Dublin, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The "IOT Sensors Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The IoT sensors market is expected to see exponential growth in the next few years. It will grow to $27.38 billion in 2028 at a compound annual growth rate (CAGR) of 22%.
The anticipated growth in the forecast period can be attributed to several key factors, including the widespread adoption of 5G connectivity, the integration of edge computing, advancements in Artificial Intelligence (AI) and machine learning, a heightened focus on security and privacy, and the implementation of energy harvesting methods.
Notable trends expected to shape this period include miniaturization of sensors, the integration of multiple sensors for enhanced capabilities, the development of comprehensive IoT sensor ecosystems, increased use of sensors for environmental and sustainability monitoring, and the growing prominence of sensors in healthcare and wearable applications.
The integration of IoT in the automotive industry has ushered in new opportunities for both manufacturers and consumers globally. IoT has emerged as a prominent platform for multifaceted applications in the automotive sector, presenting enhanced communication, control, and efficient data delivery across transportation networks. Major industry players such as Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are investing increasingly in the development of smart cars, offering advanced features that promise healthier, more convenient, and enjoyable driving experiences. According to NASDAQ projections, driverless vehicles are anticipated to dominate the industry by 2030, underscoring the significance of IoT in the automotive and transport sectors in driving the growth of the IoT sensors market.
There are several types of IoT sensors, including temperature sensors, pressure sensors, humidity sensors, flow sensors, accelerometers, magnetometers, gyroscopes, inertial sensors, image sensors, and others. For instance, temperature sensors are used to monitor and automatically log the temperature of a ship. IoT sensors are employed across a wide range of areas, such as building automation, industrial applications, automotive applications, healthcare applications, retail and logistics applications, security applications, agriculture applications, and various other fields. These sensors are notably utilized in healthcare, automotive and transportation, manufacturing and industrial processes, and other applications.
The amplified use of IoT devices is foreseen to significantly contribute to the expansion of the IoT sensors market. IoT devices, encompassing non-standard computing hardware like sensors, actuators, and machines, form wireless connections to networks, allowing data transmission over the internet or other networks.
Integral to IoT devices, IoT sensors play a critical role in capturing data by detecting environmental changes. For instance, according to IoT Analytics GmbH, global IoT connections saw an 18% surge in 2022, amounting to a total of 14.3 billion active IoT devices. Hence, the escalating use of IoT devices will be a driving force behind the growth of the IoT sensors market.
Data security concerns pose a significant impediment to the growth of the IoT sensors market. As technology advances, the frequency of data intrusions has increased. Newly established IoT systems often lack proper safety requirements, hindering market growth. Enterprise data protection is crucial in the development of analytical solutions for numerous vertical applications. For example, researchers from Ruhr University Bochum identified a security issue in WhatsApp that could allow hackers to eavesdrop on private group chats. Forbes reported that in 2021, 97% of firms faced a cybersecurity breach within their supply chain, with 93% experiencing a direct cybersecurity breach. This emphasizes the importance of addressing data security concerns, anticipated to curtail the expansion of the IoT sensors market.
Artificial intelligence (AI) emerges as a pivotal trend in the IoT sensors market. AI plays a fundamental role in processing the vast amounts of data collected today, maximizing its value for companies. AI is pivotal in enhancing IoT data analysis across various domains, including time series accuracy, predictive and advanced analytics, data preparation, and geospatial and real-time location logistics.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
- Markets Covered:
- By Product Type: Temperature sensors; Pressure sensors; Humidity sensors; Flow sensors; Accelerometers; Magnetometers; Gyroscopes; Inertial sensors; Image sensors; Other Product Types
- By Application: Building Automation; Industrial Application; Automotive Application; Healthcare Application; Retailing & Logistics Application; Security Application; Agriculture Application; Other Applications
- By End-user Industry: Healthcare; Automotive and Transportation; Manufacturing / Industrial; Other End-Users
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: Country and regional historic and forecast data, market share of competitors, market segments.
Companies Profiled:
- Texas Instruments
- TE Connectivity
- NXP Semiconductors
- STMicroelectronics
- TDK Corporation
- Honeywell
- Sensata Technologies
- Broadcom
- Bosch Sensortec
- Analog Devices
- Siemens
- General Electric
- Robert Bosch GmbH
- Monnit
- Murata Manufacturing
- Sensirion
- Silicon Laboratories
- Asea Brown Boveri Limited
- Schneider Electric SE
- Qualcomm Technologies
- International Business Machines
- Canon Medical Systems
- Skyworks Solution Inc.
- Sierra Wireless
- Moxa Inc
- SmartThings
- Libelium
- Infineon Technologies
- Parametric Technology Corporation
- Intel
- Omron
- Cisco
- Oracle
- MongoDB
- GE Digital
- ARM IoT Security Company
- Vention
- Altoros
- Oxagile
- Innowise Group
- Style Lab IoT Software Company
- HQ Software Industrial IoT Company
- ScienceSoft
- DICEUS
- Huawei
For more information about this report visit https://www.researchandmarkets.com/r/o9y27w
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