IoT Node and Gateway Market estimated to be worth 17.18 billion Units by 2023

(IT-NEWSWIRE.COM, June 08, 2019 ) The IoT node and gateway market constitute of hardware such as processor, connectivity integrated circuit (IC), sensor, memory device, and logic device, which are used in Internet of Things (IoT)-enabled devices. In terms of volume, the market is projected to reach 17.18 Billion units by 2023, growing at a CAGR of 30.9% during the forecast period. The base year used for this study is 2016 and the forecast period is from 2017 to 2023. This report provides a detailed analysis of the IoT node and gateway market on the basis of hardware, end-use application, and geography.

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Connectivity IC held the largest market share in 2016

The IoT node and gateway market for connectivity IC, by hardware, held the largest share in 2016. The increasing demand for better edge devices connectivity and significant developments in low-power connectivity technologies such as Wi-Fi, Bluetooth, and Bluetooth low energy (BLE) are the key contributing factors leading to the largest market share of connectivity ICs in 2016.

BFSI end-use application to witness the highest growth rate between 2017 and 2023

BFSI end-use application is expected to grow at the highest rate during the forecast period. The mass adoption of online banking, contactless payment, and mobile banking apps has increased significantly. Banks are trying to create intelligent and personalized customer cross-selling opportunities. The shipment of the BFSI end-use application in the IoT node and gateway market would largely be driven by the increasing adoption of mPOS.

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North America leads the IoT node and gateway market, in terms of volume

In 2016, North America held the largest share of the IoT node and gateway market, in terms of volume. North America is one of the fastest-growing markets in terms of technological advancement, manufacturing operations, and infrastructure. The wide-scale adoption of IoT technologies in several industries such as retail, automotive and transportation, and healthcare is the key factor supporting the growth of the IoT node and gateway market in this region.

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Key Players

The key players in the market are Intel Corporation (US), Huawei Investment & Holding Co., Ltd. (China), NXP Semiconductor N.V. (Netherlands), Texas Instruments Inc. (US), Cisco Systems Inc. (US), Hewlett Packard Enterprise Co. (US), TE Connectivity Ltd. (Switzerland), STMicroelectronics N.V. (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Inc. (US), Eurotech S.P.A (Italy), AAEON Technology Inc. (Taiwan), Adlink Technology Inc. (Taiwan), NEXCOM International Co. Ltd. (Taiwan), and Microchip Technology Inc. (US). Moreover, the chapter profiles some of the new players in the IoT node and gateway market such as Notion (US), Helium System Inc. (US), Samsara Networks Inc. (US), Estimote Inc. (US), and Beep Inc. (US).

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IoT Node and Gateway Market estimated to be worth 17.18 billion Units by 2023