As cited by the research report titled ‘Global IoT Node and Gateway Market Size study, by Hardware (Processor, Connectivity IC, Sensor, Memory Device, and Logic Device), End-use Application (Industrial and Consumer) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global IoT node and gateway market was worth USD 387.1 billion in 2020 and is projected to expand with a CAGR of 6.7% during the study period, eventually accumulating USD 566.4 billion by the year 2027.
 

Expanding internet penetration coupled with rising adoption of 5G solutions are majorly driving global IoT node and gateway market growth. Increasing technology applications in aerospace, defense, and retail sectors among others are also augmenting the overall market outlook. Increasing number of government initiatives towards development of IT infrastructure are positively swaying the industry dynamics over the assessment period.
 

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Growing IP address space, improved security provided by IPv6, and advancements in global internet connectivity are generating lucrative opportunities for market development. In October 2020, NXP Semiconductors N.V. entered into a partnership with Au-Zone Technologies Inc. to expand NXP's eIQ Machine Learning (ML). Similarly, Huawei Technologies and China Mobile deployed world's first 4.9 GHz commercial LampSite network in Shanghai, China in February 2021.
 

Speaking of negatives, high concerns over privacy and security of data are likely to impede market progress over the projected timespan of 2021-2027.
 

Based on hardware type, global IoT node and gateway industry is segmented into processor, sensor, connectivity IC, memory device, and logic device. Considering end user ambit, the marketplace is categorized into industrial and consumer.
 

The geographical analysis of the industry is studied for the major regions like North America, Asia Pacific, Europe, Latin America, and the rest of the world. Experts cite that North America is expected to capture significant market share over the projected timeframe, on account of rising demand for smart appliances among consumers along with increasing initiatives from prominent tech companies.
 

Meanwhile, Asia Pacific market is predicted to expand significantly over the estimated timeline of 2021-2027, owing to rising penetration of internet across commercial as well as residential spaces, growing disposable incomes, increasing consumer base, and advancing IT infrastructure.
 

Prominent players swaying global IoT node and gateway industry trends are Microchip Technology Inc., Dell Technologies Inc., TE Connectivity Ltd., Hewlett Packard Enterprise Company, Cisco Systems Inc., Texas Instruments Inc., NXP Semiconductors N.V., Huawei Technologies Co. Ltd., and Intel Corporation. The report includes comprehensive profiles of the players with information on their overall businesses, product portfolios, and latest developments.