IoT Sensors Market - Industry and Forecast 2023

Albany, NY -- (SBWire) -- 08/01/2016 --The Internet of Things (IoT) is a network utilized via electronics, sensors, software, and network connectivity, enabling physical objects to collect and exchange data. In IoT, sensors play an important role, measuring various physical qualities of objects. IoT devices are primarily equipped with sensors that have the capacity to register changes in temperature, pressure, motion, sound, and light. In the physical world, many objects communicate with each other via embedded IoT sensors, tags, and actuators.

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The global IoT sensors market stood at US$4.9 bn in 2014 and is expected to reach US$34.7 bn by 2023, progressing at a 24.50% CAGR from 2015 to 2023. Factors such as the increasing demand for IoT sensors in the automotive industry, the rising demand for consumer electronics, and the increasing demand for smart devices are predicted to benefit the global IoT sensors market in the years to come. Hardware companies are concentrating on developing new technologies to enable IoT sensors to become unobtrusive. As per recent news, Optomec is set to organize the IDTechEx Show in Berlin in April 2016, where visitors can witness the latest innovations in the field of IoT sensors and other IoT products.

Temperature Sensors to Register Maximum Demand within IoT Sensors

Recently, Thinfilm partnered with Ypsomed, a Switzerland-based development company. Thinfilm specializes in using proprietary technology in printing processes to develop NFC chips. This technique is then used with numerous sensors to detect environmental phenomena and activities, the data about which is then captured through a smartphone and carried to the cloud. Thinfilm is set to introduce new IoT sensors, which will be used for digital imaging, interactive surface measurement, and motion detection.

Similarly, in the years to come, some companies are expected to present new IoT sensors that include new features. The global IoT sensors market is segmented on the basis of region, application, and type. Based on type, the global IoT sensors market is classified into accelerometers, gyroscopes, magnetometers, pressure sensors, light sensors, temperature sensors, and others. In 2014, the global IoT sensors market was dominated by the temperature sensors segment owing to their growing adoption in applications such as wearable devices for fitness programs, health monitoring devices, and devices for smart homes.

Based on application, the global IoT sensors market is classified into healthcare, building automation, retail, consumer electronics, and industrial. In 2014, in terms of revenue, the global IoT sensors market was led by the consumer electronics segment due to the increasing demand for consumer electronics such as smart TV sets and home appliances.

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North America and Europe Account for 60% of Global IoT Sensors Market

By geography, the global IoT sensors market is divided into North America, Asia Pacific, Europe, and Rest of the World. With a combined share of 60%, North America and Europe dominated the global IoT sensors market in 2014 and are expected to continue their dominance in the years to come. The increasing demand for IoT sensors in the healthcare industry and the consumer goods segment is predicted to propel the North America and Europe IoT sensors markets.