Fast Market Research announces the availability of the new Markets and Markets report, "Wireless Sensor Network Market - Global Forecast to 2023", on their comprehensive research portal
Boston, MA -- (SBWIRE) -- 07/17/2017 -- Wireless Sensor Network Market by Offering (Hardware, Software, Services), Sensor Type, Connectivity Type, End-user Industry (Building Automation, Wearable Devices, Healthcare, Automotive & Transportation, Industrial), and Region - Global Forecast to 2023
"Wireless sensor network market is expected to grow at a CAGR of 18.55% between 2017 and 2023."
The overall wireless sensor network (WSN) market was valued at USD 29.06 billion in 2016 and is expected to reach USD 93.86 billion by 2023, at a CAGR of 18.55% between 2017 and 2023. The growth of this market is propelled by the development of cheaper, smarter, and smaller sensors; expanding market for smart and wearable devices; increasing need for real-time computing of applications; and surge in demand for IoT sensors for various applications such as sensing, recognition, and interpretation. However, factors such as rising concerns regarding security and privacy of network platforms and lack of standardization of protocols for devices to be able to communicate with each other, share data, or form an intelligent network act as restraints for the growth of the wireless sensor networks market.
Get More Details on this Report and a Full Table of Contents at Wireless Sensor Network Market - Global Forecast to 2023
"Ambient light sensors held the largest market share in 2016"
Ambient light sensors have built-in photodiode, which controls display luminosity depending on ambient brightness, thereby saving battery life. Building automation has witnessed a significant growth in the past 10 years as automation offers high-performance buildings with improved energy efficiency, low operating cost, and better indoor environment for occupants. Ambient light sensors are used in automatic doors and access systems, elevators, escalators, and lighting control systems. Building automation is one of the fastest-growing application areas for ambient light sensors. Due to the extensive usage of these sensors in building automation, ambient light sensors held the largest share of the wireless sensor network market in 2016.
"Market for NFC is expected to grow at a high rate between 2017 and 2023."
In comparison with other wireless technologies, NFC is a customized technology as it combines the interface of a reader and a smartcard into a single device. It enables two-way interactions between electronic devices, especially smartphones, allowing users to access digital content, make contactless payment transactions, and connect and share information between IoT-enabled electronic devices. NFC connectivity ICs are widely used in industries such as healthcare, building automation, and wearable devices.
"Wireless sensor network market in APAC is expected to grow at a high rate between 2017 and 2023"
The global IoT market is growing at a high rate; in line with this, the market for IoT nodes and gateways in APAC is expected to grow at a higher rate compared with the market in other regions as majority of the global population is concentrated in APAC. Owing to this, the number of new M2M connections per year, the demand for smart consumer devices, and the need for industrial revolution is higher in this region. IoT applications seem to have more opportunities to improve the standard of living and revolutionize the industrial sector in APAC due to the large population in some of the developing economies such as China, India, and Thailand in APAC, along with issues related to healthcare and energy management. In addition, investments by the government in the development and modernization of businesses in China and India are incorporating more IoT elements.
The building automation industry is a major contributor to the growth of the market in North America. Some of the key providers of building automation solutions, such as Honeywell International Inc. (US), United Technologies Corporation (US), and Hubbell, Inc. (US), are based in this region and are actively involved in product launches, acquisitions, and partnerships to expand their market reach. This is driving the growth of the wireless sensor network in North America.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants has been given below.
-By Company Type: Tier 1-25 %, Tier 2-25%, and Tier 3-50%
-By Designation: C-Level Executives-25%, Manager Level-35%, and Others (Sales, Marketing, and Product Managers)-40%
-By Region: North America-50%, Europe-30%, APAC-10%, and RoW-10%
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