According to the report, global IoT sensors market was valued at around USD 7.51 billion in 2016 and is expected to reach approximately USD 27.38 billion in 2022, growing at a CAGR of slightly above 24% between 2017 and 2022.
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IoT is a network that is embedded with sensors, network connectivity, electronics and software enabling physical objects to collect and exchange the data. Sensors in IoTplay vital role for measuring the physical quality of objects and enumerate it into a value which is further read by another device or user. IoT devices are equipped with different sensors which are capable of registering changes in pressure, motion, temperature, light, and sound. In the physical world, a number of objects can now communicate with each other through embedded IoT sensors, and actuators.
Increasing usage of IoT sensor in the automotive sector and booming industrial IoT sensor are major factors which driving the growth of IoT sensor market. Further, rising demand of smart TV in consumer electronics sector is escalating the demand of IoT sensor market. Increasing adoption of smartphones and related product are the impelling demand of IoT sensor market. Furthermore, stringent government regulation and policies for developing smart cities is likely to offer new opportunities for IoT sensor market. However, privacy and security issues are restraining the market growth of IoT sensors.
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IoT sensor market is segmented on the basis of type, application, and region. Types of the IoT sensor include temperature, accelerometer pressure sensor, gyroscope, magnetometer, light sensor and other. Pressure sensors and temperature sensors are expected to hold the major share of IoTsensor market over the forecast period. Temperature sensors are used for healthcare, automotive, and consumer electronics industries and have proved to be useful in catering growing demand for advanced automation in these sectors.The pressure sensor is also used in a variety of application including environmental monitoring devices, air sampling healthcare, remote sensing, air speed, industrial automation and leak detection. Healthcare, retail, building automation, consumer electronics and industrial are different application areas of IoT sensor market. Among this application, automotive and consumer electronics sectors dominated the IoT sensor market in 2016.
North America held the largest share of IoT sensor market and expected to accelerate the demand of this market.North America followed by Europe held the largest share in 2016. IoT sensors are increasingly being demanded in Asia Pacific due to the growing demand from the automotive sector.
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Key participants in IoT sensor market are Infineon Technologies, InvenSense Inc., Libelium, ARM Holdings Plc., Robert Bosch GmbH, Digi International Inc., Honeywell International Inc., STMicroelectronics N.V. andEricsson among others.
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