Global Protocol Conversion Gateway Market size was valued US$ XXMn.in 2019 and is projected to grow at a CAGR of 6.23% over 2020-2026, to account for US$ XXMn. in 2026.
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Global Protocol Conversion Gateway Market size
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A protocol conversion gateway is a device or software that converts from one protocol to another to permit communication between devices. Protocol converters are available as both physical hardware and virtual software. The software or hardware is mostly placed on the end-user device.
Looking forward, the market is expected to reach a value of US$ XX Mn. by 2026, expanding at a CAGR of around 6.23% during 2020-2026 thanks to the rapid penetration of technology in various industry. Demand for protocol conversion gateway is expected to increase during the forecast period, owing to an upsurge in the deployment of such solutions by organizations to effectively use their IT resources and reduce operational prices. The growing adoption of automation technologies by organizations to improve interoperability of initiative devices and the interactions between them are projected to drive the global protocol conversion gateway market over 2020-2026.
Growing Demand for the Automation Devices has Positively Impacted the Global Protocol Conversion Gateway Market Growth:
As per the MMR research, the global automation industry is expected to generate approximately US$ 212 billion at the end of 2021. Growing demand for automation entailsthe protocol conversion gateway, which can efficiently communicate with the devices & perform the designated actions. This is the major factor expected to fortify the growth of the global protocol conversion gateway market.
Key players in the global protocol conversion gateway market are more focused on enhancing their service and products offerings through the several strategic approaches. The major companies are competing by launching & upgrading product categories, including advanced protocol gateway. Such as Siemens Company recently declared the upgrade of PROFIBUS to PROFINET with a vision to converting the automation arena. By leveraging the PROFINET principles, the features of Ethernet accepts additional extension. It converges the benefits of both the practical industrial experience of PROFIBUS along the flexibility of ETHERNET. Furthermore, PROFIT NET provides additional benefits like single cable, flexible topologies for high performance of the system and various applications.
In recent years, some of the companies in the protocol conversion gateway market have taken several strategic measures, such as M&A, facility expansions and partnerships. In 2018, Advantech Company acquired 80% Stake of OMRON Nohgata to expand the localized service in japan and enhance Advantech’s revenues. With this acquisition, the company seems to effectively enhance the localized manufacturing services ability. Furthermore, Advantech envisions to further collaborate with OMRON Corp. in IoT platform.
The MMR report covers all segments in the Global Protocol Conversion Gateway Market such as type and applications. Among the applications, the industrial control segment was valued at US$ XX Mn. in 2019 and is expected to reach a value of US$ XX Mn. by 2026, with a CAGR of XX% during the forecast period. However, the telecommunication segment is expected to account for the largest XX% market share by 2026. Likewise, the MMR report provides an accurate prediction of the contribution of the various segments to the growth of the global protocol conversion gateway market size.
Geographically, Asia Pacificdominated the protocol conversion gateway market, with market size of US$ XX Mn. in 2019 and reach US$ XX Mn by 2026, with a CAGR of XX% thanks to economic growth, globalization, and rise in adoption of protocol conversion gateways in APAC. Trends of home automation and wearable devices systems have been adopted at a multiplied rate by the customers. Consequently, such automation systems need effective modes to communicate with another devices. Such a major demand is projected to boost the growth of the APAC protocol conversion gateway market.
Global Protocol Conversion Gateway Market RegionThe objective of the report is to present a comprehensive analysis of the Global Protocol Conversion Gateway Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Protocol Conversion Gateway Market dynamics, structure by analyzing the market segments and projects the Global Protocol Conversion Gateway Market size. Clear representation of competitive analysis of key players by End Use, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Protocol Conversion Gateway Market the report investor’s guide.
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Global Protocol Conversion Gateway Market
Global Protocol Conversion Gateway Market, by Region
• Asia Pacific
• North America
• South America
• Middle East & Africa
Global Protocol Conversion Gateway Market Key Players
• Samsara Networks
• Helium Systems
• Microchip Technology
• TE Connectivity
• Hewlett Packard Enterprise
• Cisco Systems
• Texas Instruments
• Artiza Networks
• NXP Semiconductors
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