IoT Sensor Market Research Report- Global Forecast 2030

IoT Sensor Market Research Report Information By Type (Proximity, Acoustic, Temperature, Pressure, Flow, Humidity, Inertial, Image, Motion, CO2, Gyroscope, Occupancy, Magnetometer), By Vertical (Consumers, Industrial, Commercial), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“ Industry Size, Share and Trends Till 2030

ID: MRFR/SEM/2990-HCR | 100 Pages | Author: Ankit Gupta | February 2024         

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Global IoT Sensor Market Overview

The IoT Sensor Market Size was valued at USD 38.25 Billion in 2022. The IoT Sensor industry is projected to grow from USD 51.19 Billion in 2023 to USD 141.80 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 17.79% during the forecast period (2023 - 2030). An IoT sensor is a device that is connected to the Internet of Things (IoT) and is used to gather data or monitor physical or environmental conditions. The sensor collects data, which is then transmitted to an IoT platform or gateway for analysis, storage, and potentially, triggering an action.
IoT Sensor Market Overview
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

IoT Sensor Market Trends

  • Rising usage of sensors in IoT applications

Microelectromechanical systems (MEMS) technology and the fast reduction in sensor size have led to the widespread use of sensors in consumer, medical, and automotive devices. This has significantly contributed to the expansion of the sensors market. Smaller sensors have been increasingly incorporated into gadgets like smartphones, drones, wearables, and robotics during the past five years.

IoT Sensor Market Segment Insights

IoT Sensor Type Insights

The market segmentation, based on type, includes Proximity, Acoustic, Temperature, Pressure, Flow, Humidity, Inertial, Image, Motion, CO2, Gyroscope, Occupancy, and Magnetometer. The Pressure segment will dominate the market. Pressure sensors are widely used in a variety of applications such as HVAC systems, industrial automation, and consumer electronics. The increasing demand for these sensors in smart homes and building automation systems, along with their ability to provide real-time data, is expected to drive the growth of the pressure sensor segment in the market.

IoT Sensor Vertical Insights

Based on Vertical, the market segmentation includes Consumers, Industrial, and Commercial. The Industrial sector is anticipated to dominate the market over the forecast period. The increasing demand for IoT sensors in various industrial applications, such as process control, asset tracking, and predictive maintenance, is expected to drive the growth of the industrial segment.

Figure 2:  IoT Sensor Market, by Vertical, 2022 & 2030 (USD Billion)
 IoT Sensor Market, by Vertical, 2022 & 2030

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

IoT Sensor Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is a major player in the market and is expected to continue to dominate the market in the coming years. The region has a large number of manufacturers of IoT sensors and also a high demand for IoT solutions in countries such as China, South Korea, and Japan. The growth of the IoT industry in the Asia Pacific region is driven by factors such as the increasing adoption of connected devices, the growth of smart cities, and the increasing use of IoT sensors in various industries such as healthcare, manufacturing, and transportation.


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

IoT Sensor Key Market Players & Competitive Insights

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development such as new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the IoT Sensor industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the  IoT Sensor industry to benefit customers and expand the market sector. Major market players, including Texas Instruments, TE Connectivity, Bosch Sensortec, Honeywell, and others, are attempting to increase market demand by funding R&D initiatives.

Texas Instruments (TI) creates, produces, tests, and sells analog and embedded processing chips. It is divided into two sections: analog and embedded processing. Power, signal chain, and high-volume product lines are all part of the Analog category. The Embedded Processing section includes microcontrollers, microcontrollers with integrated wireless capabilities, stand-alone wireless connection solutions, digital signal processors (DSPs), and applications processors.

TE Connection is a manufacturer and seller of connectivity and sensor products. Its business is divided into three divisions: Transportation Solutions, Industrial Solutions, and Communications Solutions. The Transportation Solutions sector services the automotive, commercial transportation, and sensing markets by supplying terminals and connection systems and components, sensors, relays, antennas, application tools, and wire and heat shrink tubing. The Industrial Solutions category serves the aerospace, defense, oil & gas, industrial equipment, medical, and energy industries by providing solutions that connect and transfer power, data, and signals. The Communications Solutions division provides electronic components for the data, devices, and appliances industries.

Key Companies in the IoT Sensor market include

  • Texas Instruments

  • TE Connectivity

  • Silicon Laboratories

  • Libelium

  • Murata Manufacturing

  • General Electric

  • Monnit

  • Bosch Sensortec

  • Smart Things

  • Honeywell

IoT Sensor Industry Development

In July 2023, Bosch Sensortec and HopeRun Software signed a contract outlining their shared desire to cooperate and develop together. Sebastien Therond, Head of Business Strategy and Portfolio Management at Bosch Sensortec, and Liu Yang, Vice President of HopeRun, both attended the signing event. Through the launch of two development boards, the HH-SCDAYU200 and Neptune 100B, the partnership seeks to simplify the practical deployment of AIoT applications.

In June 2021, Libelium released a specific device that will help enhance the digitization of the industrial environment. The new products released by Libelium integrate most of the industrial protocols in a single device, these products are namely – RS-485, 4-20 mA, SDI-12 & RS-232. This version extends the IoT door to industrial contexts by enabling connectivity between any market sensor and any cloud, where the data can be studied and used to make judgments and actuate in accordance. By using the IDE and open-source API, the integration is made simple by tremendous flexibility.      

In March 2023, two new integrated circuit families, the xG27 family of Bluetooth systems on chips (SoCs) and the BB50 microcontroller unit (MCU), have been introduced by Silicon Labs, a pioneer in safe, intelligent wireless technology for a more connected world. These new families are intended for the lowest form factor IoT devices.

January 2023 Texas Instruments announced a partnership with TDK to develop the world's first sensor module with embedded edge AI and wireless mesh networking, the i3 Micro Module.

IoT Sensor Market Segmentation

IoT Sensor Type Outlook

  • Proximity

  • Acoustic

  • Temperature

  • Pressure

  • Flow

  • Humidity

  • Inertial

  • Image

  • Motion

  • CO2

  • Gyroscope

  • Occupancy

  • Magnetometer

IoT Sensor Vertical Outlook

  • Consumers

  • Industrial

  • Commercial

IoT Sensor Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 38.25 Billion
Market Size 2023 USD 51.19 Billion
Market Size 2030 USD 141.80 Billion
Compound Annual Growth Rate (CAGR) 17.79% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 & 2022
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Vertical, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Texas Instruments, TE Connectivity, Silicon Laboratories, Libelium, Murata Manufacturing, General Electric, Monnit, Bosch Sensortec, Smart Things, Honeywell
Key Market Opportunities The governments of many countries are supporting IoT innovations
Key Market Dynamics Continuous Increase of sensors used in IoT-driven applications

Frequently Asked Questions (FAQ) :

The IoT Sensor market size was valued at USD 38.25 Billion in 2022.

The market is projected to grow at a CAGR of 17.79% during the forecast period, 2023-2030.

Asia Pacific had the largest share of the IoT Sensor market.

The key players in the market are Texas Instruments, TE Connectivity, Silicon Laboratories, Libelium, Murata Manufacturing, General Electric, Monnit, Bosch Sensortec, Smart Things, and Honeywell.

The Pressure category dominated the market in 2022.

Industrial had the largest share in the global market for IoT sensors.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major playersโ€™ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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