Newark, May 09, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 425.6 billion IoT node and gateway market will reach USD 1394.3 billion by 2033. With the advent of Low-Power Wide-Area Network (LPWAN) technologies like Sigfox and LoRa, which provide longer communication ranges and reduced power consumption, the market environment is changing. Network nodes and gateways for the Internet of Things (IoT) are transforming industries from logistics to agriculture. Sensor-equipped nodes collect real-time data, and gateways ensure the data gets to its destination effectively and safely. Industry demand for these technologies is predicted to increase as companies aim for automation and efficiency. More intelligent data processing at the edge is now possible because of recent advancements like incorporating AI and machine learning into the Internet of Things nodes.
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This lowers latency and improves the devices' ability to make decisions. Industries are using node and gateway technologies to improve operations. Smart cities enhance infrastructure management, manufacturing optimises production lines, and agriculture gains from soil moisture data; as 5G connection gains pace, nodes & gateway play a more crucial role in enabling high-speed, low-latency data transfer. The market is expanding quickly due to the increasing use of IoT solutions. It includes sensors, actuators, and real-time data collection, and gateways facilitate effective data flow to the central system.
Asia Pacific will account for the largest market size during the forecast period.
India's Internet of Things ecosystem is growing quickly because of government programmes like the Smart Cities Mission and Digital India. The adoption of IoT solutions across industries is fueled by the nation's large population, growing smartphone penetration, and expanding connectivity infrastructure. IoT gateways, which facilitate constant network and data transmission between IoT devices and the cloud, are essential to this ecosystem. Moreover, Chinese manufacturers are concentrating on the possibility of revenue growth and risk management after using IoT to promote efficiency improvement. As a result, as China transitions to more efficient generation, countries like Thailand, Indonesia, and Vietnam are expected to become increasingly important as businesses search for alternate ways to manufacture goods closer to new customers within the region.
The hardware segment dominated the market with the most significant revenue of USD 178.7 billion.
The hardware segment dominated the market, with the most significant revenue of USD 178.7 billion. The growing usage of connectivity integrated circuits (ICs) in Internet of Things devices is the main cause of the rise. This is anticipated to increase the need for connectivity options like Bluetooth, Wi-Fi, and others, expanding the hardware adoption market.
The Wi-Fi segment dominated the market with the most significant revenue of USD 119.1 billion.
The Wi-Fi segment dominated the market with the most significant revenue of USD 119.1 billion. The application of Wi-Fi is expected to soar due to the increasing use of Wi-Fi in homes, cars, offices, hospitals, and other public locations.
The consumer electronics segment dominated the market with the most significant revenue of USD 72.3 billion.
The consumer electronics segment dominated the market with the most significant revenue of USD 72.3 billion. IoT technologies are becoming increasingly popular in consumer electronics because of their efficiency and ease.
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Market Dynamics:
Drivers: Emergence of 5G technology
5G's innate ability to manage previously unheard-of data transmission volumes is a primary factor contributing to the explosion of IoT gateways and nodes. This feature is essential for handling the enormous amount of data that Internet of Things devices create. Owing to 5G's capacity to analyse and transfer massive volumes of data quickly and flawlessly, IoT devices can function more effectively. This allows for real-time data processing and decision-making, crucial in many industries like healthcare, manufacturing, and smart cities.
Restraint: Security and privacy concerns
IoT has immense potential due to its widespread acceptance in all end-use applications, such as retail, healthcare, and wearables. However, the primary obstacles to this business are privacy and data security. As the number of connected devices increases due to the increasing use of IoT in end-use applications, a vast amount of data is being generated. Cybercriminals can infiltrate networks and use this information to get a person's auto insurance automatically, evaluate a person's health, track how well a business's plans are working, and more.
Opportunity: Rising research and development activities
Government funding for IoT research & development, particularly for IoT gateways and nodes, is a key possibility propelling substantial growth in this market sector. Governments everywhere are realising how revolutionary IoT can be in improving a range of industries, from infrastructure to transportation and healthcare and beyond. This acknowledgement has sparked significant investments and programmes meant to promote creativity and quicken the use of IoT technologies.
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Some of the major players operating in the IoT node and gateway market are:
● Sierra Wireless
● IBM Corporation
● Dell Technologies Inc.
● NXP Semiconductors N.V.
● Particle Industries Inc.
● Laird Connectivity
● Cisco Systems Inc.
● STMicroelectronics N.V.
● Intel Corporation
● Huawei Technologies Co. Ltd.
● Advantech Co. Ltd.
● Eurotech
● Helium
● Texas Instruments Incorporation
● Robert Bosch GmbH
Key Segments covered in the market:
By Component:
● Services
● Software
● Hardware
By Connectivity:
● Z-Wave
● Wi-Fi
● ZigBee
● Bluetooth
● Others
By End-User:
● Wearable Devices
● BFSI
● Retail
● Oil & Gas
● Aerospace & Defense
● Consumer Electronics
● Automotive & Transportation
● Healthcare
● Building Automation
● Agriculture
● Others
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About the report:
The global IoT node and gateway market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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