IoT Sensors Market to Reach US$34.75 Billion by 2023, Driven by Transformative Potential of IoT

Global IoT Sensors Market: Overview

Internet of Things (IoT) refers to a network that is implanted with network connectivity, electronics, sensors, and software aiding the gathering and exchanging of data via physical objects. With IoT becoming ubiquitous, sensors are emerging as a potential solution for determining the physical qualities of objects and converting it into a measurable value which can be later used by another user or device. Internet of Things systems are equipped with sensors that can register changes in sound, light, motion, temperature, and pressure. With IoT sensors, tags, and actuators now embedded in objects, communication has become more hassle-free.

The global IoT sensors market is likely to witness extensive growth over the next couple of years owing to the growing market for wearable and smart devices and the development of advanced, smarter, inexpensive, and smaller sensors. Mounting need for real time applications, deployment of Ipv6, and supportive initiatives by governments are further expected to fuel the deployment of IoT sensors IoT owing to the development of the healthcare infrastructure across the globe. However, complex architecture and bandwidth related limitations can hamper the growth of the market. 

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Internet of Things (IoT) is a network that is embedded with sensors, electronics, network connectivity, and software enabling physical objects to gather and exchange data. As IoT rises into dominance, sensors are playing a pivotal role for measuring the physical quality of objects and enumerating it into a value, which can be read by another device or user. IoT devices are equipped with sensors which are capable of registering changes in pressure, temperature, motion, light, and sound. In the physical world, more and more objects can now communicate with each other through embedded IoT sensors, actuators, and tags. The global IoT sensors market has been segmented on the basis of types, application and geography. In addition, an exhaustive cross sectional analysis of the global IoT sensors market across four broad regions has been covered under the scope of the study. 

A surge in demand for IoT sensors in the automotive industry and the booming Industrial Internet of Things (IIoT) market are strongly driving the growth of the IoT sensors market. Furthermore, increase in demand for consumer electronics and growing demand for smart devices is boosting the market growth. Smart devices account for a considerable portion of consumer electronics. Thus, increasing global sales of consumer electronics is fueling growth of the IoT sensors market. While smartphones and related products are already used to a large extent, smart electricity, gas and water meters are expected to witness rising demand over the next few years. The conjoint effect of all these trends and drivers is thus set to bolster the growth of the global IoT sensors market during the forecast period. 

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North America to Emerge as Leading Adopter of Internet of Things

Geographically, the global IoT sensors market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. In 2014, North America occupied the leading share and was closely trailed by Europe. Collectively these two regions accounted for over 60% in the global IoT sensors market in 2014. However, Asia Pacific is expected to register strong growth over the forthcoming years. The growth of the IoT sensors market in these regions can be attributed to the mounting demand for IoT sensors from the healthcare and consumer goods industries. Governments of developing countries such as China, India, and South Korea are promoting private and public partnerships to expand cloud services through the development of data centers and Internet of Things.

Some of the key players operating in the global IoT sensors market are STMicroelectronics N.V. (Switzerland), Infineon Technologies (Germany), IBM (U.S.), Honeywell International Inc. (U.S.), Robert Bosch GmbH (Germany),  Ericsson (Sweden), Libelium (Spain), Digi International Inc. (U.S.), InvenSense Inc. (U.S.), and ARM Holdings Plc. (U.K.) among others.

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