Surpassing the market value of US$ 16 Bn in 2018, the global sales of IoT sensors is poised for a whopping 24% CAGR during the course of next decade. Industry’s shift from legacy systems to advanced IoT enabled systems for utmost reliability and accuracy of data is creating potential growth opportunities for the IoT sensors market. Smart city initiatives, fueling the demand for smart lighting, smart meters, smart parking, smart payment systems, connected vehicles, and smart waste management practices will remain among the key factors propelling the growth of IoT sensors market. A new Persistence Market Research (PMR) report forecasts an impressive growth outlook for the global IoT sensors market during 2019-2029.
Key Takeaways - IoT Sensors Market Study
- As compared to other developing regions, sales of IoT Sensors are anticipated to be higher in the countries of East Asia
- In terms of value, the connected cars application segment is identified as the fastest growing segment in the forecast period of 2019-2029
- Lack of IoT data security and increasing data and bandwidth connectivity issues are key challenges for manufacturers in the IoT sensors market
- Demand for IoT Sensors from the automotive & transportation sector is anticipated to witness a CAGR of 31% during the forecast period
Manufacturers in the IoT sensors market should be eying profits in the healthcare sector. Spectacular growth in demand for wearable electronics such as hearing aids will present promising opportunities to IoT sensors market players over the following years.
Who Is Winning in IoT Sensors Market?
The IoT Sensors market is highly fragmented with presence of many large and mid-sized regional players. Key players in the IoT sensors market focus on innovation and geographic expansion through partnerships, collaborations, and acquisitions of local and regional players in order to enhance their geographic footprint and product portfolio.
- In June 2019, Infineon Technologies, a Germany-based semiconductor manufacturer, announced the acquisition of Cypress Semiconductors to enhance its product portfolio and expand into the automotive, industrial, and IoT hardware markets.
Some of the key players in the IoT Sensors market include Bosch Sensortec, Texas Instruments, TDK (Invensense), TE Connectivity, Broadcom (Avago), NXP Semiconductors, STMicroelectronics, Infineon Technology, Analog Devices, Omron, Honeywell International, Siemens, General Electric, SmartThings and Murata Manufacturing.
Know More About IoT Sensors Market
PMR, in its new offering, provides an unbiased analysis of the global IoT Sensors market, analyzing historical demand from 2014-2018, and forecast statistics for 2019-2029. The study offers growth projections of the IoT Sensors market on the basis of sensor type (humidity sensors, temperature sensors, pressure sensors, accelerators, magnetic sensors, gyroscopes, inertial sensors, image sensors, proximity sensors, motion sensors, acoustic sensors and others), application (home automation, smart consumer appliances, traffic management, smart parking, intelligent payment solutions, smart vending machines, connected cars, ADAS, telemedicine, patient monitoring, precision farming, and others), vertical (consumer, automotive & transportation, manufacturing, smart city, consumer goods & retail, logistics & supply chain, media & entertainment, BFSI, government, and others), connectivity type (wired (copper and fiber) and wireless (Wi-Fi, Bluetooth, Zigbee, NFC, Cellular, and LPWAN)) and across seven major regions.
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Expert analysis, actionable insights, and strategic recommendations – Electronics & Smart Devices team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, & ICT, we offer a range of consulting and research services for businesses, with opportunities in the IT & telecommunication sector and wireless technologies. With the analytical capabilities of our in-house industry experts, we help clients to develop successful operation plans and effective strategies.