BANGALORE, Aug. 5, 2020 – IoT sensors are devices that take input from the physical environment and use built-in computing resources to perform predefined functions when specific input is detected, and then process data before it is passed on. IoT systems operate and use a variety of sensors to provide useful information and data.
The Global Internet of Things (IoT) Sensors market size was valued at 14.9 Billion USD in 2019 and is projected to reach 58.9 Billion USD by 2026, with a CAGR of 21.7% between 2020 and 2026.
Increasing use of IoT sensors in the automotive sector and booming industrial IoT sensors are major factors that are expected to increase the IoT sensor market size during the forecast period to develop.
The report includes a list of all main players on the market and a thorough overview of the strategies adopted by the companies..
TRENDS INFLUENCING THE IOT SENSORS MARKET SIZE
Rising demand for IoT integration in industries that involve sensor-based measurements for purposes of analysis and decision support is expected to increase the IoT market size during the forecast period.
Increasing use of area sensors for various manufacturing applications, from system assembly lines to testing and inspection, and continuous innovation and increasing smart sensor applications in multiple industries such as rubber, plastics, and textile sectors are some of the key factors driving the growth of the IoT sensor market.
Increasing demand for smart TV in the consumer electronics sector is exacerbating IoT sensor demand. Furthermore, the rapid adoption of the IoT sensor market is expected to increase the impelling demand of the IoT sensor market is the growing adoption of smartphones and associated items.
Narrowband Internet of Things (NB-IoT) integration will boost demand for IoT solutions across various industries, which, in turn, is expected to increase the market size during the forecast period.
IoT’s introduction in the automotive industry has opened new markets for carmakers and customers around the world. IoT has become a common hotspot for varied multifunctional applications in the automotive sector. IoT provides improved communication, monitoring, and distribution of data at any point of transport. This increased adoption of IoT sensors in the automotive sector is expected to increase the market size.
The incorporation of Artificial intelligence in the IoT sensors is expected to increase the market size during the forecast period. AI will assist in IoT data analysis in the following areas: data accuracy in time series, predictive and advanced analytics, data preparation, geospatial, and location real-time (logistic data).
IOT SENSORS MARKET SHARE ANALYSIS
North America holds the largest Market share during the forecast period. North is also the largest consumer of IoT Sensors, with a revenue market share of 34.95% in 2017. Most companies in this region are increasingly implementing IoT to keep track of their output to prevent expensive breakdowns or inefficient shutdowns during routine maintenance.
The second region is Europe, following North America, with a sales market share of 34.35% in 2017. Due to the growing innovation in smart homes and gaming applications, and the rising usage of IoT sensors in manufacturing industries, Europe has seen strong growth in recent times.
The Asia Pacific is expected to witness the highest growth during the forecast period. This rapid growth is attributed to the increasing demand from the automotive industry.
TOP COMPANIES IN THE MARKET
The Market is highly competitive, with multiple regional and international players.
Some of the top companies in the Market are
- Bosch
- Honeywell
- NXP
- Infineon
- Analog Devices
- Panasonic
- InvenSense
- TI
- Silicon Laboratories
- ABB Ltd
- STM
- TE Connectivity
- Huagong Tech
- Sensirion
- Zhonghang Electronic Measuring Instruments
- Vishay
- Hanwei Electronics
- Semtech
- Omron
- ABB
- Others.
IOT SENSORS MARKET BREAKDOWN DATA BY TYPE
- Pressure Sensor
- Environmental Sensor
- Optical Sensor
- Chemical Sensor
- Motion Sensor
- Others.
IOT SENSORS MARKET BREAKDOWN BY APPLICATION
- Smart Home & Wearables
- Smart Energy
- Smart Security
- Manufacturing
- Transportation & Logistics
- Healthcare
- Others.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-0F397/global-iot-sensors
