02-Mar-2022 | Zion Market Research
The global IoT sensors market was worth around USD 8.5 billion in 2021 and is estimated to grow to about USD 27.9 billion by 2028, with a compound annual growth rate (CAGR) of approximately 27.9% over the forecast period. The report analyzes the IoT Sensors market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the IoT Sensors market.
One of the most significant and exciting technology areas nowadays is the Internet of Things (IoT). Sensors, in general, are devices that recognize and respond to alterations in their external environment. IoT sensors can detect and measure a variety of physical phenomena including pressure and heat. IoT sensors are widely employed in today's society in a variety of industries. IoT sensors are becoming increasingly important for increasing operational efficiency, lowering costs, and boosting worker safety.
The global IoT sensor market is growing at a rapid pace. An increase in internet penetration rate and a rise in demand for wearable as well as connected devices are some of the major factors that are fostering the growth of the global market. In addition to this, the increase in adoption of industry 4.0 in developed as well as developing countries has led to an increase in IoT deployments which in turn is fueling the demand for IoT sensors. Also, government initiatives for the development of smart cities are boosting the demand for IoT sensors. All these factors are ultimately driving the growth of the market. Moreover, the rise in demand for wireless data is also contributing to the growth of the market. Further, the rise in the application of IoT sensors in the automotive as well as the healthcare sector is fueling market growth. Furthermore, technological advancements and innovative product launches are some of the factors that may lead to numerous opportunities for the growth of the market during the forecast years. However, concerns regarding data security may hinder the growth of the market.
Browse the full “IoT Sensors Market By Sensor Type (Magnetometer, Gyroscope, Inertial Sensor, Image Sensor, Touch Sensor, Temperature Sensor, Pressure Sensor, Humidity Sensor, Flow Sensor, Accelerometer, And Others), By Network Technology (ZIGBEE, Z-WAVE, NFC, RFID, Wired, Wireless, And Others), By Vertical (Industrial, Consumer, And Commercial, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/iot-sensors-market
The global IoT sensors market is divided based on network technology, sensor type, vertical, and region. Based on the network technology, the global market is categorized into wireless, wired, RFID, NFC, Z-WAVE, ZIGBEE, and others. The sensor type segment comprises accelerometer, flow sensor, humidity sensor, pressure sensor, temperature sensor, touch sensor, image sensor, inertial sensor, gyroscope, magnetometer, and others. Among these, pressure sensors and temperature sensors segments are projected to register rapid growth during the forecast period. Based on the vertical, the market is dived into commercial, consumer, industrial, and others.
North America holds nearly 35 percent of the share in the global IoT sensor market. This is attributed to the vast adoption of IoT sensors in connected cars, smart homes, wearable electronics, smart cities, connected health, smart retail, smart grids, smart farming, smart supply chains, and the industrial internet. Besides this, the use of IoT sensor-based devices in home applications has grown significantly in the past couple of years in the region which is strongly contributing to the growth of the market. The market in Asia Pacific is predicted to grow at the fastest rate during the forecast period. The emerging economies in the region such as India, China, Japan, South Korea, and Australia are among the major IoT sensor user countries. The demand for IoT sensors is more in the well-established consumer electronics, automobiles, and healthcare sectors. This region has emerged as a global hotspot for large-scale investments and corporate growth.
Some of the dominant players that are operating in the global IoT sensor market include STMicroelectronics, NXP Semiconductors, Broadcom, TE Connectivity, Texas Instrument, Omron, Analog Devices, Infineon Technologies, TDK, and Bosch Sensortec, among others.
Global IoT Sensors market is segmented as follows:
By Sensor type
By Network Technology
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