IoT Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 09/08/2016 -- The age of sensor technology is upon us. The internet of things (IoT) is steadily gaining momentum and today it has converged with market forces in the automobile industry to expand the landscape of the sensor technology. The development of cheaper, smarter, and smaller sensors has fueled their use in many applications. The growing market for smart devices and wearables and the need for real-time computing of applications have increased the use of IoT sensors in various applications. Supportive government initiatives, role of sensor fusion concept in IoT sensors, and the deployment of IPv6 have led to a boom in the IoT sensors market. IoT sensors are found in industrial control systems, smart mobile devices, automotive systems, healthcare, climate monitoring, and even in oil exploration applications, thus driving their demand.
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According to a report published by Transparency Market Research (TMR), the global IoT sensors market was valued at US$4.90 bn in 2014 and is expected to reach US$34.75 bn by 2023, expanding at a high CAGR of 24.5% between 2015 and 2023.
How are governments across the globe supporting the deployment of IoT sensors?
Government initiatives, especially in countries such as India, Japan, Italy, and China have greatly supported the deployment of IoT sensors. The government support and initiatives for smart cities, smart transportation, smart meters, and smart grids are fuelling the demand for IoT sensors.
The IoT has vast implications for local government institutions as well as international governing bodies. Billions of physical devices are expected to join the global network in the coming years, providing a number of opportunities for planners, policymakers and regulators. Governments across the globe are heavily investing in R&D activities to enable innovation across all areas of science, technology, and projects relating to IoT. All these factors will ensure a continued growth of the IoT sensors market.
Which application will prove lucrative for the market for IoT sensors in the forthcoming years?
The consumer electronics application vertical of the IoT sensors market is expected to lead in the coming years owing to the growing use of internet in smartphones, televisions, and laptops. Further, the growing demand for wearables such as fitness trackers, smart glasses, and smart watches is fueling the growth of the consumer electronics segment. The increasing popularity of smart consumer appliances such as dishwashers, washing machines, ovens, and robot vacuum cleaners is also boosting the demand for IoT sensors.
What are the recent developments in the IoT sensors industry?
On June 2016, at the Sensors Expo, California, Libelium launched ten new kits for the IoT marketplace with applications for smart cities, buildings, water management, and environmental control.
InvenSense Inc. has partnered with Thundersoft Software Technology Co., Ltd to accelerate the development and innovation in the IoT and smart hardware segments in China. Such developments are expected to increase the deployment of IoT technology in China and fuel the demand for IoT sensors.