One driver influencing the Global Industrial IoT Gateway Market is the rise in demand for IoT gateway devices, say research analysts
Market research analysts have predicted that the Global Industrial IoT Gateway Market will grow at a CAGR of 13.64% during the period 2019-2023.
An industrial IoT gateway is a switching device used for aggregating, filtering, and processing sensor data by providing a highly-secured platform.
The Global Industrial IoT Gateway Market 2019-2023 report prepared by Research and Markets covers the present scenario and the growth prospects of the industrial IoT gateway market.
One trend affecting this market is the increasing focus on providing end-to-end services, according to the report, which has been prepared based on an in-depth market analysis with inputs from industry experts.
“The rising need for IoT gateway architecture to enhance the effective interaction between machines with increased data sets is expected to augment the growth of the global industrial IoT gateway market over the next few years,” the report noted.
As per the report, one driver influencing this market is the rise in demand for IoT gateway devices.
The market researchers, in the report, pointed out that most of the end-users are shifting their focus towards predictive maintenance as it helps in reducing production downtime and increases operational efficiency which is going to favour the growth of the global industrial IoT gateway market.
Further, the report stated that one challenge affecting this market is the high installation cost due to the need for multiple gateways. Multiple gateways for a single network increase the overall cost for the end-users which is expected to hinder the growth of the market, it explained.
The report also includes a discussion of the key vendors operating in this market.
To calculate the market size, the report considered the revenue generated from the retail sales of industrial IoT gateway solutions across the globe.