The global IoT Node and Gateway market is expected to grow from USD 424.6 billion in 2024 to USD 604.7 billion by 2029, at a CAGR of 7.3%, according to a new report. Key growth drivers include increased IP address space provided by IPv6, the emergence of 5G technology, and the growing need for data centers.

Hardware Spotlight: Logic Devices
Logic devices in the IoT Node and Gateway market are expected to experience high growth due to their adaptability. These devices, featuring FPGA technology, offer enhanced customization and scalability. Tesla, for example, uses FPGAs in its Full Self-Driving computer to reprogram logic for autonomous driving.

BFSI Sector Growth
The BFSI (Banking, Financial Services, and Insurance) sector is projected to grow significantly during the forecast period. Technologies like mobile point-of-sale (mPOS) systems and kiosks are reshaping the market by providing convenience, reducing costs, and improving customer experience.

Consumer Electronics Lead in Market Share
Consumer electronics, such as smart TVs and home devices, dominate the IoT Node and Gateway market. These smart devices integrate advanced technologies, providing features like voice recognition and real-time data monitoring.

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North America Leads the Market
North America holds the largest share in the IoT Node and Gateway market, driven by smart city initiatives and a robust tech ecosystem. Key players like Intel, Texas Instruments, and Cisco contribute to the region's dominance in IoT innovation.