IoT Sensor Market to Register a CAGR of 25.32% During the Forecast Period

Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancement influence the global IoT Sensor market through 2027F.

According to TechSci Research report, “IoT Sensor Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”. The growth of internet penetration rate and high demand for connected and wearables devices are anticipated to drive the growth of the global IoT sensor market and is forecast to grow at an impressive CAGR of 25.32% during the forecast period.

Sensors are finding use in automotive, healthcare, and consumer products as sensor sizes shrink and micro electromechanical systems (MEMS) technology becomes more widely adopted. This has had a significant impact on the sensor market's overall growth. During the last five years, smaller sensors have rapidly been deployed in devices such as smartphones, drones, wearables, and robots.

Increasing demand for Industrial IoT (IIoT) integration in sectors that require sensor-based measurements for observations and decision support is expected to drive the growth of the IoT sensor market during the forecast period. Furthermore, supportive government initiatives, as well as high investment in IoT projects around the world, provide lucrative opportunities for the growth of the IoT sensor market. Governments around the world are funding and investing in IoT-related innovations, as the government sector is expected to be one of the largest potential customers of IoT. Governments are looking for advancements and innovations in critical areas such as smart traffic management systems, energy conservation via smart meters, and security system enhancements via smart cameras. Furthermore, governments are funding new IoT research projects in order to develop smart cities. This assistance is expected to be critical in the growth of the IoT in the coming years.

Browse over 119 market data Figures spread through 70 Pages and an in-depth TOC on "Global IoT Sensor Market"

The global IoT sensor market is segmented based on sensor type, application, network type, region, and competitive landscape. On the basis of sensor type, the market is segregated into pressure sensor, temperature sensor, light sensor, chemical sensor, motion sensor, and other sensors (touch sensor, proximity sensor). Out of these, the pressure sensor segment registered a market share of 21.99% in 2021, which has dominated the market due to the rising demand for energy-efficient pressure sensors for consumer electronics, automotive, and portable healthcare wearables. The Application type segment is divided into industrial automation, connected & smart home, smart cities, healthcare, retail, connected cars, aerospace & defense, smart agriculture, others (smart energy, smart supply chain). Furthermore, in terms of region, the global IoT sensor market is segmented into North America, Europe, Asia Pacific, MEA, and South America.

Key market players in the global IoT sensor market include:

• Texas Instruments
• Broadcom Corporation
• ST Microelectronics
• TE Connectivity
• NXP Semiconductors
• Analog Devices, Inc
• InvenSense, Inc
• Omron Corporation
• Murata Manufacturing
• Microchip Technology, Inc.
• onsemi
• Infineon Technologies AG

The market's competitive landscape is extremely fragmented. To strengthen their market positions, market players are focusing on strategies such as partnerships, joint ventures, product innovation, R&D, and geographical expansion.

On the basis of region, the market is divided into North America, Europe, Asia Pacific, MEA, and South America. Among all regions, APAC is expected to have the highest CAGR during the forecast period. This market has been researched for India, China, Japan, South Korea, Australia, and the rest of APAC. APAC is an important market for consumer electronics, automobiles, and healthcare products. This region has emerged as a global hub for large investments and business expansions.

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“With the emergence of smart cities, car-to-car connectivity and modern fleet management are likely to enter the market, thereby, offering significant opportunities to the IoT sensors. This has resulted in fast innovation and the adoption of smart sensor technology, increasing the demand for IoT sensors. The automotive sector across the globe is transforming into an autonomous phase with recent business collaborations and joint ventures among system integrators, chip makers, automotive giants, and others”. said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“IoT Sensor Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027, Segmented By Sensor Type (Pressure Sensor, Temperature Sensor, Light Sensor, Chemical Sensor, Motion Sensor, Others (Touch Sensor, Proximity Sensor)), By Application (Industrial Automation, Connected & Smart Home, Smart Cities, Healthcare, Retail, Connected Cars, Aerospace & Defense, Smart Agriculture, Others (Smart Energy, Smart Supply Chain)), By Network Type (Wired, Wireless), By Region”, has evaluated the future growth potential of Global IoT Sensor Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global IoT sensor market.

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