Pleasanton, CA , Dec. 09, 2021 (GLOBE NEWSWIRE) -- The Global IoT Sensor Market is expected to grow from USD 9.5 Bn in 2020 to USD 54.0 Bn by 2027, at a CAGR of 28.2%.
IoT sensor market growth can be attributed to the rising demand for sensor-based measurements in industries such as manufacturing and business services. The market is growing as more smart sensors are used in manufacturing applications such as assembly and testing. The growth of the market is driven by innovation and increased applications of smart sensors in the rubber, plastics, and textiles industries. Increasing adoption of building automation in these industries is further posing growth opportunities for the IoT sensor industry.
Based on end user, the market is segmented into healthcare, automotive and transportation, manufacturing/industrial, and others. The automotive and transportation segment has a significant market share during the forecast period owing to the use of IoT sensors in various applications such as fleet management, connected cars, automotive maintenance system and others. Moreover, the emergence of autonomous and connected vehicles proliferates the demand for the IoT sensor market.
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The supportive government initiatives, as well as high expenditure for IoT projects across the globe, provide lucrative possibilities for the growth of the IoT sensor market. Governments across the globe are supporting and spending IoT-related innovations, as the government sector is likely to be one of the largest potential customers of IoT. Governments are looking for improvements and innovations in key areas such as smart traffic management systems, energy conservation through smart meters, and security system improvements through smart cameras. Moreover, governments are funding new IoT research projects for the development of smart cities. This support is expected to play a vital role in the growth of the IoT in the approaching years.
The lack of data security is one of the major restraining factors that limit the growth of the IoT sensor market. Although IoT has massive potential, there are issues concerning information privacy and security related to IoT devices. The IoT is completely data-driven. IoT-enabled devices and sensors generate a large extent of information per second. Companies and organizations use numerous sensors to monitor this information and make decisions based on the data. As they depend greater on machine-generated data for real-time business processes, it is important to make sure the authenticity of the data and the security, resilience, and reliability of the devices that accumulate data. As IoT connects several devices, it provides more decentralized access points for malware.
The key players operating in the IoT Sensor market are:
TE Connectivity, Texas Instruments Incorporated, NXP Semiconductors, Broadcom, Bosch Sensortec GmbH, STMicroelectronics, Infineon Technologies AG, TDK Corporation, OMRON Corporation, Analog Devices, Inc., Silicon Laboratories, Libelium Comunicaciones Distribuidas S.L., Murata Manufacturing Co., Ltd., GENERAL ELECTRIC, Monnit Corporation and Among Others
Global IoT Sensor Market by Region Outlook (Revenue, USD Million, 2021-2027)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, the Asia Pacific region is the fastest-growing region owing to the rapid industrialization and the largest contributor of raw material while countries like South Korea and China are technically advanced. Moreover, increasing mobile users coupled with the penetration of the internet significantly drive the market growth during the forecast period. For instance, according to the report by GSMA published in 2020, the unique number of mobile subscribers in the Asia Pacific region is 2.8 Bn where the number of internet users is 2.0Bn.
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The Global IoT Sensor Industry Segmentation:
Global IoT Sensor Market by Type Industry Outlook (Revenue, USD Million, 2021-2027)
- Temperature
- Pressure
- Humidity
- Flow
- Accelerometer
- Others
Global IoT Sensor Market by Network Technology Industry Outlook (Revenue, USD Million, 2021-2027)
- Wired
- Wireless
- Others
Global IoT Sensor Market by End User Industry Outlook (Revenue, USD Million, 2021-2027)
- Healthcare
- Automotive and Transportation
- Manufacturing/Industrial
- Others
Key Findings:
- Based on the type, the flow segment is growing at the fastest CAGR during the forecast period.
- Based on the end user, the automotive and transportation segment has a significant market share during the forecast period.
- Based on region, Asia Pacific is the fastest-growing region during the forecast period.
Recent News:
- In June 2020, TE Connectivity launched LVDT position sensors. In addition to these sensor types, there are custom solutions based on hydraulic requirements for ICT off-highway equipment and industrial machine tools.
- In December 2019, NXP Semiconductors announced the acquisition of the wireless connectivity assets from Marvell.
Other Topics:
- Industrial IoT Market
- Electronic Components Market
- Commercial Drones Market
- Automotive Active Safety Market
- Smart Lighting Market
- 360-Degree Camera Market
- Smart Home Market
