Considering the rapid growth of science and technology, demand is growing for electronic security, especially regarding the security features with remote identification via the internet. Therefore, in the near future, the Internet of Things (IoT) is likely to attract high investment and generate higher revenue, adding a new chapter to the growth of Information Technology (IT) industry. It is the demand for IoT that is getting IT companies, clients from non-IT industry verticals like industrial, commercial, and consumer. As the variety rises, IoT based devices are becoming available as body wear, footwear, eyewear, wrist wear, neckwear, and others.
Market Research Future (MRFR) has published and released a research report about the global IoT sensor market that foretells expansion for this market at 42% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023. In terms of value, the amount of CAGR revenue has been calculated as close to US $ 40 bn.
The key factors driving the growth of the global IoT sensor market is the necessity of connected devices. Other factors contributing to the market growth are the increasing adoption of smart devices & wearables, increasing preference for nominally priced smarter IoT devices among various industries & institutions, and government aid with regards to manufacturing & distribution of IoT sensors. Therefore, their demand is increasing across different industries.
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Major Key players
- Analog Devices, Inc. (USA)
- Broadcom Limited (USA)
- Honeywell International, Inc. (USA)
- Infineon Technologies Ag (Germany)
- Johnson Controls International PLC. (Ireland)
- Robert Bosch GmbH (Germany)
- Sony Corporation (Japan)
- STMicroelectronics N.V. (Switzerland)
- TE Connectivity Ltd. (USA)
- Texas Instruments Incorporated (USA)
The global IoT sensors market has been segmented on the basis of network technology, component, type, vertical, and lastly, region. The Component-based segmentation of this market covers the hardware platform and software platform. Hardware can be primarily segmented into energy management, consumer devices, lighting control systems, fire protection systems, and security & access control systems. Other segments of hardware can be listed as consumer appliances, home theatre projectors, next-generation game consoles, set-top boxes, smart TVs, and wearable devices. Common examples of consumer appliances include a smart oven, smart dishwasher, smart washing machine, and a smart refrigerator. Software platforms have been segmented into data management, application security, location analytics, network bandwidth management, network security, real-time/streaming analytics, and remote monitoring system.
Based on network technology, the global IoT sensors market can be broadly segmented into wired network technology and wireless network technology. Wired network technology covers the Ethernet, digital addressable lighting interface, LonWorks, KNX (Konnex), and Modbus. Wireless network technology includes Bluetooth, EnOcean, and digital enhanced cordless telecommunications – ultra-low energy (DECT-ULE). Wireless network technology also covers Profibus, near-field communication (NFC), thread, radio-frequency identification (RFID), Wi-Fi, WHART, Z-Wave, ZigBee, and others.
During the forecast period, the Asia Pacific region is expected to emerge as the fastest growing regional market. Due to the reasons same as the USA, biggest country-specific markets for IoT sensors are India, China, Japan, and South Korea, followed by remaining countries of the Asia Pacific region. Europe is the third largest regional market. In this region, due to technological advancement, the maximum demand, supply, usage and the presence of key industry players can be seen in Germany, France, Italy and the United Kingdom (UK)
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