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The Industrial Multiprotocol Gateways Market size is estimated to grow at a CAGR of 9.7% between 2022 and 2027. The market size is forecast to increase by USD 177.16 million. The growth of the market depends on several factors, such as the growing prominence of IoT gateways, the growing need to handle multiple communication devices, and the increasing demand for remote monitoring and preventive maintenance. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by application (remote monitoring, product optimization, and preventive maintenance), end-user (process industries and discrete industries), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Industrial Multiprotocol Gateways Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Remote monitoring has become increasingly crucial for businesses due to the advent of Industry 4.0 and the IIoT. The main advantage of industrial multiprotocol gateways is that they enable uninterrupted connectivity and communication between diverse systems, allowing real-time monitoring of equipment, processes, and critical parameters. Additionally, it helps businesses to determine potential issues, monitor performance, and proactively identify any anomalies or deviations.
Moreover, another factor that is fuelling the adoption of industrial multiprotocol gateways is the increasing demand for preventive maintenance. These gateways enable the collection and analysis of real-time data from connected devices and systems, allowing predictive maintenance strategies. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
A wireless sensor network essentially includes spatially distributed autonomous devices that leverage sensors to monitor any physical asset or environmental condition. It mainly comprises nodes, gateways, and software. The nodes are used to monitor the physical asset or the environment to collect data with the help of sensors and are then transmitted to gateways.
Moreover, there is a growing popularity for wireless protocols due to the increasing need for efficient and seamless connectivity resulting in the the emergence of several specialized protocols. Furthermore, there is an increasing need for multiprotocol gateways fuelled by the growing need to harness the full capabilities of protocols, keep track of the operations of different protocols while working together, and determine the range, throughput, security, latency, resilience, flexibility, and power consumption. Hence, such factors will drive the market growth during the forecast period.
End-users are more prone to cyberattacks due to the increasing penetration of digitization and the addition of multiple Internet protocol gateways. The main challenge is keeping up with the security measures as per the development of cyber security attacks. There is a significant evolution in cyber threats with hackers devising new methodologies for cyberattacks due to the introduction of ransomware and distributed denial of service (DDoS) attacks.
For instance, ransomware attacks comprise the hacking of a system that hackers deem essential for a particular party, followed by the demanding of a ransom in return from the concerned party. Furthermore, IoT gateways are more prone to cyberattacks as they provide hackers with multiple points for access, making them a highly vulnerable target. Hence, such actors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
The remote monitoring segment is estimated to witness significant growth during the forecast period. The remote monitoring segment comprises the development and implementation of software applications that enable real-time monitoring and control of industrial networks from remote locations. In the remote monitoring segment, companies specifically design applications that allow uninterrupted connectivity and communication between industrial devices and gateways, enabling users to remotely monitor and manage their industrial processes.
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The remote monitoring segment was the largest segment and was valued at USD 97.07 million in 2017. These applications collect and analyze data from sensors, machines, and other connected devices by leveraging technologies such as cloud computing, the Internet of Things (IoT), and data analytics. There is increasing adoption of remote monitoring applications across businesses in order to gain valuable insights into the performance, efficiency, and health of their industrial networks in real-time. Some of the key parameters that can be monitored by the remote monitoring segment include temperature, pressure, flow rate, and other critical metrics to ensure optimal operation and identify any potential issues or anomalies. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on end-user, the segment is classified into process industries and discrete industries. Due to the growing adoption of digital and IoT solutions, there has been a significant increase in the number of connected processes in the process industry which has increased the operational complexity in the process industry Additionally, there has been a significant rise in the deployment of remote monitoring solutions in process industries including oil and gas, power, and chemical and petrochemical, which has increased the need for efficient communications. There is an increasing adoption of digital and IoT devices such as wearables and drones in the oil and gas industry, resulting in an increase in the number of connected devices. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 35% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the global industrial multiprotocol gateways market in North America is the the increasing adoption of smart manufacturing and industrial automation technologies. The main purpose of the industrial multiprotocol gateways is that they serve as a bridge between various industrial protocols, facilitating seamless communication and interoperability between different devices and systems.
In addition, the growing demand for IIoT solutions is fuelling the market growth in the region. Several industrial organizations are increasingly deploying IoT solutions due to the rising need for real-time data monitoring and analysis in order to enhance operational efficiency and productivity. Furthermore, the growing requirement for interoperability across different industrial protocols is positively impacting the market growth. hence such factors are driving the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global industrial multiprotocol gateways market witnessed a significant slowdown due to supply chain disruptions, factory closures, and a decline in new projects in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in end-user industries. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers industrial multiprotocol gateways under the brand name Ability, that uses IoT technology to simplify existing gateways to monitor all downstream low and medium-voltage devices via the cloud or an on-premise system.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Advantech Co. Ltd., Cisco Systems Inc., HMS Networks AB, Honeywell International Inc., Intel Corp., International Business Machines Corp., Larsen and Toubro Ltd., Moxa Inc., MSA Safety Inc., Novus International Inc., Pepperl and Fuchs SE, SWYCS, Artila Electronics Co. Ltd, Kessler Ellis Products, Multi Tech Systems Inc., Samsara Inc., San Telequip Pvt. Ltd., Softing AG, and Atop Technologies.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The industrial multiprotocol gateways market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Industrial Multiprotocol Gateways Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.7% |
Market growth 2023-2027 |
USD 177.16 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.25 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Advantech Co. Ltd., Cisco Systems Inc., HMS Networks AB, Honeywell International Inc., Intel Corp., International Business Machines Corp., Larsen and Toubro Ltd., Moxa Inc., MSA Safety Inc., Novus International Inc., Pepperl and Fuchs SE, SWYCS, Artila Electronics Co. Ltd, Kessler Ellis Products, Multi Tech Systems Inc., Samsara Inc., San Telequip Pvt. Ltd., Softing AG, and Atop Technologies |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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