Pune, India, Aug. 10, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Asia Pacific IoT gateway market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 4 billion by 2026.
An exponential rise in the number of smart city projects in India, Japan and China has propelled the market share. Government initiatives are expected to bolster cybersecurity, auguring well for IoT networks. Specifically, the Government of Japan introduced a new regulation in February 2020 to enable the government to test IoT devices.
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The trend for highly secure connectivity will be noticeable across the region, with stakeholders poised to up their investments in the IoT gateway solutions. For instance, the Government of Singapore came up with a guide in February 2019 vouching for IoT cyber securities.
Trends that will remain instrumental across the region are highlighted below:
Bluetooth connectivity technology to usher growth
Buoyed by the trend for ultra-high frequency (UHF) waves for a rapid data transfer, the penetration of the Bluetooth connectivity technology will be pronounced in the region. The expansion of industrial automation in South Korea and China has unlocked avenues of growth for the technology.
The Bluetooth connectivity technology segment accounted for around 40% of the Asia Pacific IoT gateway market share in 2019, with a projected CAGR of more than 15% through 2026. The integration of Bluetooth will spur the trend for easy communication and smart edge devices.
Multipoint control unit (MCU) components to be sought-after
Stakeholders have shown immense interest in multipoint control units in the wake of the trend for connected devices and smart homes. It is worth noting that these components provide high flexibility in single integrated chips. Besides, the need for data management functions, including storage, acquisition and diagnostics and secure connectivity has accentuated the demand for MCU components.
Leading companies are likely to pour funds into IoT connected wearables, such as glasses and fitness watches, among others. The multipoint control unit (MCU) component segment held more than 35% of the total APAC IoT gateway market share in 2019 and will expand at an impressive CAGR of 15% through 2026.
Healthcare sector to boost product adoption
The thriving healthcare industry has enthused confidence among IoT gateway solution providers. The healthcare sector has shown a profound inclination for IoT solutions to boost workflow, patient interactions and operational efficiencies.
Notably, robots have become a significant ally for non-invasive treatments and surgeries of patients. Prominently, Sysmex rolled out a surgical robot in December 2020 following the nod from the Japanese regulatory in August. The healthcare application segment accounted for more than 15% market share in 2019 and will expand at a strong CAGR of more than 20% through 2026.
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China to remain at the helm; India to follow suit
China is expected to remain at the helm in the production of IoT-enabled electronic devices. Notably, the Made in China 2025 initiative has augmented the domestic production of white devices, offering a reduction in the cost of raw materials & electronic components, including MCUs, sensors and processors. Based on revenue, the China held around 50% of Asia Pacific IoT gateway market share in 2019 and will grow at a strong CAGR of 15% through 2026.
India is likely to follow the suit with an exponential rise in high-speed connectivity and internet penetration. The Government of India has introduced favorable policies to bolster the Digital India program and boost IoT for broadband highway solutions.
Leading companies are expected to up their investments in IoT gateway solutions, with multipoint control units poised to set the trend across the Asia Pacific region.
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
