Industrial Multiprotocol Gateways Market by End-user (Process industries, Discrete industries) by Distribution Channel (Remote monitoring, Preventive maintenance, Product optimization): Size, Trends, Share and Growth Report | Forecast to 2028

Industrial Multiprotocol Gateways Market Analysis

The industrial protocol gateways market will experience rapid expansion over the next decade. Several factors will drive this. The most critical of these are advances in artificial intelligence, of which industrial multiprotocol gateways are a prime component. Hence, advancements in artificial intelligence and its latest trends and developments will have a far-reaching effect on the industrial multiprotocol gateways market.

Global Industrial Multiprotocol Gateways market is expected to provide cumulative growth opportunity equivalent to USD 3.13 billion between 2022 and 2028. The global Industrial Multiprotocol Gateways market has shown rapid recovery from sharp decline in 2020 and bounced back with almost 10.82% growth in 2021. The revenue garnered by the global Industrial Multiprotocol Gateways industry in 2021 stood at USD 269.99 million, which is likely to cross USD 587.54 million mark by the end of 2028.

Interesting Facts about Industrial Multiprotocol Gateways Industry

• Industrial Multiprotocol Gateways facilitate communication between device to device and device to cloud
• Global IoT node and gateway industry to generate revenue of over USD 750 billion by 2028
• Process industries dominated the Industrial Multiprotocol Gateways market with over 55% share in 2021
• Industrial Multiprotocol Gateways demand is dominated by the Remote monitoring application in 2021 with over 40% share
• S., Germany, UK, Japan, China and France are dominating economies in global Remote monitoring market
• Higher cost of installation of Industrial Multiprotocol Gateways is one of the potential factors holding back the growth of this industry

Increasing Adoption of AI in Industrial Sector

The year 2022 will be a critical time frame since this is the time when there will be the greatest advancements in artificial intelligence owing to several factors that are increasing the momentum of AI research. Leading technology company CEOs are already stating that AI progress will have a far greater effect on humankind’s advancement, which will be even greater than that of electricity.

This might seem to be a bold claim, but considering what is being achieved by AI, like cancer treatment developments, space exploration, and climate change mitigation, this is not an overly ambitious prospect.

It is hard to imagine the effects and the scale of the impact that AI will soon have. Very soon, AI-powered algorithms will make accurate decisions that will bring AI systems at par with human intelligence. Not only that, they will be able to make accurate decisions at a much faster rate than human beings. The implications are very profound, and the ramifications are enormous.

Rising Demand for Augmented Workforce

As it is, AI developments are giving rise to the concept of the augmented workforce. Although it has always been feared that robots will take the place of the human workforce, it is more likely that initially, at least, AI-powered robots and machines will work intelligently beside human beings. That is, AI-powered algorithms will boost workers’ cognitive abilities and performance.

Already, these abilities are being put to the test with impressive results. For example, in marketing, AI systems are helping to identify leads that have a greater likelihood of completing the sale. As a result, marketers can identify and work on valuable leads to boost their sales performance. In fact, AI tools even predict the value of sales that prospective customers will create.

Preventive Maintenance to Grow at Rapid Pace

Remote monitoring, Preventive maintenance and Product optimization are some of the key application areas for the Industrial Multiprotocol Gateways. In the field of engineering, AI is also creating a strong impact. For example, it helps with predictive maintenance. Consequently, human workers will be able to identify potential issues as they arise in machinery. AI will identify these issues before they can turn into serious problems like mechanical failure or breakdowns. As a result, there will be fewer stoppages and much lower downtime. This will lead to a higher rate of order fulfilment and thus much greater customer satisfaction.

Smart tools are emerging in just about every sector, vertical, and industry that you can imagine. It is hard to think of any sector that will not be profoundly affected in some way by AI. These developments will have a positive impact on the industrial multiprotocol gateways market.

ABB Group, Accton Technology, Advantech, Artila Electronics, ASUSTeK Computer Inc., Comptrol, Digi International, D-Link Global, Eaton, Elpro technologies, Emerson, Extreme Networks, hejm automation, HMS Networks, Honeywell, Lectronix Inc., Moxa Inc., Multi-Tech Systems, San Telequip Pvt. Ltd., Schneider electric, Siemens, Valmet and Wlink are some of the leading players in global Industrial Multiprotocol Gateways market.

Frequently asked questions about global Industrial Multiprotocol Gateways industry