THANK YOU FOR SUBSCRIBING
Network Infrastructure Magazine | Wednesday, May 18, 2022
As per the latest market report by Technavio, the industrial IoT gateway market size will grow by USD 1.25 BILLION FROM 2020 TO 2025
FREMONT, CA: The latest report by Technavio suggests that the market to progress at a CAGR of 16.63 percent, 36 percent of the market growth would originate from APAC during the forecast period. The whole manufacturing process in the automotive industry will rise in productivity with an increase in the need for automation, which will facilitate the industrial IoT gateway market growth in APAC over the coming period. The industrial IoT gateway market share growth by the process segment will be crucial for revenue generation. Owing to the high installed base of legacy automation systems and instruments, the process segment holds a dominating position in the global industrial IoT gateway market. The major key driving factor for the growth of major process industries is the need to reduce the interoperability issues while integrating legacy automation systems with industry communication systems.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
One significant factor driving the industrial IoT market's growth is the leveraging of manufacturing data for predictive maintenance. The demand for IoT-enabled devices has increased due to the need for data collection and analysis to solve complex maintenance tasks. IoT-enabled devices such as wireless acoustic transmitters and steam trap monitors are contributing enormously to monitoring the complete plant operations. To help the operators plan maintenance activities accordingly and reduce the overall downtime due to unplanned machine failure, industrial operators can compare the efficiency and performance of the machines with the available data. Therefore, there has been a shift of focus toward predictive maintenance by the end-users as it helps in reducing the overall production downtime and increases operational efficiency.
The key market trend driving the industrial loT gateway market growth, is the increased focus on edge computing. The need for edge computing and industrial loT gateways to improve real-time data analysis is a consequence of the increasing adoption of loT-connected devices. This technology is not just limited to the IT industry but also discrete industries such as medical device manufacturing, automotive, semiconductor, and electronics. Manufacturers must leverage their market presence by pairing their loT devices and edge computing with the manufacturing processes and value chain to gain an advantage over their competitors in a highly competitive market.
More in News