Global Industrial IoT Gateway Market 2019-2023| 14% CAGR Projection Over the Next Five Years| Technavio
LONDON--(BUSINESS WIRE)--Oct 23, 2019--
The industrial IoT gateway market size is expected to post a CAGR of close to 14% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global industrial IoT gateway market 2019-2023 (Graphic: Business Wire)
The availability of edge computing has eased the process of data analysis by processing the data closer to the source or at the edge of the network. This technology ensures that the local computing and processing of data is complete, and the necessary data is sent to the server. In industries such as oil and gas as well as metal and mining where process operation is carried out at remote locations, the use of edge computing provides the scope for making the essential data available to locally installed servers, thereby eliminating latency.
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As per Technavio, the increasing need for customized IoT gateways will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Industrial IoT Gateway Market: Increasing Need for Customized IoT Gateways
Vendors are increasingly offering new features in their industrial IoT gateway products with additional support tools to differentiate their products in the market. The modular IoT gateways support different types of wireless protocols such as Wi-Fi, Thread, and ZigBee. The availability of multiple field devices with different protocols has increased the need for multi-protocol supporting gateways. Thus, the increasing need for customized IoT gateways will be one of the significant industrial IoT gateway market trends during the forecast period.
“The increasing adoption of IoT- connected devices has increased the need for edge computing and Industrial IoT gateways to improve real-time data analysis. This technology is confined not only to the IT industry but also to discrete industries such as medical device manufacturing, automotive, and many more,” says a senior analyst at Technavio.
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Industrial IoT gateway Market: Segmentation Analysis
This market research report segments the industrial IoT gateway market by end-user (process and discrete) and by region (the Americas, EMEA, and APAC).
The Americas held the largest share of the market in 2018, followed by EMEA and APAC, respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
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PUB: 10/23/2019 01:00 PM/DISC: 10/23/2019 01:00 PM