The new report by Expert Market Research titled, ‘Global IoT Sensor Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global IoT sensor market size, assessing the IoT sensor market based on its segments like types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): About USD 9.45 billion
• Forecast CAGR (2023-2028): 25.30%
• Forecast Market Size (2027): Nearly USD 36.59 billion
The automotive sector is expected to be a significant area of application for IoT sensors in the coming years. This can be ascribed to the introduction of autonomous and electrical vehicles that rely on digital technologies. In addition, the market is further benefitting from the increasing demand for automation in conventional vehicles. Further, IoT sensors are deployed in different applications such as ADAS systems, vehicle lights, and vehicle cameras, among others, thereby contributing to the market growth.
Developments in advanced driver assistance systems (ADAS) such as notifying drivers in case of obstacles, improved parking, and vehicle location are also anticipated to push the market growth. Moreover, the increased demand for connected vehicle solutions to provide improved connectivity with compatible smart devices for in-vehicle infotainment is anticipated to be a significant factor determining the market growth during the forecast period.
Industry Definition and Segmentation
IoT sensors are defined as devices that help in the detection of external information and replace it with signals that can be understood and distinguished by humans and machines. These sensors are capable of measuring physical phenomena including pressure, temperature, or obstacles, among others, and then converting those into electrical signals. IoT sensors are used in a variety of applications such as logistics, industrial, automotive, healthcare, retail, and agriculture, among others.
On the basis of type, the market can be divided into:
Based on application, the market can be classified into:
• Building Automation
• Retail and Logistics
The regional markets for IoT sensors include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The growth in the global market for IoT sensors is being driven by the rapid digitisation of end-use sectors. The rising deployment of IoT technology across sectors owing to its multifaceted application potential is augmenting the demand for IoT sensors, thereby propelling the growth of the market. In addition to this, the rise in per capita incomes and the subsequent rise in living standards has led to increased adoption of home automation solutions such as IoT-enabled smart speakers, home security, and lighting systems, among others.
This is fuelling the demand for IoT sensors, hence driving the market development. Further, in the healthcare sector, the increasing penetration of wearable devices like oximeters, ECG monitors, and smartwatches to continuously monitor patients’ oxygen levels, heart rate, and sleeping patterns, among others, are favouring the market growth of IoT sensors. Such developments are positively influencing the growth of the market.
Key Market Players
The major players in the market are ABB Ltd, Texas Instruments Incorporated, TE Connectivity, Schneider Electric SE, and Omron Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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