Westford, USA, May 08, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global IoT Sensors Market will attain a value of USD 107.74 billion by 2031, with a CAGR of 28.60% over the forecast period (2024-2031). The automotive industry around the world is slowly transitioning to an era of autonomy. Recent business collaborations and joint ventures between cybersecurity providers, chip manufacturers and integrated systems reflect this shift. Vehicle connectivity is expected to be necessary for adequate vehicle-to-vehicle communication between types for 'decide' Visual, geographic, audio, and other data. As smart cities emerge, advanced Car2Car connectivity and fleet management is expected, therefore, making way for IoT sensors. This has led to rapid innovation and adoption of smart sensor technologies, increasing the demand for IoT sensors.
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Browse in-depth TOC on "Global IoT Sensors Market"
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Global IoT Sensors Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 14.40 billion |
| Estimated Value by 2031 | USD 107.74 billion |
| Growth Rate | Poised to grow at a CAGR of 28.60% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Application, Process and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rapid Evolution towards Edge Computing |
| Key Market Drivers | Rising Use of Sensors in IoT Applications |
Industrial Vertical Segment to Dominate Due to Improved Productivity
The industrial vertical emerges as a key force, indicating its current position and potential future growth. Industrial IoT (IIoT) has seen a phenomenal increase in usage. The segment accounts for more than 40% of its market share. The use of IoT sensors to manufacture products, monitor supply chains and perform maintenance has changed the way factories operate. This improves efficiency and reduces downtime. Companies are increasingly using IoT sensors to obtain real-time data, improve productivity, and make smarter choices.
Commercial Vertical Segment to Drive Market Due to the Improving Energy Efficiency
The fastest growing segment of the global IoT sensors market is the commercial vertical. This segment has a wide range of applications such as smart buildings, shops and healthcare. IoT sensors are increasingly being used to create intelligent connected environments in the commercial world. Sensors in smart buildings help improve energy efficiency, improve security and provide users with personalized experiences. IoT sensors help manage stock, communicate with customers and improve efficiency. Additionally, healthcare apps like remote patient monitoring and tracking contribute to rapid sector growth.
Asia-Pacific is Dominating Due to Growing Urbanization
Asia-Pacific stands out as a key force, exhibiting a strong market share and serving as a major hub for IoT sensor applications. The strength of the region is attributed to a mix of factors such as rapid industrial growth, urbanization and growing need for smart devices in countries like China and Japan. Also, they are leading in innovation due to their growing workplaces and focusing on smart cities. This leadership trend is set to continue, with the fastest growth in IoT sensor applications predicted. This means that more economic activity and new technologies are rapidly taking place in Asia Pacific.
North America is emerging as the fastest growing region in the global IoT sensors market. The region benefits from older industrial infrastructure, emergency networked devices, and most important infrastructure in the region. Many high-tech companies, particularly in the US, are making North America a hub for new IoT sensor technologies focusing on innovative theory and experimentation.
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Global IoT Sensors Market Insights:
Drivers
- Rising Use of Sensors in IoT Applications
- Escalating Demand for Interconnected Devices
Restraints
- Data Security Concerns
- High Cost of Sensors
Prominent Players in Global IoT Sensors Market
- Texas Instrument
- TE Connectivity
- Broadcom
- NXP Semiconductors
- STMicroelectronics
- Bosch Sensortec
- TDK (Invensense)
- Infineon Technologies
- Analog Devices
- Omron
- Honeywell
- Siemens
- General Electric
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Key Questions Answered in Global IoT Sensors Market Report
- What is the current IoT Sensors Market size?
- Who are the key players in IoT Sensors Market?
- Which region has the biggest share in IoT Sensors Market?
This report provides the following insights:
- Analysis of key drivers (Rising use of sensors in IoT applications, escalating demand for interconnected devices), restraints (data security concerns, high cost of sensors), opportunities (rapid evolution towards edge computing), influencing the growth of Global IoT Sensors Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Global IoT Sensors Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Global IoT Sensors Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
Related Reports:
Global Internet Of Things (IoT) Market
Global IOT In Healthcare Market
Global Industrial Internet Of Things (IIoT) Market
Global Narrowband-IoT (NB-IoT) Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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