IoT Sensor Market to Register a CAGR of 25.32% During the Forecast Period
Increasing use of sensors in IoT
applications due to cost and size reduction, and technological advancement influence
the global IoT Sensor market through 2027F.
According to
TechSci Research report, “IoT Sensor Market – Global Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2017-2027”. The growth of internet penetration
rate and high demand for connected and wearables devices are anticipated to
drive the growth of the global IoT sensor market and is forecast to grow at an
impressive CAGR of 25.32% during the forecast period.
Sensors are finding use in
automotive, healthcare, and consumer products as sensor sizes shrink and micro
electromechanical systems (MEMS) technology becomes more widely adopted. This
has had a significant impact on the sensor market's overall growth. During the last five years, smaller sensors have
rapidly been deployed in devices such as smartphones, drones, wearables, and
robots.
Increasing demand for
Industrial IoT (IIoT) integration in sectors that require sensor-based
measurements for observations and decision support is expected to drive the
growth of the IoT sensor market during the forecast period. Furthermore,
supportive government initiatives, as well as high investment in IoT projects
around the world, provide lucrative opportunities for the growth of the IoT
sensor market. Governments around the world are funding and investing in
IoT-related innovations, as the government sector is expected to be one of the
largest potential customers of IoT. Governments are looking for advancements
and innovations in critical areas such as smart traffic management systems,
energy conservation via smart meters, and security system enhancements via
smart cameras. Furthermore, governments are funding new IoT research projects
in order to develop smart cities. This assistance is expected to be critical in
the growth of the IoT in the coming years.
Browse over 119 market data Figures spread through 70 Pages and an
in-depth TOC on "Global
IoT Sensor Market"
The global IoT sensor market is
segmented based on sensor type, application, network type, region, and competitive
landscape. On the basis of sensor type, the market is segregated into pressure
sensor, temperature sensor, light sensor, chemical sensor, motion sensor, and other
sensors (touch sensor, proximity sensor). Out of these, the pressure sensor segment
registered a market share of 21.99% in 2021, which has dominated the market due
to the rising demand for energy-efficient pressure sensors for consumer
electronics, automotive, and portable healthcare wearables. The Application
type segment is divided into industrial automation, connected & smart home,
smart cities, healthcare, retail, connected cars, aerospace & defense, smart
agriculture, others (smart energy, smart supply chain). Furthermore, in terms
of region, the global IoT sensor market is segmented into North America, Europe,
Asia Pacific, MEA, and South America.
Key market
players in the global IoT sensor market include:
- Texas Instruments
- Broadcom Corporation
- ST Microelectronics
- TE Connectivity
- NXP Semiconductors
- Analog Devices, Inc
- InvenSense, Inc
- Omron Corporation
- Murata Manufacturing
- Microchip Technology, Inc.
- onsemi
- Infineon Technologies AG
The market's
competitive landscape is extremely fragmented. To strengthen their market
positions, market players are focusing on strategies such as partnerships,
joint ventures, product innovation, R&D, and geographical expansion.
On the basis of
region, the market is divided into North America, Europe, Asia Pacific, MEA,
and South America. Among all regions, APAC is expected to
have the highest CAGR during the forecast period. This market has been
researched for India, China, Japan, South Korea, Australia, and the rest of
APAC. APAC is an important market for consumer electronics, automobiles, and
healthcare products. This region has emerged as a global hub for large
investments and business expansions.
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“With the
emergence of smart cities, car-to-car connectivity and modern fleet management
are likely to enter the market, thereby, offering significant opportunities to
the IoT sensors. This has resulted in fast innovation and the adoption of smart
sensor technology, increasing the demand for IoT sensors. The automotive sector
across the globe is transforming into an autonomous phase with recent business
collaborations and joint ventures among system integrators, chip makers,
automotive giants, and others”. said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“IoT Sensor Market -
Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast,
2017-2027, Segmented
By Sensor Type (Pressure Sensor, Temperature Sensor, Light Sensor, Chemical
Sensor, Motion Sensor, Others (Touch Sensor, Proximity Sensor)), By Application
(Industrial Automation, Connected & Smart Home, Smart Cities, Healthcare, Retail,
Connected Cars, Aerospace & Defense, Smart Agriculture, Others (Smart
Energy, Smart Supply Chain)), By Network Type (Wired, Wireless), By Region”, has
evaluated the future growth potential of Global IoT Sensor Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities present in global IoT sensor market.
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