Albany, NY -- (SBWire) -- 05/09/2018 --The global IoT sensors market is a highly competitive one with many leading companies competing against each other with variety of products, states Transparency Market Research (TMR) in a research report. The players in the market are working hard and are striving to gain a competitive edge over each other through the creation of novel and technologically advanced IoT sensors that will cater to the unmet needs of the consumers across the globe. The companies are incessantly focusing on research and development projects to present the market with the onset of competition and the urge to produce better products taking a huge turn. The leading companies in the market are Digi International Inc., ARM Holdings Plc., Libelium, InvenSense Inc., Ericsson, Honeywell International Inc., Robert Bosch GmbH, IBM, STMicroelectronics N.V., and Infineon Technologies.
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According to a TMR analyst, "The global market for IoT sensors is expected to witness an outstanding 24.5% CAGR from 2015 to 2023. In 2014, the market was worth US$4.90 bn and is projected to rise to a valuation of US$34.75 bn by the end of 2023."
Consumer Electronics to Remain Dominant Application Segment
In terms of applications, the global market for IoT sensors has been segmented into healthcare, consumer electronics, automotive, building automation, industrial, and retail. Consumer electronics surfaced as the leading contributor to the global market in 2014. Growing demand for consumer electronics such as smartphones, smart TV, and smart home appliances sets are fuelling the adoption of the approaches related to IoT and are getting linked. In entertainment electronics segment, IoT sensors assist users for establishing elastic media usage. Furthermore, growing awareness among customers and mounting demand for reasonable consumer electronics has led to the formation of promising circumstances for the consumer electronics market in developing regions such as the Middle East and Africa and countries like India. This is anticipated to present encouraging growth prospects to the global market in the years to come.
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