IoT Gateway Devices Market Trend, Share, Growth, Size, Analysis and Forecast 2032

IoT Gateway Devices Market Insights

According to Zion Market Research, the global IoT Gateway Devices Market was worth USD 2.59 Billion in 2023. The market is forecast to reach USD 3.44 Billion by 2032, growing at a compound annual growth rate (CAGR) of 3.2% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the IoT Gateway Devices Market industry over the next decade.

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IoT Gateway Devices Market: Overview

Devices that reside between edge systems and the cloud are known as IoT gateways. They perform tasks like protocol translation, data processing, data storage, data filtering, and system protection. Modern IoT gateways are also becoming increasingly important in assisting with edge analytics, ensuring that only the most critical data and warnings are sent up to the cloud to be acted upon. The growing adoption of industry 4.0 technologies, the need for advanced network infrastructure security and cyber protection across various enterprises, the usage of IoT components sensors across various applications and increased adoption of Bluetooth technology are factors driving growth in this market. Companies are constantly investing in the development of improved wireless connectivity in the industrial IoT to compete with existing competition.

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COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the IoT gateway device market, as the majority of IoT application fields, such as transportation and industrial, have undergone strict lockdown scenarios in various countries across the globe. A drop in GDP is expected in many countries, limiting the introduction of emerging technology and investments in smart infrastructure.

On the other hand, the COVID-19 pandemic has accelerated the introduction of IoT technology in the healthcare market, boosting growth during the pandemic. The use of IoT gateway devices is being driven by many industry leaders' research and development initiatives and the adoption of new product strategies for the development of remote healthcare monitoring systems.

IoT Gateway Devices Market: Growth Factors

The adoption of IoT gateway devices is being aided by the rising demand for cyber protection and the enhanced need for advanced network infrastructure security across various businesses. These devices provide authentication of multiple levels as well as end-to-end encryption of data. The growing adoption of industry 4.0 technologies along with the increased adoption of Bluetooth technology by IoT devices in industries is amplifying the adoption of IoT gateway devices.

The rising adoption of smart wearable devices that are enabled using IoT technology like smart glasses, fit bits, smart watches, etc., coupled with the increased usage of IoT components and sensors in applications like infotainment systems inbuilt in vehicles and self-driving cars are expected to create market opportunities for IoT gateways.

System Segment Analysis Preview

The Bluetooth segment held a share of around 30% in 2020. This is attributable to the rapid introduction of industrial automation around the world is largely responsible for the growth. These Bluetooth-enabled gateways make it simple for computers to communicate with one another, improving machine-to-machine communication. Firms are continually investing in the development of improved wireless communications in the industrial IoT to remain competitive. Furthermore, industry leaders are leaning toward emerging hardware innovations in the market that combine Bluetooth and Wi-Fi with various wireless networking options.

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Application Segment Analysis Preview

The healthcare segment will grow at a CAGR of over 13% from 2024 to 2032. This is attributable to the use of these IoT devices in healthcare infrastructure. IoT systems with high-speed internet access are being integrated into healthcare to monitor machines and appliances. Healthcare practitioners benefit from IoT technology because it allows them to easily view patient information using data obtained from smart sensors, medical wearable devices, and connected patient management solutions. Furthermore, medical facilities and hospitals are leaning toward IoT technology used for telemedicine, remote control, and inventory management. These technologies allow remote patient care and tracking, positively affecting the consumer acceptance of these IoT gateway products.

IoT Gateway Devices Market: Report Scope

IoT Gateway Devices Market: Regional Analysis Preview

The European region held a share of above 20% in 2020. This is attributable to the increased investments in smart infrastructure initiatives undertaken by the government. The European government has built around 300 smart cities by the year 2020. Market sales for IoT gateway devices have been fueled by such government efforts and initiatives. In addition to these factors, the presence of major automotive original equipment manufacturers (OEMs) such as Audi AG, Volkswagen, and others in this region is expected to drive the European market size for IoT gateway devices as these giants will incorporate IoT technologies with sensors and ADAS systems into their automobiles to improve safety and performance features.

Asia Pacific is projected to grow at a CAGR of around 13%, owing to increased investments in initiatives of integrating IoT in public infrastructures and smart city development. The Asia Pacific market will gain an edge in IoT gateway devices due to the deployment of various government policies which are aimed at boosting cyber security.

IoT Gateway Devices Market: Key Players & Competitive Landscape

Some of the key players in are

• Advantech Co. Ltd.
• AAEON Technology Inc.
• Avnet Inc.
• Eurotech S.P.A
• Dell Technologies Inc.
• Cisco Systems Inc.
• Huawei Technologies Co Ltd
• Hewlett Packard Enterprise Co. 
• Nexcom International Co. Ltd. 
• NXP Semiconductors N.V. 
• among others. 

The players in the IoT Gateway devices market are focused on integrating of new technology into their services, launching new products, and adopting strategic alliances and acquisitions deals to expand their target new audiences and market offerings. For example, Mitsubishi Electric Corporation unveiled a new IoT gateway solution in June 2019 that provides secure connectivity to industrial machinery via cloud servers for tracking and visualization.

The global IoT gateway devices market is segmented as follows:

By Connectivity

• Bluetooth
• Wi-Fi
• ZigBee
• Ethernet
• Others

By End User

• Industrial
• Consumer

By Application

• Wearable Device
• Automotive
• Building Automation
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa