IoT Sensor Market is Anticipated to reach USD 141.80 billion, grow at a CAGR of 17.79% from 2023 to 2030
Research Reports
Aug 24, 2023
IoT Sensor Market Insights:
In 2022, the IoT Sensor Market Size was estimated to be worth USD 38.25 billion. During the forecast period (2023 – 2030), the IoT Sensor industry is anticipated to expand from USD 51.19 billion in 2023 to USD 141.80 billion. This represents a compound yearly growth rate (CAGR) of 17.79%. A device used to collect data or keep track of environmental or physical factors is known as an Internet of Things (IoT) sensor. Data is gathered by the sensor and sent to an IoT platform or gateway for analysis, storage, and maybe action triggering.
The ubiquitous usage of sensors in consumer, medical, and automotive equipment is a result of microelectromechanical systems (MEMS) technology and the rapid decrease in sensor size. This has had a substantial impact on the growth of the sensors market. Over the past five years, smaller sensors have been increasingly incorporated into devices including smartphones, drones, wearables, and robotics.
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Key Players:
- Texas Instruments
- TE Connectivity
- Silicon Laboratories
- Libelium
- Murata Manufacturing
- General Electric
- Monnit
- Bosch Sensortec
- Smart Things
- Honeywell,
are the notable vendors in the IoT Sensor market.
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IoT Sensor Market Regional Analysis:
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is a significant player in the market and is anticipated to maintain its dominance over the next few years. The region is home to several IoT sensor producers, and nations like China, South Korea, and Japan have a high need for IoT solutions.
The expansion of smart cities, the rising usage of IoT sensors across a variety of industries, including healthcare, manufacturing, and transportation, are all contributing factors to the growth of the IoT market in the Asia Pacific area.
IoT Sensor Market Segmentation:
Proximity, Acoustic, Temperature, Pressure, Flow, Humidity, Inertial, Image, Motion, CO2, Gyroscope, Occupancy, and Magnetometer are among the types of market segmentation. The market will be dominated by the Pressure category. Numerous applications, including HVAC systems, industrial automation, and consumer electronics, employ pressure sensors extensively. The pressure sensor market is anticipated to increase as a result of the rising demand for these sensors in smart homes and building automation systems and their capacity to offer real-time data.
Consumers, Industry, and Commercial are included in the market segmentation based on Vertical. Over the course of the forecast, the industrial sector is expected to dominate the market. The industrial segment is anticipated to rise because of the rising demand for IoT sensors in a variety of industrial applications, including process control, asset tracking, and predictive maintenance.
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To increase their product lines and fuel additional market expansion, the top industry players are spending a lot of money on R&D. Market participants are engaging in a variety of strategic measures to strengthen their presence alongside major market development such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations. Competitors in the IoT Sensor market must provide affordable products if they want to grow and prosper in a market environment that is becoming more competitive and expanding.
One of the primary business strategies used by manufacturers in the IoT Sensor industry to help customers and grow the market sector is local manufacturing to reduce operational costs. By supporting R&D activities, major industry players including Texas Instruments, TE Connectivity, Bosch Sensortec, Honeywell, and others hope to boost market demand.
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