With technological advancement progressing every moment, today the security features with remote identification via the internet are possible. Popularly known as the Internet of Things (IoT), this a market in the world of Information Technology (IT), which in the near future is expected to attract high investment and generate higher revenue. Due to high demand for IoT, IT companies are getting clients from non-IT industry verticals like industrial, commercial, and consumer. IoT based devices include body wear, eyewear, footwear, neckwear, wrist wear, and others.
Market Research Future (MRFR) has published a research report about the global IoT sensor market that estimates 42% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023. In terms of cash, the amount of CAGR revenue is estimated to be close to US $ 40 bn. The key factor responsible for the growth of the IoT sensor market is the necessity of connected devices and the increasing adoption of smart devices and wearables. Smarter IoT devices that are nominally priced are being preferred in various industries and institutions. Due to nominal prices, more and more industry verticals are implementing IoT sensors every day. The manufacturing and distribution of IoT sensors are receiving aid from the government which makes them “in-demand” across industries.
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Latest Industry News
• CenTrak has announced the transfer of select assets of Awarepoint to its subsidiary Clinical Patents LLC (CPLLC). This transfer will expand CenTrak’s market-leading IoT Location and Sensing services with the addition of Bluetooth Low Energy (BLE) sensor technology. Awarepoint technology has been installed in hundreds of prominent hospitals and clinics throughout North America. It leverages hundreds of thousands of IoT sensors and tags.
• Analog Devices, Inc. (ADI) announced the acquisition of Symeo GmbH, a privately held company based in Munich, Germany, specializing in RADAR hardware and software for emerging autonomous automotive and industrial applications. Symeo’s innovative signal processing algorithms will enable ADI to offer customers a significantly improved RADAR platform with angular accuracy and resolution.
Major Key Players
The key players in the global IoT sensors market are 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) and Texas Instruments Incorporated (USA).
According to Market Research Future Analysis, IoT sensor market has been valued at approx. USD 40 Billion by the end of forecast period with 42% of CAGR during forecast period 2017 to 2023.
This report segments the regions in the global IoT sensors market into the Asia Pacific, North America, Europe and the rest of the world (RoW). The estimation accounts highest market share with North America during the forecast period due to technological advancements and increasing demand for IoT sensors. In North America, maximum demand and usage of IoT sensors is in Canada and the United States of America (USA). Asia Pacific market is expected to grow at the fastest rate during this period. In the Asia Pacific, due to the reasons same as USA, biggest market for IoT sensors is in China, India, Japan and South Korea, followed by remaining countries of Asia Pacific. After the Asia Pacific, Europe stands on the world map as the third biggest market for IoT sensors where maximum demand, supply, usage and key industry players are in France, Germany, Italy and the United Kingdom (UK).
The global IoT sensors market has been segmented into the component, network technology, type, and vertical. Component-based segmentation of global IoT sensor market covers hardware platform and software platform. Primary segmentation of hardware includes consumer devices, energy management, fire protection systems, lighting control systems and security & access control systems. Other segments of hardware are consumer appliances, wearable devices, set-top boxes, smart TVs, home theatre projectors, and next-generation game consoles. Examples of consumer appliances include a smart dishwasher, smart oven, a smart refrigerator and smart washing machine. Software platforms are segmented into application security, data management, location analytics, network security, network bandwidth management, real-time/ streaming analytics and remote monitoring system.
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- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Chip designers and fabricators
- Original equipment manufacturers (OEMs)
- Semiconductor Companies
- Embedded system companies
- Consumer Electronics Manufacturers
- Sensor Manufacturers
- Technology Providers
- Telecommunication companies
- Government Bodies
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