IoT Sensors Market to grow by USD 27.36 billion between 2022 - 2027, Growth Driven by growing demand for smart factories and IIoT - Technavio

NEW YORK, Oct. 6, 2023 /PRNewswire/ -- The IoT Sensors Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the IoT sensors market between 2022 and 2027 is USD 27.36 billion. Smart factories and IIoT are gaining traction, which is a primary factor driving the growth of the IoT sensors market. Over the past few years, the demand for smart factories has grown worldwide. The use of the Industrial Internet of Things (IIoT), which integrates smart machines, warehouses, industrial robots, and entire manufacturing plants to achieve business objectives and key performance indicators (KPIs), is anticipated to continue during the forecast period. In factories, a variety of IoT sensors collect and transmit real-time data to enable operators' assistance and relevant ground-based decisions. Sensor data can, among other things, direct machines and robots through processes of production and assembly as well as the handling of toxic chemicals, ensuring the human workforce's safety. Additionally, it shields the machine from harm. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge -

• Challenges to offering high quality at low cost may hamper the Internet of Things (IoT) sensors market growth during the forecast period.
• In order to expand their product line, engineers and system developers are constantly looking into new products with improved properties.
• Vendors of industrial sensors must offer industrial sensors that are affordable and easy to customize as the market for industrial automation expands.
• The customization that businesses require to enable accurate and dependable delivery is a major contributor to the high cost of industrial sensors.
• The expense of sensors is diminishing step by step, particularly because of the accessibility of off-the-rack sensor variations that are generally utilized in modern computerization frameworks and gear.

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The IoT sensors market is segmented by End-user (Consumer electronics, Automotive, Food and beverages, Healthcare, and Others), Type (Temperature sensor, Pressure sensor, Humidity sensor, Flow sensor, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• By End-user, the market share growth by the consumer electronics segment will be significant during the forecast period. The consumer electronics sector makes extensive use of IoT sensors. Manufacturers of consumer electronics are including IoT sensors in their products to improve functionality and increase customer responsiveness. Smartphones, smartwatches, and fitness trackers are a few of the well-known consumer electronics items that utilize IoT sensors. The development of smart homes with interconnected appliances that can be controlled virtually through a mobile application is made possible by the use of IoT sensors in consumer electronics.
• By Geography, North America is estimated to contribute 40% to the growth of the global market during the forecast period. View the FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the IoT Sensors market:

AMS OSRAM AG, Analog Devices Inc., Broadcom Inc., Emerson Electric Co., Honeywell International Inc., Infineon Technologies AG, Innovative Sensor Technology IST AG, International Business Machines Corp., Knowles Corp., Libelium Comunicaciones Distribuidas SL, Monnit Corp., NXP Semiconductors NV, OMRON Corp., Robert Bosch GmbH, SENSATA TECHNOLOGIES HOLDING PLC, Siemens AG, STMicroelectronics NV, TE Connectivity Ltd., Texas Instruments Inc., TDK Corp.

Related Reports:

The 5G Internet of Things (IoT) market size is estimated to grow at a CAGR of 106.67% between 2022 and 2027. The market size is forecast to increase by USD 77,586.17 million. 

The cellular IoT market size is estimated to grow at a CAGR of 23% between 2022 and 2027. The market size is forecast to increase by USD 8,073.13 million. 

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio