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- IoT Sensors Market Segmented By Humidity Sensor, Temperature Sensor, Pressure Sensor, Accelerators, Magnetic Sensor, Gyroscope, Inertial Sensor, Image Sensor, Proximity Sensor, Motion Sensor, Acoustic Sensor Types with wired and wireless Connectivity Type, applied in Home Automation, Smart Consumer Appliances, Telemedicine, Precision Farming, Patient Monitoring, Smart Parking
Sales of IoT Sensors to Gain Boost from Smart City Initiatives
IoT sensors are widely used in various applications from connected cars to traffic lights and smart homes. The interconnectivity between sensors and devices is that make up the IoT system has been witnessing growing demand with the accelerating smart cities initiative.
Early adopters of smart technologies were European cities of Barcelona and Amsterdam. Barcelona is a pioneer in the adoption of smart solutions for urban management, with public and private initiatives developing internationally recognized strategies and municipal projects.
Furthermore, New York, Boston, San Francisco and Chicago, are some of the major cities in U.S. to establish predictive analytics, monitoring air quality in congested areas, and embedding sensor nodes into light poles for the urban environment.
For instance, San Francisco is pioneered in smart parking system that help drivers to find parking among the 8,200 parking spots installed with sensors. Moreover, Chicago has installed array of sensors to record and respond to floods, traffic or safety incidents.
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- Bosch Sensortec
- Texas Instruments
- TDK (Invensense)
- TE Connectivity
- Broadcom (Avago)
- NXP Semiconductors
- Infineon Technology
- Analog Devices
- Honeywell International
- General Electric
- Murata Manufacturing
Heightened Prospects of Industrial Internet of Things (IIoT) Warrant Significant Sales of IoT Sensors
Rise in demand for integration of IIoT in industries that involve sensor-based measurements for analysis and decision support purposes boosts the growth of the IoT sensors market.
Increasing usage of area sensors for various applications in manufacturing, from system assembly lines to test and inspection, and continuous innovations and increasing applications of smart sensors in multiple industries such as rubber, plastics, and textile sectors are some major factors driving the growth of the IoT sensors market. Increasing adoption of building automation features in these industries is further creating growth opportunities in the IoT sensors market.
Thus, growing demand for automation in distinct process manufacturing industries is fueling the growth of the IoT Sensors market.
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Increasing Usage of IoT Sensors in Emerging Application Areas to Boost Market Growth
IoT sensors have become a crucial part of many of today’s businesses. These sensors help to identify potential problems in various industries, allowing businesses to perform predictive maintenance and avoid costly downtime. Data generated from these sensors can also be used to analyze trends, allowing business owners to gain insights into crucial trends and make informed evidence-based decisions.
The increasing usage of IoT sensors in smart homes, connected cars, wearable electronics, connected health, smart cities, smart retails, smart grids, smart supply chain, smart farming, and industrial internet is positively impacting growth of the IoT sensors market.
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Impact of Edge Computing in IoT Ecosystem to Benefit IoT Sensors Market
There is an explosive growth in the amount of data generated by IoT sensors. Processing and storing all the data over the cloud is becoming costlier and is often too slow to meet the end user requirements. Edge computing facilitates processing of device data closer to the source.
Tremendous amount of data generated by IoT sensors, along with new applications that require real-time computing power, continues to drive usage of edge-computing systems in the IoT space. Putting analytics, processing, and storage at the edge of IoT sensor equipment’s helps produce faster results in less time and at lower costs.
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South Asia Growing Highly Lucrative
The South Asia is witnessing high growth rate in the IoT Sensors market, during the forecast period, owing to significant rise in smart city projects, coupled with healthy growth in IoT devices, which is, in turn, projected to boost the demand for IoT sensors in these regions. Countries such as India and Malaysia have taken a lead, setting up R&D centers for the innovations focused on developing the ecosystem and rolling out smart cities pilot projects.
The major factors behind the high growth of IoT in South Asian counties include the rapid urbanization, increasing mobile penetration, and increasing manufacturing startups. Growing adoption of advanced IoT technologies, powered by digitalization, is projected to surge the growth of the IoT Sensors market.
The IoT Sensors market’s complete view has led our analysts to conclude that, the market for IoT sensors is growing at a remarkable rate. East Asia and North America among the regions is holding a large share of the IoT sensors market.
Among application segment, connected cars is expected to grow rapidly as the automobile manufacturing companies are heavily investing in IoT sensors for the production of connected and autonomous driverless cars. New product innovations and strong financial position of key market players will also give momentum to the IoT Sensors market.
Regional expansion and acquisitions of semiconductors manufacturing companies are some strategies opted by key players to boost their sales of IoT Sensors.
IoT Sensors Market: Segmentation
PMR’s research study on the global IoT Sensors market offers a detailed market taxonomy, wherein the key segments have been discussed in detail. The segmentation of the IoT Sensors market has been offered on the basis of sensor type, application, verticals, connectivity type, and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.
IoT Sensors Market: Key Questions Answered in Report
The research study on the IoT Sensors market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of users. Insights offered in the IoT Sensors report answer some of the most salient questions that assist the stakeholders in gauging all the emerging possibilities.
- How has the rapidly changing business environment turned into a major growth engine for the IoT Sensors market?
- How ensuring compliance with industry regulations is boosting the IoT Sensors market?
- What are the key trends that are constantly shaping the growth of the IoT Sensors market?
- Which are the prominent regions offering plentiful opportunities for the IoT Sensors market?
- What are the key differential strategies adopted by key players to command a significant chunk of the global market share?