Global IoT Sensors Market size was valued at USD 11.20 Billion in 2022 and is poised to grow from USD 14.40 Billion in 2023 to USD 107.74 Billion by 2031, at a CAGR of 28.60% during the forecast period (2024-2031).
Sensors specially designed for Internet of Things (IoT) devices and technologies are known as IoT sensors. Advancements in sensor technologies are projected to augment the demand for IoT sensors across the forecast period and beyond. The rapid adoption of IoT devices for automation is slated to create new opportunities for IoT sensor providers in the future.
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The massive surge in adoption and popularity of IoT technology across different industry verticals makes the IoT sensors market a highly opportune one for any IoT market player. The growing use of IoT devices in multiple industry verticals creates a demand for a wide variety of sensors capable of observing multiple parameters thereby driving sales of IoT sensors. Integration of edge computing capabilities with modern sensors will offer IoT sensor1 companies new business opportunities in the long run. Rapid digitization of the healthcare space will also create a new business scope for IoT sensor suppliers around the world. Rapid industrialization and urbanization are also expected to create a lucrative business environment for IoT sensor companies over the coming years.
New Product Launch – Favorite Strategy for IoT Sensor Companies
IoT sensor manufacturers and providers are all focusing on research and development of novel products to fast-track new launches. High demand for innovative and advanced sensors around the world is pushing IoT sensors market players to be highly competitive. Capital raise is estimated to be highly important for IoT sensor companies to maximize their business scope and support growth. Collaborations and partnerships between IoT sensor manufacturers and other organizations are also popular strategies that could boost revenue generation in the future. Development of new sensors for miniaturized electronics will help IoT sensor market players secure their market share in the global landscape going forward. Printed electronics technology is also a key trend that IoT sensor companies should target if they intend to keep creating innovative new IoT sensors.
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- In February 2023, Henkel announced the launch of a new kit for IoT sensor engineering called Henkel Qhesive Solutions Sensor INKxperience Kit with printed electronics technologies.
- In January 2024, Nozomi Networks, a leading cybersecurity company based in the United States, launched a new IoT sensor in Australia. Guardian Air, an IoT spectrum sensor was launched in collaboration with Nozomi’s partners The Missing Link and CyberX in Australia.
- In July 2023, Sensor Global, a prop-tech start-up specializing in IoT solutions for residential use, revealed it had secured USD 2.65 million in funding to introduce new IoT sensors and solutions. The company intended to debut a new smart smoke alarm sensor for homes.
- In October 2022, Infineon Technologies, a prominent electronics and sensor provider, announced the release of a new IoT sensor platform and a connected sensor kit. This initiative aimed to support the increasing global adoption of IoT devices.
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In conclusion, there are a lot of moneymaking opportunities for new as well as established IoT sensors market players. Product innovation and new launches are preferred strategies for established and new IoT sensor providers worldwide. Device miniaturization and adoption of printed electronics technologies are key trends estimated to help new and established companies maximize their revenue generation potential in the future.
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