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LONDON, GREATER LONDON, UK, June 24, 2024 /EINPresswire.com/ -- The IoT gateway devices market, which facilitates seamless communication between IoT sensors/devices and cloud or central servers, is poised for substantial growth. Starting from $11.18 billion in 2023, the market is projected to grow to $12.86 billion in 2024, marking a compound annual growth rate (CAGR) of 15.0%. This growth trajectory underscores the increasing integration of IoT across industries and the demand for efficient data processing and transmission capabilities.
Rising Adoption of 5G Technology Propels Market Expansion
The adoption of 5G technology stands as a pivotal driver propelling the IoT gateway devices market forward. 5G's capability to offer ultra-fast data speeds, minimal latency, and enhanced network capacity is crucial for supporting the expanding IoT landscape, smart applications, and emerging technologies like autonomous vehicles and smart cities. According to a report by 5G Americas, global 5G wireless connections grew by 76% from 2021 to 2022, reaching 1.05 billion connections and expected to surpass 5.9 billion connections by 2027. This surge underscores 5G's role in fostering IoT connectivity and driving market growth.
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Key Players and Innovations Driving Market Dynamics
Major players in the IoT gateway devices market, including Dell Inc., Huawei Technologies Co. Ltd., and Intel Corporation, are focusing on innovation to enhance product capabilities. Innovations such as aircraft IoT gateways exemplify this trend, offering real-time visibility and monitoring of cargo conditions onboard aircraft. For instance, OnAsset Intelligence Inc. introduced the Sentry 600 FlightSafe device, the first dedicated aircraft IoT gateway. This innovation transforms aircraft into connected warehouses, ensuring real-time surveillance of cargo hold and cabin conditions, enhancing operational efficiency and safety.
Trends Shaping the Market Landscape
In the forecast period, significant trends include advancements in connection technologies, increased utilization of AI for data processing, enhanced cross-platform and device communication, and integration of edge computing for real-time decision-making. These trends are poised to reshape how IoT gateways operate across various sectors, from industrial automation to healthcare and smart wearables.
Market Segments and Regional Insights
The IoT gateway devices market is segmented based on type, component, connectivity technology, and end-user applications. This segmentation provides a comprehensive view of market dynamics across regions such as North America, which led the market in 2023, and Asia-Pacific, expected to witness the fastest growth. These regions are pivotal due to the rapid adoption of IoT technologies and advancements in connectivity infrastructure.
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IoT Gateway Devices Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The IoT Gateway Devices Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on IoT gateway devices market size, IoT gateway devices market drivers and trends, IoT gateway devices market major players, competitors' revenues, market positioning, and market growth across geographies. The IoT gateway devices market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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