Global IoT Sensors Market Insights, Trends, Driving Factors, Focus Points, Potential Markets, Developments, Company Share Analysis, and Forecast 2019 – 2028
Global IoT sensors market was valued at US$ X.x Mn in 2018 and is anticipated to be valued at US$ X.X Mn in 2028. The global IoT sensors market has been divided based on type, network technology, application, and region.
IoT Sensors: Introduction
Internet of things (IoT) is a network of physical devices, vehicles, and other items embedded with electronics, software, sensors, actuators, and connectivity which enables individuals to connect collect, and create data that improve efficiency and reduce human efforts. IoT sensor is one of the components that are used in smart cities in smart grids, intelligent traffic management systems, smart meters, smart parking, among other applications.
IoT Sensors Market Growth Factors – Supporters and Restraints
Growing automotive industry across the globe, coupled with increasing adoption of IoT sensors in the automotive industry are major factors anticipated to fuel global IoT sensors market growth. In addition, growing demand for consumer electronics such as smart TVs, smart homes, and smartphones are other factors expected to further propel the target market growth to a significant extent. Moreover, increasing consumer awareness regarding reasonable consumer electronics in various countries and increasing sales of electronic products are other factors expected to boost growth of the global market. Ongoing technological advancements and high inclination towards new and high-end technologies and integration of enhanced versions of technologies in various equipment or devices across several industries are factors that are anticipated to propel target market growth in the years to come.
However, lack of common protocols and communication standards, high power consumption by connected devices, and limited bandwidth issues in some developing locations are major factors that could restrain the global market growth.
Trends and Future Opportunities:
The ongoing macro trend in the target market is that the adoption of IoT sensors is increasing at a faster pace for various applications including in smart cities, smart parking, smart meters, intelligent traffic management systems, etc. This is anticipated to continue to gain popularity for the next upcoming years and support market growth.
Stringent policies in order to safeguard the systems or data from hacking, and rising adoption of IoT in numerous application by various SMEs and large-scale enterprises, and continuous advancements in industries, especially healthcare, electronics, and automotive are major factors that can create potential opportunities in terms of revenue for existing players in the target market in the future.
Analysis by Segmentation: IoT Sensors Market
By Network Technology:
The wireless network technology segment is projected to grow at a comparatively faster rate, among the two below mentioned segments. The wired network technology is estimated to dominate in the market owing to cost-effectiveness feature.
The pressure sensor type segment is anticipated to register significant CAGR over the 10-year forecast period, due to increasing concerns regarding road safety, comfort levels, and reduction in automobile emissions.
The consumer electronics segment is estimated to record significant share in terms of value, attributable to increasing adoption of consumer electronics such as smartphones, smart homes, smart TVs, etc.
Analysis by Region: IoT Sensors Market
The market in North America is anticipated to dominate in the target market in terms of value and consumption/ adoption, due to increasing adoption of Internet-based technologies, wireless sensors, and networks, and trend of early adoption of new technologies across various industrial verticals in countries in this region. In addition, the market in Asia Pacific is projected to register significant CAGR in terms of value over the 10-year forecast period, due to improving industrial infrastructure, and rapidly growing electronics and healthcare industries in this region.
The target audience for the global IoT sensors market includes major semiconductor companies, consumer electronics manufacturers, technology providers, original equipment manufacturers (OEMs), machine-to-machine (M2M) companies, IoT-based companies, telecommunication companies, embedded system companies, and sensor manufacturers.
Global IoT Sensors Market Segmentation:
Segmentation by Network Technology:
- Wired Network Technology
- Wireless Network Technology
Segmentation by Type:
- Pressure sensors
- Temperature sensors
- Light sensors
- Others (proximity sensors, acoustic sensors, motion sensors, radar sensors, etc.)
Segmentation by Application:
- Consumer electronics
- Building automation
- Others (financial institutes, entertainment, transportation, energy, etc.)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- STMicroelectronics N.V.
- Texas Instruments Incorporated
- TE Connectivity Ltd.
- NXP Semiconductors N.V.
- Bosch Sensortec GmbH
- TDK Corporation
- Analog Devices, Inc.
- SmartThings Inc.
- Honeywell International Inc.
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