The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The IoT gateways market is expected to reach USD 12.64 billion by 2022, at a CAGR of 14.2% between 2016 and 2022. The major driving factors for the IoT gateways market are expanded Internet connectivity, continuous growth in the demand for smartphones & other connecting devices, increasing use of wireless sensors and networks, and cloud computing becoming mainstream.“Wearable device & building automation to lead the IoT gateways market during the forecast period”
The market for wearable devices is expected to lead during the forecast period as there are well known brands especially in smart watches developed by Apple Inc. (U.S.) Samsung (South Korea). Moreover smart watches have functionalities such as communication, and planning activities, connecting with other smart devices. The growing awareness toward energy conservation, stringent legislations and building directives, promotion of numerous smart grid technologies, and the availability of a number of open protocols are driving the growth of the building automation market. The Internet of Things emphasizes the development of an integrated building automation system. This would allow for optimal utilization of the data gathered by the components of a building automation system.
“APAC to be the fastest-growing market during the forecast period”
Factors such as continuous growth in the urban population in many countries, and government incentives in countries such as China, Singapore, and Japan are driving the IoT gateways market in the APAC region. Japan is a highly developed economy with one of the fastest-growing telecom industries. Japan is known for its continual R&D in technologies; therefore, it is expected that some of the game-changing devices or technologies would emerge from the Japanese market.
In the process of determining and verifying the market size for several segments and sub-segments gathered through the secondary research, extensive primary interviews were conducted with key people.
The break-up of profiles of primary participants is given below:
- By Company Type: Tier 1 – 20 %, Tier 2 – 35% and Tier 3 – 45%
- By Designation: C level – 80%, Director level – 20%
- By Region: North America – 50%, Europe – 30%, APAC – 10%, RoW – 10%
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