The new report by Expert Market Research titled, 'Global IoT Sensor Market Report and Forecast 2022-2027', gives an in-depth analysis of the global IoT sensor market, assessing the market based on its segments like types, applications, and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators and analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 9.45 Billion
• Forecast CAGR (2022-2027): 25.30%
• Forecast Market Size (2027): USD 36.59 Billion
The IoT sensor market is being driven by the growing demand for IoT sensors, owing to the rapid digitalisation across industry verticals. This can be attributed to the benefits associated with IoT sensors, such as reduced processing costs, enhanced productivity, swift data processing, and improved security, among others. Moreover, the increasing demand in the automotive industry such as in connected vehicle solutions is anticipated to add to the industry growth in the forecast period. Increased adoption of IoT sensor-based systems is also being driven by the growing demand for improved safety mechanisms. For example, advanced driving assistance systems (ADAS) makes parking easier and alert the driver to any approaching obstructions, particularly in blind zones. During the forecast period, these factors are believed to assist market expansion.
Industry Definition and Major Segments
IoT sensor refers to devices that detect and respond to alterations in an environment, wherein inputs are detected from different sources such as light, motion, pressure, and temperature, among others. These devices then convert the external information into signals that are understood and distinguishable by humans and machines.
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The IoT sensor market, on the basis of type, can be distributed into:
Based on application, the industry can be segregated into:
• Building Automation
• Retail and Logistics
The regional markets for IoT sensor include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The global IoT sensor industry is being driven by the rising capital expenditure by the leading market players in the development of IoT sensor technology to expand its application potential. The increased demand for IoT sensor based wearable devices, such as smart watches that help to monitor physical health status such as heart rate and oxygen levels is also anticipated to contribute to the market growth. In the years ahead, increasing disposable incomes and rising health consciousness among customers are expected to boost industry growth. The market trends are being fuelled by rapid technical innovation and a considerable demand for linked devices, particularly during the coronavirus pandemic. Moreover, in the next years, the Industry 4.0 evolution and the use of IoT sensor framework in the manufacturing sector to predict machine failure and minimise repair costs would boost the market growth.
Key Market Players
The major players in the market are ABB Ltd, Texas Instruments Incorporated, TE Connectivity, Schneider Electric SE, and Omron Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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