Wireless Sensor Network Market is expected to reach USD 93.86 billion by 2023

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Jun 26, 2017, 17:36 ET

NEW YORK, June 26, 2017 /PRNewswire/ -- Highlights

· Wireless sensor network market is expected to grow at a CAGR of 18.55% between 2017 and 2023.

· The overall wireless sensor network (WSN) market was valued at USD 29.06 billion in 2016 and is expected to reach USD 93.86 billion by 2023, at a CAGR of 18.55% between 2017 and 2023.

· The growth of this market is propelled by the development of cheaper, smarter, and smaller sensors; expanding market for smart and wearable devices; increasing need for real-time computing of applications; and surge in demand for IoT sensors for various applications such as sensing, recognition, and interpretation.

· However, factors such as rising concerns regarding security and privacy of network platforms and lack of standardization of protocols for devices to be able to communicate with each other, share data, or form an intelligent network act as restraints for the growth of the wireless sensor networks market.

· Ambient light sensors held the largest market share in 2016

· Ambient light sensors have built-in photodiode, which controls display luminosity depending on ambient brightness, thereby saving battery life.

· Building automation has witnessed a significant growth in the past 10 years as automation offers high-performance buildings with improved energy efficiency, low operating cost, and better indoor environment for occupants.

· Ambient light sensors are used in automatic doors and access systems, elevators, escalators, and lighting control systems.

· Building automation is one of the fastest-growing application areas for ambient light sensors.

· Due to the extensive usage of these sensors in building automation, ambient light sensors held the largest share of the wireless sensor network market in 2016.

"Wireless sensor network market is expected to grow at a CAGR of 18.55% between 2017 and 2023."
The overall wireless sensor network (WSN) market was valued at USD 29.06 billion in 2016 and c, at a CAGR of 18.55% between 2017 and 2023. The growth of this market is propelled by the development of cheaper, smarter, and smaller sensors; expanding market for smart and wearable devices; increasing need for real-time computing of applications; and surge in demand for IoT sensors for various applications such as sensing, recognition, and interpretation. However, factors such as rising concerns regarding security and privacy of network platforms and lack of standardization of protocols for devices to be able to communicate with each other, share data, or form an intelligent network act as restraints for the growth of the wireless sensor networks market.

"Ambient light sensors held the largest market share in 2016"
Ambient light sensors have built-in photodiode, which controls display luminosity depending on ambient brightness, thereby saving battery life. Building automation has witnessed a significant growth in the past 10 years as automation offers high-performance buildings with improved energy efficiency, low operating cost, and better indoor environment for occupants. Ambient light sensors are used in automatic doors and access systems, elevators, escalators, and lighting control systems. Building automation is one of the fastest-growing application areas for ambient light sensors. Due to the extensive usage of these sensors in building automation, ambient light sensors held the largest share of the wireless sensor network market in 2016.

"Market for NFC is expected to grow at a high rate between 2017 and 2023."
In comparison with other wireless technologies, NFC is a customized technology as it combines the interface of a reader and a smartcard into a single device. It enables two-way interactions between electronic devices, especially smartphones, allowing users to access digital content, make contactless payment transactions, and connect and share information between IoT-enabled electronic devices. NFC connectivity ICs are widely used in industries such as healthcare, building automation, and wearable devices.

"Wireless sensor network market in APAC is expected to grow at a high rate between 2017 and 2023"
The global IoT market is growing at a high rate; in line with this, the market for IoT nodes and gateways in APAC is expected to grow at a higher rate compared with the market in other regions as majority of the global population is concentrated in APAC. Owing to this, the number of new M2M connections per year, the demand for smart consumer devices, and the need for industrial revolution is higher in this region. IoT applications seem to have more opportunities to improve the standard of living and revolutionize the industrial sector in APAC due to the large population in some of the developing economies such as China, India, and Thailand in APAC, along with issues related to healthcare and energy management. In addition, investments by the government in the development and modernization of businesses in China and India are incorporating more IoT elements.

The building automation industry is a major contributor to the growth of the market in North America. Some of the key providers of building automation solutions, such as Honeywell International Inc. (US), United Technologies Corporation (US), and Hubbell, Inc. (US), are based in this region and are actively involved in product launches, acquisitions, and partnerships to expand their market reach. This is driving the growth of the wireless sensor network in North America.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants has been given below.

• By Company Type: Tier 1—25 %, Tier 2—25%, and Tier 3—50%
• By Designation: C-Level Executives—25%, Manager Level—35%, and Others (Sales, Marketing, and Product Managers)—40%
• By Region: North America—50%, Europe—30%, APAC—10%, and RoW—10%

The major players in the wireless sensor network market include Intel Corporation (US), ABB Ltd. (Switzerland), Texas Instruments Inc. (US), Huawei Investment & Holding Co., Ltd. (China), Cisco Systems Inc. (US), STMicroelectronics N.V. (Netherlands), TE Connectivity Ltd. (Switzerland), NXP Semiconductor N.V. (Netherlands), Dell Inc. (US), Hewlett Packard Enterprise Company (US), Robert Bosch GmbH (Germany), Advantech Co., Ltd. (Taiwan), Honeywell International Inc. (US), Broadcom Limited (US), Infineon Technologies AG (Germany), Emerson Electric Company (US), Analog Devices Inc. (US), Eurotech S.p.A (Italy), Invensense Inc. (US), and Sensirion AG (Switzerland). Some of the important start-ups in the market are SmartThings Inc. (US), Episensor Ltd. (Ireland), Notion (US), Helium Systems Inc. (US), and Beep Inc. (US).

Research Coverage
The wireless sensor network market has been segmented on the basis of offering, sensor type, connectivity type, end-user industries, and region. The market, on the basis of offering, has been segmented into hardware, software, and services. On the basis of sensor type, the market has been segmented into accelerometers, IMUs, heart rate sensors, blood glucose sensors, blood oxygen sensors, ECG sensors, ambient light sensors, pressure sensors, temperature sensors, humidity sensors, level sensors, flow sensors, chemical sensors, motion & position sensors, carbon monoxide sensors, image sensors, and others (MRR, ultrasonic sensors, vehicle detection sensors, pedestrian presence sensors, speed sensors, and soil moisture sensors). On the basis of connectivity type, the wireless sensor network market has been segmented into ANT+, Bluetooth, Bluetooth Smart/BLE, Bluetooth/Wi-Fi, ZigBee, WiFi, NFC, cellular network, GPS/GNSS module, WHART, and ISA100. The end-user industries of wireless sensor networks considered in this report are wearable devices, healthcare, automotive & transportation, building automation, industrial, retail, BFSI, oil & gas, agriculture, and aerospace & defense.

Reasons to buy the report:
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the wireless sensor network market comprehensively and provides the closest approximations of the size of the overall market and its subsegments for various applications and across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on key market drivers, restraints, challenges, and opportunities pertaining to the market.

Read the full report: http://www.reportlinker.com/p04960850/Wireless-Sensor-Network-Market-by-Offering-Sensor-Type-Connectivity-Type-End-user-Industry-and-Region-Global-Forecast-to.html

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