The IoT sensors market is expected to be valued at USD 5.28 by 2018 and is projected to reach USD 22.48 billion by 2023, at a CAGR of 33.60% between 2018 and 2023
LONDON, August 13, 2018 /PRNewswire/ -- IoT sensors market to grow at 33.60% CAGR during forecast period
The IoT sensors market is expected to be valued at USD 5.28 by 2018 and is projected to reach USD 22.48 billion by 2023, at a CAGR of 33.60% between 2018 and 2023. The growth of the IoT sensors market can be attributed to the increased use of sensors in IoT devices and other applications owing to their reduction in size, plummeting costs, and technological advancements; introduction of 3 GPP Release 13 and Release 14 specifications; growth in internet penetration rate; high demand for connected and wearables devices; introduction of IPv6 creating larger address space; and importance of real-time computing for IoT applications. However, the lack of common protocols and communication standards, shortage of technical know-how to use IoT devices, high power consumption by connected devices, and high latency and limited bandwidth issues will be the challenges for the market in future. The major growth opportunities for the market are supportive government initiatives and funding for IoT projects, emerging need for cross-domain collaborations, high adoption of IoT by small and medium-sized businesses, and benefits of implementation of a predictive maintenance program for IoT applications.
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Pressure sensors to hold largest size of IoT sensors market by 2023
Pressure sensors are expected to hold the largest size of the IoT sensors market by 2023.The market for pressure sensors is largely driven by the increased concerns regarding safety, comfort levels, and reduction in automobile emissions.
The regulatory mandates requiring the compulsory installation of onboard diagnostics to reduce greenhouse gas emissions will further lead to the growth in the demand for pressure sensors.
IoT sensors market for gyroscopes is expected to grow at highest CAGR during forecast period
The IoT sensors market for gyroscopes is expected to grow at the highest CAGR during the forecast period.The market is driven by the growing demand for equipment optimized with sensors for applications such as navigation and satellite positioning.
Further, factors such as the huge demand for remotely operated vehicle guidance and the growing adoption of automation in industries and homes would also drive the market for gyroscopes.
Industrial vertical to hold largest share of IoT sensors market by 2018
The industrial vertical is expected to hold the largest share of the IoT sensors market by 2018.The emerging areas of applications such as infotainment and telematics in the automotive industry and increasing preference for carrying out complex industrial processes with ease are likely to drive the market for the industrial IoT sensors.
Further, the factors such as the need to implement predictive maintenance techniques in industrial equipment to monitor their working and to avoid unscheduled downtimes in the production cycle are fueling the growth of the IoT sensors market for the industrial sector.
IoT sensors market in APAC to grow at highest CAGR during forecast period
The IoT sensors market is segmented on the basis of region into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).North America is expected to hold the largest share of the IoT sensors market by 2018.
The increasing use of internet technologically advancing economies as well as the growing adoption of wireless sensors and networks across major applications—such as industrial, automotive and transportation, healthcare, oil & gas, and consumer electronics—contribute to the growth of the IoT sensors market in this region. The market in APAC is expected to grow at the highest CAGR from 2018 to 2023 owing to the growing penetration of the internet across commercial as well as residential spaces, wide consumer base, increasing disposable income, and improving IT infrastructure.
Breakdown of profiles of primary participants is as follows:
• By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
• By Designation: Directors – 30%, CEO – 20%, Executives –35%, and Others – 15%
• By Region: North America – 40%, APAC – 30%, Europe – 20%, and RoW – 10%
The companies profiled in this report are Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK (Japan), Infineon Technologies (Germany), Analog Devices (US), Omron (Japan), Sensirion (Switzerland), Honeywell (US), Siemens (Germany), General Electric (US), SmartThings (US), Monnit (US), Murata Manufacturing (Japan), Sensata Technologies (US), Silicon Laboratories (US), and Libelium (Spain).
Research coverage:
The report describes the IoT sensors market segmented on the basis of sensor type, network technology, and vertical across different regions.It aims at estimating the market size and future growth potential of this market across different segments, such as sensor type, network technology, vertical, and geography.
Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Reasons to buy the report:
• The statistics for the market based on sensor type, network technology, vertical, and geography, along with their respective revenues, has been provided in this report.
• The major drivers, restraints, opportunities, and challenges for the IoT sensors market have been detailed in this report.
• Illustrative segmentation, analysis, and forecast based on sensor type, network technology, vertical, and geography have been provided to give an overall view of the IoT sensors market.
• A detailed competitive landscape has been provided including key players, in-depth analysis, and revenue of key players.
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