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Global IoT Gateway Devices Market Size Forecast 2024 - 2033

19 Dec, 2024

How Is The Global IoT Gateway Devices Market Defined?

IoT (Internet of Things) gateway devices serve as intermediaries between IoT sensors or devices and the cloud or central server. They collect, process, and transmit data from connected devices, often incorporating edge computing capabilities to filter and analyze data locally before transmission. These gateways play a crucial role in enabling secure, efficient, and reliable communication within IoT ecosystems.

IoT Gateway Devices Global Market Report 2024 provides data on the global iot gateway devices market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The IoT Gateway Devices market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

How Is The Global IoT Gateway Devices Market Size Expected To Change, And What Are The Growth Rate Projections?

The IoT gateway devices market has experienced rapid growth, expanding from $11.18 billion in 2023 to $12.86 billion in 2024, achieving a compound annual growth rate (CAGR) of 15.0%. This growth in the historic period is driven by increasing applications in the healthcare industry, proliferation of connected devices, expansion of broadband infrastructure enabling wider connectivity, adoption of cloud computing technologies enhancing data processing capabilities, and the ongoing transformation towards a digital economy. Looking ahead, the market is poised to grow to $22.73 billion by 2028, maintaining a CAGR of 15.3%. Anticipated growth drivers include the widespread adoption of smart wearables and IoT devices in healthcare, expanding applications of IoT in industrial automation processes, significant investments in IoT infrastructure, and the impending rollout of 5G technology enhancing connectivity speeds and reliability. Major trends expected in the forecast period include advancements in connectivity technologies supporting IoT networks, increased integration of artificial intelligence (AI) to enhance IoT device functionality, advancements in cross-platform communication protocols enabling seamless data exchange, the rise of edge computing facilitating faster data processing and decision-making at the edge, and the integration of edge computing solutions into broader IoT ecosystems.

Which Drivers Are Accelerating Growth In The IoT Gateway Devices Market?

The increasing adoption of 5G technology is expected to propel the growth of the IoT gateway devices market in the foreseeable future. 5G technology offers faster data speeds, lower latency, and higher network capacity, supporting IoT devices across industries. IoT gateway devices leverage 5G connectivity to facilitate seamless communication and data exchange, driving the proliferation of smart applications. According to 5G Americas' April 2023 report, global 5G wireless connections grew by 76% from 2021 to 2022, reaching 1.05 billion connections, with projections exceeding 5.9 billion by 2027. Therefore, the increasing adoption of 5G technology is driving the growth of the IoT gateway devices market.

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What Are The Core Segments Of The Global IoT Gateway Devices Market?

The iot gateway devices market covered in this report is segmented –
1) By Type: Consumer Internet Of Things (IoT) Gateway, Industrial Or Commercial Internet Of Things (IoT) Gateway
2) By Component: Microcontroller Unit (MCU), Field Programmable Gate Arrays (FPGAs), Sensor, Memory, Other Components
3) By Connectivity Technology: Bluetooth, Wi-Fi, Zigbee, Ethernet, Z-Wave, Other Connectivity Technologies
4) By End User: Automotive And Transportation, Healthcare, Industrial, Consumer Electronics, Banking, Financial Services, And Insurance (BFSI), Oil And Gas, Retail, Aerospace And Defense , Other End Users

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Which Emerging Trends Are Reshaping The IoT Gateway Devices Market Size?

Leading companies in the IoT gateway devices market are introducing innovative products like aircraft IoT gateways to enhance real-time visibility and cargo monitoring. Aircraft IoT gateways are specialized systems installed on planes to enable connectivity, data collection, and communication between onboard systems and external networks. For example, in March 2024, OnAsset Intelligence Inc., a US-based asset management firm, launched the Sentry 600 FlightSafe, the first dedicated aircraft IoT gateway. This device transforms aircraft into virtual connected warehouses, offering real-time visibility and monitoring of cargo hold and cabin conditions. It can detect sensor-equipped shipments, galley carts, and other assets, with data automatically sent to the OnAsset Insight Cloud. This integration allows personnel to use dashboards, set rules and alerts, and utilize API functions for continuous analysis, leading to improved operational efficiency, reduced downtime, and enhanced safety and security for parked aircraft.

What Is The Largest Region In The IoT Gateway Devices Market?

North America was the largest region in the IoT gateway devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT gateway devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.