IoT Sensor Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4225
IoT Sensor Market size is expected to grow exponentially from 2019 to 2025 driven by its increasing applications in various sectors including automotive, manufacturing, and healthcare. In the automotive industry, these components are witnessing a high growth owing to the increased need for safety features in vehicles. The rising demand for these components in the manufacturing industry to reduce the cost of manufacturing and maintenance is fueling the IoT sensor market growth. The rapid development of smart cities has led to increased implementation of IoT sensors in the smart energy meters and parking & traffic management. The increasing importance of real-time computing technologies in IoT applications will increase the utilization of these sensors.
The demand for IoT technologies is increasing in small and medium-sized businesses to collect more detailed business insights through IoT devices. Companies operating in the IoT sensor market are introducing new smart sensors for industrial & enterprise applications. For instance, In November 2018, Texas Instruments launched a new range of smart sensors for use in industrial and enterprise IoT deployments. The increasing demand for wearable devices in the North American and European countries due to the growing concerns regarding health and fitness is driving the market growth.
IoT sensors are integrated into wearable and connected devices to monitor various elements such as temperature, pulse, and movement. The major factor hindering the IoT sensor market is the data security concern. The devices and components connected in the IoT network are utilized to make smart decisions. Another factor affecting the industry growth is the regular calibration of components with devices and network. Additionally, these components tend to underperform in the presence of humidity, air pressure, and other such atmospheric changes.
The IoT sensor market is gaining popularity due to its increasing adoption in small- and medium-sized businesses. It can be attributed to the features including predictive maintenance for IoT applications and devices. An upcoming trend in the industry is the introduction of IPv6, which is designed to provide larger address space during communication between devices. The availability of IPv6 is expected to support faster and efficient communication of connected devices.
In the IoT sensor market, wireless technologies are gaining high traction and the implementation of such technologies reduces the maintenance cost of the network. Features of these technologies provide ease and remote accessibility of connected components and devices. Additionally, the wireless technologies provide ease of relocation of connecting devices without any additional cost. Increasing uninterrupted high-speed internet connection is supporting the implementation of wireless technology in IoT components, leading to industry expansion.
The adoption of these components in smart cities applications is increasing due to the rising investments by governments in recent years. It is leading to the adoption of these components in various systems such as smart parking, smart lighting, water management, and traffic management, further driving the industry demand. The rising popularity of smart lighting due to the increasing need for energy-efficient lighting solution promotes the utilization of IoT components.
The North American region is witnessing a growth in the IoT sensor market due to the high adoption of smart solutions in various sectors such as health care, automotive, and industrial. The U.S. government has made significant investments in smart cities development, which will lead to the high implementation of these components, further supporting the industry demand. The demand for IoT consumer devices, such as security cameras and smart home devices, is increasing in the U.S. and Canada due to the growing concerns regarding household safety and comfort. Additionally, the growing number of internet users in the U.S. is supporting the adoption of IoT technologies, contributing to market development. Countries including Germany and France are expected to witness growth due to the increasing implementation of smart homes, wearable technology, and smart lighting business. These devices are integrated with smart lighting systems to control lighting conditions through smartphones and tablets.
The key players operating in the market include Infineon Technologies, Robert Bosch GmbH, Sensirion, Honeywell, Siemens, General Electric, Smartthings, Sensata Technologies, Libelium, and Murata Manufacturing. These players in the industry are focusing on M&A activities and partnerships & collaboration. Several players are highly investing in R&D to develop innovative products to strengthen the product portfolio and gain a competitive advantage. For instance, in May 2019, Sensirion announced the launch of CO2 sensors with a smaller footprint without compromising efficiency. In March 2019, Sensata Technologies announced the launch of an absolute hall effect sensor, which features an over-molded two-part modular construction that provides design flexibility.
The IoT sensor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2015 to 2025, for the following segments:
By Network Technology Type
By Sensors Type
- Temperature sensors
- Pressure sensors
- Humidity sensors
- Flow sensors
- Consumer electronics
- Wearable electronics
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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