IoT Sensor Market Outlook and Forecast 2023: Growth Factors, Trends, Emerging Demand, Applications and Top Companies Analysis for Business Development

“IoT Sensor Market”
IoT Sensor Market, By Component (Hardware, Software), By Type (Proximity, Acoustic, Temperature, Pressure, Flow, Humidity, Inertial, Image, Motion, CO2, Gyroscope, Occupancy, Magnetometer), By Network Technology, By Vertical – Forecast 2023

Market Highlights:

Major giants like IBM Corporation and Texas Instruments are investing into IoT sensor market due to increasing demand from various industry verticals like commercial, consumer and industrial. Increasing need for real time computing of applications is one major factor fueling the growth of IoT sensor market. Texas Instruments is dominating the internet of things market and is considered to be the technology leader in IoT applications.

North America region holds the largest market share of global IoT sensor market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand for mobile communication and consumer electronics in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies.

In the global IoT Sensor market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, IoT Sensor market is projected to contribute faster to the growth of revenue backed by increasing demand for mobile devices and growing need for internet of things devices in countries such as Japan, China, South Korea and India. This is owning to the presence of key players like Sony Corporation in the region.

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Major Key Players

Texas Instruments Incorporated (U.S.),

STMicroelectronics N.V. (Switzerland),

TE Connectivity Ltd. (U.S.),

Infineon Technologies Ag (Germany),

Analog Devices, Inc. (U.S.),

Broadcom Limited (U.S.),

Robert Bosch GmbH (Germany),

Johnson Controls International Plc. (Ireland),

Sony Corporation (Japan), Honeywell International, Inc. (U.S.) among others

According to Market Research Future Analysis, IoT sensor market has been valued at approx. USD 40 Billion by the end of forecast period with 42% of CAGR during forecast period 2017 to 2023.

Regional Analysis:

The global IoT sensor market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the IoT Sensor market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of IoT Sensor market. This is owing to the presence of large number of established key players like IBM Corporation and Texas Instruments and growing demand for wearables and smart devices in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing demand for connected devices is expected to be a major factor for the growth of IoT sensor market. Growing demand for digital signage and other are other factors driving the growth of IoT Sensor market in the region.

Segmentation

The IoT sensor market has been segmented on the basis of component, type, network technology and vertical. The vertical segment is broadly bifurcated into commercial IoT, consumer IoT and industrial IoT. Out of which, the consumer IoT vertical is expected to hold the largest market share of IoT sensor market. Consumer IoT vertical is further bifurcated into home automation, smart city and wearable electronics. Increasing demand for smart wearables and growing popularity of internet of things devices is majorly driving the growth of IoT sensor market.

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Intended Audience

  • Technology Investors
  • Research/Consultancy Firms
  • Infrastructure Providers
  • Chip designers and fabricators
  • Original equipment manufacturers (OEMs)
  • Semiconductor Companies
  • Embedded system companies
  • Consumer Electronics Manufacturers
  • Sensor Manufacturers
  • Technology Providers
  • Telecommunication companies
  • Government Bodies

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