IIOT Gateway for Utility Market Overview
IIoT Gateway devices are increasingly being used in the utility industry due to their ability to connect legacy devices and sensors to the internet and enable real-time data collection, processing and analysis. These gateways typically act as a mediator between the legacy devices and the cloud and provide a range of features such as secure connectivity, data storage, protocol conversion, edge computing, and remote management.
The global IIOT Gateway For Utility market Share has been growing significantly over the past few years. It is expected to reach USD 189.8 million by 2030, at a CAGR of 17.1% during the forecast period, 2022–2030.
Additionally, these gateways can be used to track and analyze data in order to identify patterns and anomalies, as well as to detect and diagnose issues. By leveraging IIoT gateways, utilities can gain deeper insights into their operations and use this data to make better decisions. The majority of financial services firms are increasing their AI and ML adoption in order to capitalize on data from digitally driven channels. Several companies in the insurance, banking, and asset management industries use it. This has resulted in the last decade’s emerging trend of the data-driven investments.
This, in turn, increased demand for high-frequency trading, also known as algorithmic trading. Such AI-powered trading systems analyze huge amounts of data faster than humans. As a result, AI and algorithms in financial services are opportunistic for market growth in the forecast period, as they enable market innovation.
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Opportunities
The Utility Market has always been focused on providing reliable and cost-effective services to its customers. However, with the increasing demand for energy and the rise of smart technologies, it has become necessary for utility companies to adopt new strategies to improve energy efficiency, reduce costs, and enhance customer experience. This is where the IIOT Gateway for Utility Market comes in.
An IIOT (Industrial Internet of Things) Gateway is a device that enables the communication and data exchange between industrial devices and the internet. In the Utility Market, an IIOT Gateway can be used to connect various sensors, meters, and other industrial devices to a central system, allowing for real-time monitoring and control of energy consumption.
IIOT Gateway for Utility Market Key Players
Intel Corporation (US), Cisco System, Inc. (US), Advantech Co., Ltd. (Taiwan), ASUS Tek Computer Inc. (Taiwan), Hewlett Packard Enterprise Co. (US), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany), Super Micro Computer, Inc. (US), NXP Semiconductors (Netherlands), and Dell Technologies Inc. (US).
IIOT Gateway for Utility Market Segmentation
The global IIOT Gateway for Utility market has been segmented on the basis of components, connectivity technology, application, and region.
By component segment, the market is further bifurcated into Microcontroller Units, Field Programmable Gate Arrays, sensors, Memory, and Others. Among these segments, the microcontroller unit segment garnered a high market value of USD 14.3 million in 2021.
Based on connectivity technology, the market is further bifurcated into Bluetooth, Wi-Fi, ZigBee, ethernet, z-wave, and others.
Based on the application, the market is further bifurcated into power utilities, gas utilities, water utilities, transportation, smart cities, and others.
Based on region the market has been segmented into North America, Europe, Asia-Pacific, Middle East, and Africa, and South America.
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IIOT Gateway for Utility Market Regional Analysis
The global IIOT Gateway for the Utility market has been studied across Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America accounted for the largest market share of USD 18.1 million in 2021. North America accounts for one of the largest market shares in the IIOT gateway for the utility market due to the presence of notable IIOT Gateway for Utility companies. The major players in IIOT Gateway for Utility have been working on the technology for well over the last many years.
Asia-Pacific is the fastest-growing market, and the Asia Pacific is expected to drive the market in the region. An increase in the integration of IoT technology in the utility industry is expected to create opportunities for the market in the Asia Pacific. Nearly 20 to 25% of the market’s growth will originate from Asia-Pacific during the forecast period.
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