IoT Sensors Market Scope
A sensor is a device, which is able to detect changes in an environment. By itself, sensors are useless, but when using it in an electronic system, it plays a key role. A sensor is able to measure a physical phenomenon (including temperature, pressure, and so on) and convert it into an electric signal. IoT is one of the most important and promising technological topics today. Around us, there are smartphones, wearable’s, and other devices, all of which use sensors. Nowadays, sensors play an important role in human’s everyday life and in IoT. Sensors monitor health status (e.g. a heartbeat), air quality, home security, and are widely used in the Industrial Internet of Things (IIoT) to monitor production processes. In fact, there are many types of IoT sensors and an even greater number of applications and use cases.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Texas Instruments (United States), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Broadcom Corporation (United States), Bosch Sensortec (Germany), Tdk (Invensense) (United States), Infineon Technologies (Germany), Analog Devices (United States) and Omron (Japan) |
CAGR | % |
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global IoT Sensors market throughout the predicted period.
Texas Instruments (United States), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Broadcom Corporation (United States), Bosch Sensortec (Germany), Tdk (Invensense) (United States), Infineon Technologies (Germany), Analog Devices (United States) and Omron (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Sensirion (Switzerland), SmartThings (United States), Monnit (United States), Honeywell (United States), Siemens (Germany), General Electric (United States), Murata Manufacturing (Japan), Sensata Technologies (United States), Silicon Laboratories (United States) and Libelium (Spain).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global IoT Sensors market by Type , by Application (Consumer, Home Automation, Smart City, Wearable Electronics, Commercial, Retail, Aerospace & Defense, Logistic & supply chain, Entertainment, Financial institutes, Corporate offices, Industrial, Energy, Industrial automation, Transportation, Healthcare, Smart Agriculture and Others) and Region with country level break-up.
On the basis of geography, the market of IoT Sensors has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In December 2022, Ericsson and Aeris Communications, a leading provider of Internet of Things (IoT) solutions based in San Jose, California, have signed an agreement for the transfer of Ericsson’s IoT Accelerator and Connected Vehicle Cloud businesses.
In May 2019, STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications, is launching SensorTile.box to help everyone from young people to expert designers discover the power of IoT and quickly understand how they can easily collect and send sensor information to the cloud.
Influencing Trend:
There Is a Significant Increase in the Trend of Automation
Market Growth Drivers:
Increased use of Sensors in IoT Devices and Other Applications Owing to Their Reduction in Size, Plummeting Costs, and Technological Advancements, Rapid Growth in Internet Penetration across the Globe, Upsurging Demand for Connected and Wearable’s Devices and Importance of Real-Time Computing for IoT Applications
Challenges:
Lack of Common Protocols and Communication Standards and Shortage of Technical Know-How to use IoT Devices
Restraints:
Data Security Concerns Hampers the Growth of the Market
Opportunities:
Industry 4.0 Is Expected to Open Lucrative Opportunities for the Market, Supportive Government Initiatives and Funding for IoT Projects, Benefits of Implementation of a Predictive Maintenance Program for IoT Applications and Emerging Need for Cross-Domain Collaborations
Key Target Audience
IoT Sensors Manufacturers, IoT Sensors Raw Material Suppliers, IoT Sensors Traders/Distributors, IoT Sensors Importer/Exporter, Upstream & Downstream Vendors, End Users, Regulatory & Government Bodies and Others