IoT Sensors Market by Sensor Type (Pressure, Temperature, Humidity, Magnetometer, Gyroscope, Accelerometer, Image, Inertial), Network Technology (Wired and Wireless), Vertical (Consumer, Commercial, Industrial), and Geography - Global Forecast to 2023
Northbrook, IL -- (SBWIRE) -- 08/09/2018 -- IoT sensors refer to the sensors used in smart applications, which require connectivity, real-time analytics, and common connecting platform for collecting and analyzing data. It is a computing concept where every physical object is connected to the internet, and all such objects are able to communicate with each other.
The global IoT sensors market is expected to reach USD 22.48 billion by 2023 from USD 5.28 billion by 2018, at a CAGR of 33.60% during the forecast period. The growth of IoT sensors market is driven by the increased use of sensors in IoT devices and other applications owing to their reduction in size, plummeting costs, and technological advancements; introduction of 3 GPP Release 13 and Release 14 specifications; growth in internet penetration rate; high demand for connected and wearables devices; introduction of IPv6 creating larger address space; and importance of real-time computing for IoT applications.
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The IoT sensor market is undergoing many technological advancements due to the increased focus of companies on the technological enhancement of sensors. For example, in May 2018, STMicroelectronics announced high-accuracy MEMS sensors with 10-year product longevity for advanced industrial sensing. These sensors would be made available in 2018, and IIS3DHHC will be the first sensor of this category, which is a 3-axis accelerometer optimized for high measurement resolution and stability. In January 2018, Bosch Sensortec launched BMI088 MEMS sensors. These sensors are high-performance inertial measurement units (IMUs), and are specifically designed for drone and robotics applications. The sensors are suited for applications in high-vibration environments.
The market for the consumer vertical is expected to grow at the highest CAGR during the forecast period. The market is driven by the increased adoption of smart devices in smart homes, smart cities, and wearables. The technological developments are leading to the advancements in consumer electronics such as smart home appliances and smart TV. In addition to consumer electronics, cities are getting smarter with the implementation of IoT. Furthermore, the increasing involvement of domestic as well as multinational players to boost the IoT infrastructure has further fueled the growth of IoT worldwide, which would boost the demand for IoT sensors.
The IoT sensors market for wireless network technologies is expected to grow at a higher CAGR during the forecast period. The growing demand for wireless data from mobiles devices, connected cars, and smart grids, among others, are creating the need for more robust internet connection. Moreover, the factors such as the growing adoption of cloud platforms, and lower installation and maintenance costs compared to wired devices are also likely to propel the adoption of wireless network technologies.
The market in APAC is expected to grow at the highest CAGR from 2018 to 2023. The growing penetration of the internet across commercial as well as residential spaces, wide consumer base, increasing disposable income, and improving IT infrastructure are some of the key determinants supplementing the growth of the IoT sensors market in APAC.
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