LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial IoT gateway market to grow at a CAGR close to 14% during the forecast period, according to their latest market research report.
The increasing need for customized IoT gateways is one of the major trends being witnessed in the global industrial IoT gateway market 2019-2023. 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 device with different protocols has increased the need for multi-protocol supporting gateways.
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According to Technavio analysts, one of the key factors contributing to the growth of the global industrial IoT gateway market is the increased focus on edge computing:
Global industrial IoT gateway market: Increased focus on edge computing
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 are 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.
According to a senior analyst at Technavio, “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.”
Global industrial IoT gateway market: Segmentation analysis
The global industrial IoT gateway market research report provides market segmentation by end-user (process and discrete) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Among the two major end-user segments, process and discrete, the process segment accounted for the maximum share of more than 68% in 2018. The process industries include oil and gas, power, food and beverage, water and wastewater, petrochemical, mining, and marine. The dominance of the segment is due to the high installed base of legacy automation systems and instruments.
The Americas held the largest share of the market in 2018, accounting for more than 40% share, 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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Market Landscape
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- Market characteristics
- Market segmentation analysis
Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
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