Key Insights into the IoT Gateway Devices Market’s Growth Opportunities for 2024-2033
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What is the Estimated Growth Rate for the “IoT Gateway DevicesMarket Between 2024 and 2033?
The IoT gateway devices market is projected to increase from $11.18 billion in 2023 to $12.86 billion in 2024, showing a CAGR of 15.0%. This growth can be attributed to healthcare applications, a rise in connected devices, expansion of broadband infrastructure, adoption of cloud technologies, and the digital economy’s evolution.
The IoT gateway devices market is projected to see rapid growth, reaching $22.73 billion by 2028 at a CAGR of 15.3%. Contributing factors include the rise of smart wearables, IoT implementation in healthcare, industrial automation, and 5G technology. Major trends include advancements in connection technologies, AI usage, and edge computing.
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What Are the Primary Contributors to the Growth of the Key Insights into the IoT Gateway Devices Market’s Growth Opportunities for 2024-2033 Market?
The growing use of 5G technology is anticipated to boost the IoT gateway devices market. 5G, the fifth generation of mobile networks, offers significant improvements over earlier generations (2G, 3G, and 4G). Its adoption is fueled by the need for higher data speeds, reduced latency, and greater network capacity to accommodate the rising demands of IoT, streaming services, and technologies like autonomous vehicles and smart cities. IoT gateway devices play a crucial role in enabling fast, low-latency connectivity for various IoT devices, ensuring smooth communication and data exchange across multiple sectors. For example, in April 2023, 5G Americas reported a 76% increase in global 5G wireless connections from the end of 2021 to the end of 2022, reaching 1.05 billion connections and projected to exceed 5.9 billion by 2027. Thus, the growing adoption of 5G technology is propelling the IoT gateway devices market.
Which Key Segments Comprise the 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
What Are the Key Trends Reshaping the IoT Gateway Devices Market?
Key players in the IoT gateway devices market are launching innovative products such as aircraft IoT gateways for real-time cargo monitoring. OnAsset Intelligence Inc. launched the Sentry 600 FlightSafe device in March 2024, designed to convert aircraft into connected warehouses, enhancing visibility of cargo conditions and improving operational efficiency.
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What Are the Top Regions Fueling Growth 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.
The IoT Gateway Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the iot gateway devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The IoT Gateway Devices Market Include
1. IoT Gateway Devices Market Executive Summary
2. IoT Gateway Devices Market Segments
3. IoT Gateway Devices Market Size And Template Market Growth Rate
4. Key IoT Gateway Devices Market Trends
5. Major IoT Gateway Devices Market Drivers
……
25. Key Mergers And Acquisitions In The IoT Gateway Devices Market
26. Top IoT Gateway Devices Companies
27. IoT Gateway Devices Market Opportunities And Strategies
28. IoT Gateway Devices Market, Conclusions And Recommendations
29. Appendix
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