The IoT node and gateway market stood at 2.83 Billion units in 2016 and is expected to reach 17.18 Billion units by 2023, growing at a CAGR of 30.9% during the forecast period. The major drivers for the growth of the market is the increasing demand for application-specific microcontroller units (MCUs) and flexible System on Chip (SoC)-type designs, improved internet connectivity in technologically advancing countries, and increased IP address space and security solutions provided in IPv6.
Of all the major end-use applications, retail held the largest share of the IoT node and gateway market in 2016, in terms of volume. The growth of retail end-use application was primarily due to the increasing adoption of IoT-enabled products such as contactless checkout/PoS, digital signage, and smart tags.
The BFSI end-use application is expected to grow at the highest CAGR in the IoT node and gateway market from 2017 to 2023, followed by aerospace and defense. Banks are trying to create intelligent and personalized customer cross-selling opportunities. The mass adoption of online banking, contactless payment, and mobile banking apps has increased significantly, thereby driving the growth of the market for BFSI end-use application. On the basis of hardware, the IoT node and gateway market has been segmented into processor, connectivity IC, sensor, memory device, and logic device. The connectivity IC held the major market share in 2016 and is expected to retain its position till 2023. The significant recent development of IoT- enabled products is one of the key factors leading to the dominance of this segment.
Of all the regions, North America held the largest share of the IoT node and gateway market in 2016, in terms of volume. An established IT ecosystem and early adoption of various IoT-enabled products across multiple end-use applications are the most prominent factors behind the growth of this region. The market in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to 2023 because of the high consumer base, increasing disposable income, and improving IT infrastructure, as well as the growing penetration of the internet in commercial and residential spaces.
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The companies that are profiled in the report are Intel Corporation (US), Huawei Investment & Holding Co., Ltd. (China), NXP Semiconductor N.V. (Netherlands), Texas Instruments Inc. (US), Cisco Systems Inc. (US), Hewlett Packard Enterprise Co. (US), TE Connectivity Ltd. (Switzerland), STMicroelectronics N.V. (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Inc. (US), Eurotech S.P.A (Italy), AAEON Technology Inc. (Taiwan), Adlink Technology Inc. (Taiwan), NEXCOM International Co. Ltd. (Taiwan), Microchip Technology Inc. (US), Notion (US), Helium System Inc. (US), Samsara Networks Inc. (US), Estimote Inc. (US), and Beep Inc. (US).
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