IoT Sensors Market is anticipated to worth USD 22,490 million by 2025, with a CAGR of 33.65%
Published | April 2019
According to BlueWeave Consulting, the global IoT Sensors market is anticipated to worth USD 22,490 million by 2025, with a CAGR of 33.65% during 2019-2025. The Global IoT Sensors Market is expected to grow at a significant rate during the forecast period, owing to the increasing demand for IoT sensors in the automotive industry. It is applied to increase the safety of the vehicle, anti-lock braking systems, and airbags, and even for assistance in the parking of vehicles.
Additionally, various governments across the globe encouraged smart city projects which will demand IoT sensors application in the application in smart energy meters, parking, and traffic management, which will boost the IoT Sensors market in the upcoming year. Moreover, the major factor driving the market growth is the rise in internet users along with high demand for connected and wearable devices, which are demanding real-time computing for IoT applications. Furthermore, increasing demand for IoT sensors in the healthcare industry for biosensors and implantable sensors, which reduce the cost of healthcare and provide access to better facilities, is accelerating the growth of the IoT Sensors market.
Besides, the rise in demand for consumer electronics such as smart devices such as Smart TVs, Smart Phones, smart electricity, and water meters, coupled with in-built Internet-based applications, is further impelling the global IoT market over forecast growth. Also, the rising demand for IoT sensors in manufacturing industries, the manufacturing sector, for minimizing the cost of manufacturing and the cost of maintenance coupled with used to reduce the consumption of energy and wastage of materials will contribute to IoT Sensors market growth during the forecast period. Moreover, the increase in demand for IoT sensors in the healthcare sector to monitor blood flow and blood pressure is propelling the market of IoT sensors. It is used in smartphones to detect the amount of light through wearable devices, in thermometers to monitor temperature, and blind-spot detection in vehicles will trigger the global IoT market over the forecast period.
Browse Detailed Analysis with TOC, “Global IoT Sensors Market Size, by Product Type (Pressure, Temperature, Humidity, Magnetometer, Gyroscope, Accelerometer, Image, Inertial), By Network Technology (Wired and Wireless), By Application (Consumer, Commercial, Industrial), by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Growth Potential, Trends Analysis, Competitive Market Size and Forecast, 2019-2025”
The gyroscope product type of IoT Sensors market is projected to be the leading segment of the overall market during the forecast period.
Based on Product type, the IoT Sensors market segmented into Pressure, Temperature, Humidity, Magnetometer, Gyroscope, Accelerometer, Image, and Inertial. Gyroscope dominates the global IoT Sensors owing to the demand for navigation routing applications in the automotive industry and consumer electronics. Temperature sensors will influence by growing its usage in manufacturing industries to monitor the temperature of machines and in the agriculture sector to monitor the temperature of the soil, water, and plants.
Wireless technology is expected to the leading segment of the overall IoT Sensors market during the forecast period.
Based on Network Technology, the IoT Sensors market segmented into Wired and Wireless. Wireless technology dominates the global IoT Sensors owing to the increasing demand for wireless networks in the automotive industry for the safety of vehicles, help in route, and positioning. Wired technology will trigger by its uses in the healthcare industry for high-speed access, comfortable, and security purposes.
Utilities are projected to lead the industry for utilizing the applications of the IoT Sensors during the forecast period.
Based on application, the Global IoT Sensors market segmented into Consumer, Commercial, and Industrial. By application type, the Industrial segment will lead the market owing to the growing need for internet-based networks in the automotive industry for security and high performance. The consumer segment will drive by rapid urbanization coupled with the demand for IoT based devices and home appliances.
North America accounts for the lion's share of the Global IoT Sensors market during the anticipated period.
Based on the region, the IoT Sensors market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the world IoT Sensors market over the forecast period owing to the increasing demand for IoT sensors in the automotive and manufacturing industry coupled with the government's initiatives for energy-efficient vehicles. The Asia Pacific is projected to be the fastest-growing market throughout the forecast period due to the increase in income in levels and the rapid pace of industrialization coupled with the demand for IoT based consumer devices and home appliances.
Global IoT Sensors Market Competitive Landscape
Companies such as Texas Instruments, TE Connectivity, Broadcom, NXP Semiconductors, STMicroelectronics, Bosch Sensortec, TDK, Infineon Technologies, Analog Devices, Omron, Sensirion, Honeywell, Siemens, General Electric, SmartThings, Monnit, Murata Manufacturing, Sensata Technologies, Silicon Laboratories, Robert Bosch GmbH, Invensense, Inc., and Libelium are the key players in manufacturing of IoT Sensors.