumer electronics, retail, and banking, financial service & insurance (BFSI). IoT node and gateway market for BFSI industry segment is likely to expand at the fastest rate over the forecast period.
Advent of digitization has encouraged increasing application of technology in the banking and financial sector. Online banking, installation of mobile banking apps, and contactless payment has become popular owing to the considerable application of technology in the banking sector.
The objective of banks and other financial institutions is to widen their customer base, thus offering them the opportunity of easy and hassle-free transactions. Rising user base of consumer electronic goods broadens the prospect for mobile point of sale devices.
Internet penetration coupled with rising use of smartphones and tablets facilitates online payments and this factor will help to trigger the IoT node and gateway market during the forecast period. Healthcare and building automation also commands considerable market share in the IoT node and gateway market.
Internet of things facilitates interconnection among physical devices such as buildings, healthcare equipment, and vehicles with software, sensors and others. This kind of inter-connectivity promotes automation in physical devices.
Growing popularity of automation in automobile, real estate, and healthcare increases demand for IoT node and gateway in these industries, thus propelling the market opportunity during the forecast period.
On the basis of geography, the IoT node and gateway market is segmented into five regions - North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America held the leading market share as Internet of Things has maximum usage in this region.
Automation in vehicles and healthcare has been emphasized owing to rising government initiatives and lump sum investment. These factors promote the growth trajectory of this market in this region.
Asia Pacific is the fastest growing segment in the IoT node and gateway market as there has been considerable growth in infrastructure which trigger utilization of IoT node and gateway in retail, real estate, and automobile industries.
Some of the key market players in the IoT node and gateway market include Huawei Investment & Holding Co., Ltd., Texas Instruments Inc., NXP Semiconductor N.V, Hewlett Packard Enterprise Co. and others.
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