IoT Sensors Market worth $70.1 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 12, 2024 /PRNewswire/ -- The IoT Sensors Market is projected to grow from USD 16.0 billion in 2024  and is estimated to reach USD 70.1 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 34.4 % from 2024 to 2029 according to a new report by MarketsandMarkets™. With the increasing internet penetration rate, IoT is finding applications in retail, consumer electronics, agriculture, automotive, transportation, and other verticals. The continuously increasing number of Internet users worldwide is expected to drive the demand for high-speed, low-cost IoT technology-based devices such as radio frequency identification (RFID) tags, barcode scanners, and mobile computers. This would result in an increased demand for sensors.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=26520972

Browse in-depth TOC on "IoT Sensors Market" 

195 – Tables
61 – Figures
269 – Pages

IoT Sensors Market Report Scope:

The temperature sensors segment is expected to have the highest growth in Asia Pacific.

The temperature sensors segment is expected to have the highest growth in Asia Pacific. As more devices and systems connect to the internet, temperature sensors are increasingly used to gather data, from home automation and energy management to industrial process control and environmental. Temperature sensors are crucial in automating various processes and optimizing resource usage across industries. For example, in manufacturing, they monitor equipment temperature to prevent overheating and breakdowns, while in agriculture, they help optimize irrigation and climate control in greenhouses.

The market for the Industrial IoT vertical to hold a significant share of the IoT sensors market in 2023.

Industrial IoT is the inception of a new digital industrial technology, which is expected to enable the interconnection of sensors, machines, and IT systems across the value chain of manufacturing companies beyond a single enterprise. These interconnected systems interact with each other using standard internet-based protocols and enable companies to analyze data to predict the failure of machines. Industrial IoT is expected to make it possible to gather and analyze data related to machines, thereby enabling fast, flexible, and efficient processes to produce high-quality products at reduced costs.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=26520972

China is expected to have the largest market size during the forecast period.

China is the fastest-developing country in the Asia Pacific. In China, IoT sensors industry have been preliminarily deployed for city management applications. They have been used in transportation, power, oil and gas, healthcare, and education sectors. As the country is a leading hub for semiconductor fabrication and production, its involvement in developing and deploying IoT solutions is crucial for the growth of semiconductor companies. The country is a leading manufacturer of textiles, electronics, and agricultural products. In production processes, IoT technology is used to monitor machinery, employee performance, and environmental conditions. The data can be further used to analyze, control, and prevent risks and avoid economic losses. End-to-end automation is a new concept that is gaining momentum in China for use in different industries.

Key Market Players

Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics NV (Switzerland), Bosch Sensortec (Germany), TDK Corporation (Japan), Infineon Technologies (Germany), Analog Devices (US), Omron Corporation (Japan), Sensirion (Switzerland), Honeywell International (US), Siemens AG (Germany), Knowles Corporation (US), ABB Ltd. (Switzerland), Sensata Technologies (US), Emerson Electric Co. (US), Teledyne Technologies (US), SmartThings Inc. (US), Monnit Corporation (US), Murata Manufacturing Co., (Japan), Figaro Engineering Inc. (Japan), Trafag AG (Switzerland), NIDEC COPAL ELECTRONICS (Japan),  and KITA SENSOR TECH. CO., LTD. (Taiwan).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=26520972

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Temperature Sensor Market by Product Type (Contact Temperature Sensor, Non-Contact Temperature Sensor), Output (Analog, Digital), Connectivity (Wired, Wireless), End-user Industry (Consumer Electronics, Oil & Gas) and Region - Global Forecast to 2029

Pressure Sensor Market by Sensor Type (Wired, Wireless), Technology (Piezoresistive, Capacitive, Optical), Product (Absolute, Gauge, Differential), End Use, Vertical, and Geography

 About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/sensors-iot-market.asp   
Content Source: https://www.marketsandmarkets.com/PressReleases/sensors-iot.asp  

Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets