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IoT Gateways Market to Exhibit High Growth Potential till 2022
April 7, 2016 | PRNewswireEstimated reading time: 2 minutes
Research and Markets has announced the addition of the "IoT Gateway Market by Nodes, by Connectivity Technology, by Component, by End-Use and Geography - Global Forecast to 2022" report to their offering.
The IoT gateways market is estimated to exhibit high growth potential till 2022. The total market is expected to reach USD 12.64 Billion by 2022 from USD 5.69 Billion in 2016, at a CAGR of 14.2% between 2016 and 2022. The major driving factors for the growth of the IoT gateways market are expanded Internet connectivity, continuous growth in the demand for smartphones & other connecting devices, expansion in the use of wireless sensors and its network, and cloud computing becoming mainstream.
The largest market in the end use segment is wearable devices owing to many reasons such as high acceptance of this new technology and trusted brands such as Apple Inc. (U.S.) and Samsung Electronics (South Korea) developing smart devices. The market for building automation is expected to grow at the second-highest rate during the forecast period. There is huge demand for the energy-efficient solutions, security, and increase in the use of the connectivity technologies such as ZigBee, Zwave, and Enocean among others.
In the IoT ecosystem, automotive and transportation would have good prospects in the future. In transportation, Internet of Things (IoT) applications helps improve transport utilization and road safety with the convergence of real-time road traffic data. The data is collated from various sensors such as fiber optic cables and CCTV cameras, and the analytics of the real-time data is performed by back-end systems; taking into consideration the past data trends, future plans can be developed for the improvement of the traffic system.
North America is expected to hold the largest market share by 2022, and the market in APAC is expected to grow at the highest CAGR during the forecast period. The increased research and development in the field of Internet of Things and improved lifestyle are two crucial factors driving this market in North America. The R&D at both academic and industry levels is broadening the application areas of the Internet of Things in different industries such as consumer products, energy & power, manufacturing, automotive & transportation, and healthcare, especially in the U.S. These are the main reasons behind the growth of the market for IoT applications in the region.
The lack of common communication standards across platforms and frequent replacement of batteries and high power consumption by connected devices are the restraining factors in the IoT gateways market.
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