Pune, India -- (SBWIRE) -- 12/10/2019 -- IoT Sensor Market Research Report- Global Forecast 2023

Market Highlights

The global IoT sensor market is creating a strong base and is ready to expand at a whopping CAGR of 42% during the forecast period 2017-2023. The market is also likely to reach a valuation of USD 40 Billion by 2023, reveal Market Research Future in its in-depth study conducted.

Market Drivers & Key Challenges

The global market for the IoT sensor market is getting substantial traction as its use is percolating around information and communication industry across the world. The market is booming due to there has been increasing demand from various industry verticals like commercial, consumer and industrial. At the same time, there is also an escalating need for real-time computing of applications, which has also been witnessed to be the prime factor impacting the market to expand considerably.

At present, Texas instruments are leading the internet of things market and are considered to be the technology leader in IoT applications, which is yet another essential factor leading the market to reach the greater heights during the forecast period. Apart from this, with booming mobile communication, the growth of IoT sensors market extracts quite a well share and is, therefore, to attain a higher growth rate in the coming years.

Another foremost factor driving the growth of IoT sensor market is the developing need for connected devices and swelling adoption of smart devices and wearables. The development of cheaper and smarter internet of things sensor is one major factor responsible for driving the growth of IoT sensor market. As the prices are affordable, the implementation of IoT sensors is increasing day by day across various industry verticals. Supportive initiatives from government are another factor driving the growth of IoT sensor market.

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Segmentation:

The IoT sensor market has been segmented by the elements of component, type, network technology, and vertical.

In terms of type segment: Proximity sensor, acoustic sensor, temperature sensor, pressure sensor, flow sensor, humidity sensor, inertial sensor. As an add on, touch sensor, image sensor, motion sensor, occupancy sensor, CO2 sensor, accelerometer, magnetometer, gyroscope, and others are also the segments. Among these, the pressure sensor market is likely to occupy the largest market share of the IoT sensor market owing to the mounting applications of IoT sensors in various sectors like healthcare, industrial automation, transportation, and consumer electronics.

In terms of component: It is segmented into the hardware platform. Among this, the elements of Energy Management, Lighting Control Systems, Fire Protection Systems, Security & Access Control Systems, and Consumer Devices are the sub-segments.

In terms of Network Technology: LonWorks, Ethernet, Modbus, KNX, and Digital Addressable Lighting Interface are the segments.

In terms of vertical: Consumer and Healthcare are the segments.

Regional Outlook

The regional analysis of the IoT sensor market is being done among the key regions such as Asia Pacific, North America, Europe and the Rest of the World.

It has been perceived that North America is likely to own the largest share of the market, whereas Asia-Pacific is anticipated to expand at the fastest rate during the assessment period. The chief growth in the IoT sensor market in North America is accredited to technical advancements and mounting demand for IoT sensors across various applications in that region. Also, North America to display moderate growth during the forecast period with the presence of significant market leaders. Asia Pacific recorded to have generated a revenue of US$ 74.5 Bn in 2018 and is estimated to emerge as a leading region in the global internet of things (IoT) market during the assessment period. China has the world's largest IoT market, as it boasts 64 percent of the 1.5 billion global cellular connections, including the rapidly growing Mobile IoT licensed LPWA technologies2.

In the last, the European Union in Europe has an important role to play in boosting business of the IoT. IoT interventions are progressively common in advanced economies, which is expanding the market incredibly. The companies in MEA have started focusing on implementing connected devices across diverse end-use industries, which includes healthcare, retail, transportation, and more.

Key Players

The well-known players in IoT sensor market are listed as STMicroelectronics N.V. (Switzerland), TE Connectivity Ltd. (U.S.), Honeywell International, Inc. (U.S.) Sony Corporation (Japan), Analog Devices, Inc. (U.S.), Broadcom Limited (U.S.), Robert Bosch GmbH (Germany), Johnson Controls International Plc. (Ireland), Infineon Technologies Ag (Germany), Texas Instruments Incorporated (U.S.), and to name a few.

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Global IoT Sensor Market, By Component (Hardware, Software), By Type (Proximity, Acoustic, Temperature, Pressure, Flow, Humidity, Inertial, Image, Motion, CO2, Gyroscope, Occupancy, Magnetometer), By Network Technology, By Vertical - Forecast 2023