Report Code : BII 967 Jan-2022 Information & Technology Format : PDF Pages : 213
Increasing demand for integration of Industrial IoT (Iao) in sectors that demand sensor-based measurements for observations and decision support purposes to projected to drive the expansion of the IoT sensors market in the forecast period. Wearable technologies, such as wireless earphones and smartwatches, are becoming gradually popular, with technology becoming an essential part of the modern wardrobe that is further anticipated to drive the market's growth over the upcoming years.
Smart City initiatives are being implemented in various countries throughout the world as urbanization and population grow. Smart lighting, sensors, smart meters, and other connected devices are helping to improve the functionality and efficiency of infrastructure and other services. The growing number of smart homes, smart infrastructures, smart manufacturing, and Industry 4.0 projects is expected to change business models, boosting industry growth during the forecast period.Concerns over data security, on the other hand, are expected to hinder the expansion of the internet of things (IoT) sensor market throughout the forecast period.
According to Business Intelligence Insights “ The global IOT sensors market" is expected to grow from USD 8,210.50 million in 2021 to USD 58794.12 million by 2030, at a CAGR of 27.90% during the forecast period 2022-2030
The unanticipated outbreak of Covid 19 has had a positive influence on market growth. COVID-19 has laid the groundwork for more adoption of IoT devices, which will boost the size of the IoT Sensor Market.
Sensors in the supply chain and production facilities are expected to be used by the companies to forecast the future demand. This will help in the optimization of production, distribution, and sales, lowering costs and enhancing sustainability. In many countries, a series of lockdowns has resulted in harmful mental health consequences. It has motivated people to adopt healthier lifestyles, which has increased the market for IoT applications. By 2023, organizational and individual factors are predicted to drive the growth of the IoT sensor market. However, in the post-COVID scenario, internet of things (IoT) sensor market is projected to be significantly impacted.
By Network Technology:
Wireless category dominated the market with more than 50% of the market share
The wireless connectivity type segment is expected to hold a higher share of the market, accounting for more than 50% in 2021 during the forecast period. The increasing demand for wireless data from mobile devices, connected cars, and smart grids, among other things, need a more reliable internet connection. Furthermore, emerging advanced technologies such as 5G mobile technology are predicted to deliver significantly quicker internet access and coverage, presenting high growth potential for wireless network technology.
By Sensor Type:
Pressure sensors category dominated the market with more than 36.3% of the market share
The sensors type come in variety of forms such astemperature sensors, humidity sensors, pressure sensors, proximity sensors, acoustic sensors, magnetic sensors, inertial sensors, gyro sensors, accelerometers, and others. In the worldwide IOT sensors industry,among other sensor types, the pressure sensors segment is expected to be the most attractive. Also, regulatory standards requiring the installation of onboard diagnostics to reduce greenhouse gas emissions will assist to drive demand for pressure sensors, resulting in significant market growth.
By Sensor Type
By Network Technology
By Vertical
By Region
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Asia Pacific dominated the market with more than 35% of the market share
In both developed and emerging countries, the Asia-Pacific IOT sensors market grew rapidly.North America is presently the largest market for IoT sensors holding more than 35 percent of the global market share.Because of its established manufacturers and early adoption of IoT technology in numerous industries. On the other hand, North America is one of the major markets.Most firms in this region are highly depending on IoT to monitor the performance of their products, avoiding costly breakdowns and unwanted maintenance shutdowns.
Report Attributes |
Details |
---|---|
Market Size Value in 2021 | USD 8,210.50 million |
Market Size Value in 2030 | USD 58794.12 million |
Growth Rate | + 27.90% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2018-2020 |
Forecast Units | (USD Million) |
Countries Covered | North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE |
Segments Covered | By Sensor Type, By Network Technology, By Vertical, By Region |
Competitive landscape | Leading companies, Competitive strategies and Consumer engagement scope |
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