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IoT Sensor Market Size

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

The market for Internet of Things (IoT) sensors is constantly changing, and different factors affecting it are all growing. One important consideration is the rising need for smart, connected devices across many industries. Now that industries and consumers are catching on to the advantages of IoT applications, gathering and transmitting data requires sensors. Sectors from healthcare to manufacturing, agriculture and transportation are all gearing up for the new wave with increased demand in each of them brought about by a desire to maximize efficiency through data gathered via sensors.
Another powerful force in the market is ongoing improvements in sensor technology. As the capabilities of sensors are continually developing--becoming increasingly precise, consuming less power and offering more communications options--use phones spreading all around. As manufacturers and developers are constantly innovating, sensor solutions become increasingly sophisticated yet cheaper at the same time. These technological developments are becoming more widespread, stimulating the development of IoT sensor industry. This is an excellent investment opportunity for enterprises that want to stay ahead in their field.
The significance of IoT to economic growth and increased efficiency is recognized by governments and regulatory bodies all over the world. Therefore they are developing policies and standards for the responsible, secure deployment of IoT equipment such as sensors. These regulations are becoming an important consideration for businesses, and whether they decide to introduce IoT sensor solutions depends on this factor.
Another market force pushing forward the growth of IoT sensors is increasing demand for real-time data analytics. Companies are increasingly turning to data-based insights from which they can draw decision making advantage. The IoT sensors are a key element in collecting and transmitting real-time data to organizations, for which they can track changes in time and respond appropriately. Predictive maintenance in the industrial field, or health monitoring for sick people--in either case the ability to sense and analyze data all together has been a leading driver of this huge market.
In addition, environmental sustainability and energy efficiency are becoming hot topics. This is affecting the use of IoT sensors to a certain extent as well. Industries strive to reduce their environmental impact and use resources systematically. They contribute in the form of smart energy management, effective waste disposal and environmentally friendly agriculture. With more businesses restructuring to conform with environmentally friendly habits, the need for environmental protection sensors is increasing ever further.

Covered Aspects:

Report Attribute/Metric Details
Market Size Value In 2022 USD 38.25 Billion
Market Size Value In 2023 USD 51.19 Billion
Growth Rate 17.79% (2023-2030)

Global IoT Sensor Market Overview

The IoT Sensor Market Size was valued at USD 51.6 Billion in 2023. The IoT Sensor industry is projected to grow from USD 53.1 Billion in 2024 to USD 150.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.10% during the forecast period (2024 - 2032). 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

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