Berg Insight: IoT Market Growing Rapidly
Berg Insight, a market research provider for machine-to-machine (M2M) technologies, has published new data about the market for cellular IoT gateways.
According to Berg, shipments of cellular IoT gateways are growing at a compound annual growth rate (CAGR) of 18.2%, and are expected to reach an annual total of 8.6 million by 2023.
Cellular IoT gateways are standalone devices intended for connecting M2M applications to a cellular network, including general-purpose cellular routers, gateways and modems.
The five main vendors of the technology, Cradlepoint, Sierra Wireless, Cisco, Digi International and Teltonika, generated around USD $375 million from IoT gateways in 2017, a number which is set to increase.
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Fredrik Stålbrand, IoT Analyst at Berg Insight, commented: “The average selling price for IoT gateways remains notably higher in North America compared to the European and the Asia-Pacific markets, primarily due to a higher share of feature-rich 4G LTE devices in the product mix.
“Several vendors are now starting to create strategies for specific vertical markets and have even introduced complete solutions including IoT gateways, peripheral hardware and applications as customers become more demanding in terms of product integration.”
Stålbrand also added that several large companies are now offering their customers “standardized devices”.