ID: MRFR/SEM/2990-HCR | February 2021 | Region: Global | 100 pages
Market Synopsis of IoT Sensor Market:
Major giants like IBM Corporation and Texas Instruments are investing into IoT sensor market due to increasing demand from various industry verticals like commercial, consumer and industrial. Increasing need for real time computing of applications is one major factor fueling the growth of IoT sensor market. Texas Instruments is dominating the internet of things market and is considered to be the technology leader in IoT applications.
North America region holds the largest market share of global IoT sensor market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand for mobile communication and consumer electronics in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies.
IoT sensor market has been segmented on the basis of component, type, network technology and vertical. The type segment is further bifurcated into proximity sensor, acoustic sensor, temperature sensor, pressure sensor, flow sensor, humidity sensor, inertial sensor, touch sensor, image sensor, motion sensor, occupancy sensor, CO2 sensor, accelerometer, magnetometer, gyroscope and others. Out of which, the pressure sensor market is expected to hold the largest market share of the IoT sensor market. This is owing to the increasing number of applications of IoT sensors in various sectors like healthcare, industrial automation, transportation and consumer electronics.
Major factor driving the growth of IoT sensor market is the growing need for connected devices and increasing adoption of smart devices and wearables. Development of cheaper and smarter internet of things sensor is one major factor responsible for driving the growth of IoT sensor market. As the prices are cheap, the implementation of IoT sensors is increasing day by day across various industry verticals. Supportive initiatives from government is another factor driving the growth of IoT sensor market.
The global IoT sensor market is expected to grow at approx. USD 40 Billion by 2023, at 42% of CAGR between 2017 and 2023.
Key Players: The prominent players in IoT sensor market are – Texas Instruments Incorporated (U.S.), STMicroelectronics N.V. (Switzerland), TE Connectivity Ltd. (U.S.), Infineon Technologies Ag (Germany), Analog Devices, Inc. (U.S.), Broadcom Limited (U.S.), Robert Bosch GmbH (Germany), Johnson Controls International Plc. (Ireland), Sony Corporation (Japan), Honeywell International, Inc. (U.S.) among others.
Segments: IoT sensor market can be segmented on the basis of following:
Regional Analysis: The regional analysis of IoT sensor market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in IoT sensor market in North America is attributed to technical advancements and increasing demand for IoT sensors across various applications in that region.
Frequently Asked Questions (FAQ) :
Global IoT sensor market is projected to grow at approximately 42% CAGR during the assessment period (2017 -2023).
The valuation of the global IoT sensor market is estimated to increase to USD 40 BN by the end of 2023.
The growing need for connected devices and increasing adoption of smart devices & wearables, are major tailwinds pushing the growth of the global IoT sensor market.
North America holds the largest share in the global IoT sensor market, followed by the Asia Pacific region and Europe, respectively.
STMicroelectronics N.V. (Switzerland), Texas Instruments Incorporated (U.S.), TE Connectivity Ltd. (U.S.), Analog Devices, Inc. (U.S.), Infineon Technologies Ag (Germany), Broadcom Limited (U.S.), Johnson Controls International Plc. (Ireland), Robert Bosch GmbH (Germany), Sony Corporation (Japan), and Honeywell International, Inc. (U.S.), are some of the top players operating in the global IoT sensor market.