IoT Sensors Market to Reach US$34.75 bn by 2023, Driven by Transformative Potential of IoT

2024-11-07 10:31:25 News & Society

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According to a new market report published by Transparency Market Research IoT Sensors Market (By Type Accelerometers, Gyroscopes, Magnetometers, Pressure Sensors, Temperature Sensors, Light Sensors, Others, By Application Consumer Electronics, Healthcare, Automotive, Industrial, Building Automation, Retail and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 2023 was valued at US$4.90 bn in 2014 and is expected to reach US$34.75 bn by 2023, growing at a CAGR of 24.5% during forecast period.

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Internet of Things (IoT) involves networks of data-gathering sensors, cloud computing and machine-to-machine communication. Established MEMS-based IoT sensors are being adopted widely into diverse application areas. The major application areas of these sensors include consumer electronics, healthcare, automotive, industrial, building automation, retail and others. The global IoT market is poised for significant growth during the forecast period. Growing demand for IoT sensors in the automotive industry and the booming Industrial Internet of Things (IIoT) market are primarily fuelling the market growth. Furthermore, increase in demand for consumer electronics and appliances and a surge in demand for smart devices is positively impacting the expansion of the global market. The healthy economic growth of emerging markets such as China, India, South Korea, Japan and Middle East is also propelling the growth of latest technologies, which is in turn is steadily driving the demand for IoT sensors. These factors in total are set to bolster the growth of the IoT sensors market during the forecast period from 2015 to 2023.

Based on types, the global market can be segmented into accelerometers, gyroscopes, magnetometers, pressure sensors, temperature sensors, light sensors, others. Temperature sensors acquired the largest share of the market in 2014. Temperature sensors are adopted in a diverse range of applications including various wearable devices for fitness programs and for monitoring health, smart homes and in other industrial applications for monitoring weather changes. Therefore, the growing demand for these sensors from various industrial end-users is boosting the growth of this market.

By applications, the global IoT sensors market is segmented into consumer electronics, healthcare, automotive, industrial, building automation, retail and others. Consumer electronics was the largest contributor to the market in 2014. Increasingly consumer electronics such as smart home appliances and smart TV sets are adopting the approaches of IoT and getting connected. In entertainment electronics, IoT sensors help users to establish flexible media usage. Additionally, rising awareness among consumers and growing demand for affordable consumer electronics has given rise to favorable conditions for the consumer electronics market in developing economies such as India, Middle East and Africa. This is set to offer promising growth opportunities to the global market in the coming years.

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IoT sensors market has been classified geographically into North America, Europe, Asia Pacific and Rest of the World. North America occupied the largest share of the market in 2014 and was followed by Europe. In 2014, these two regions held more than 60% of the global market jointly. APAC is projected to be the fastest growing region in the IoT sensors market during the forecast period. Increasing demand of IoT sensors for use in various smart consumer products and healthcare industry has been positively impacting the growth of this market. Governments of the emerging nations such South Korea, India and China are entering into several public-private collaborations for expanding its cloud services through its IoT and data center developments, which in turn is fueling the growth of this market in APAC.

Some of the major players in the IoT sensors market are: Infineon Technologies (Germany), STMicroelectronics N.V. (Switzerland), IBM (U.S.), Robert Bosch GmbH (Germany), Honeywell International Inc. (U.S.), Ericsson (Sweden), InvenSense Inc. (U.S.), Libelium (Spain), ARM Holdings Plc. (U.K.) and Digi International Inc. (U.S.) among others.

The report provides an exhaustive study of the IoT sensors market along with offering the market estimates, in terms of the revenue (USD million) for the forecast period from 2015-2023. Further, the global market is classified on the basis of types and applications. Cross sectional analysis of the global IoT sensors market across four geographical regions has also been included under the scope of the report.