IoT Sensors Market Business Growth, Development Factors, Leading Players Analog Devices, Broadcom, Omron, STMicroelectronics, ARM Holdings, Robert Bosch

The advent of IoT has enabled each device to be connected over the internet and the rising adoptions globally would result in more than billions of devices connected over the internet. Also, validating to the above mentioned point is the fact that the data traffic rate on a global level, has grown at an annual rate of more than 65% over the last five years. Also, between 2018 and 2023, the data traffic is anticipated to grow at a compound annual growth rate of close to 40 percent. This exponential growth in data traffic over the internet is out rightly attributed to the growing penetration of smartphones and other consumer electronic devices that can be connected over the internet as a result of the growing popularity of IoT. It is estimated that each individual will have close to a dozen number of devices that would be connected over the internet by 2020. Huge populations of India and China are further proliferating the growing penetration of smart phones and other consumer electronic devices. Additionally, the Government initiatives towards digitalization of economies in these countries is leading to exponential growth of data traffic over the internet in these countries and also on a global scale for other developing economies.

The major companies offering IoT sensors to different industries include Analog Devices, Inc., ARM Holdings PLC, Broadcom, Inc., Honeywell International, Inc., Infineon Technologies AG, NXP Semiconductors N.V., Omron Corporation, Robert Bosch Gmbh, STMicroelectronics N.V., and Texas Instruments Incorporated.

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The global IoT sensors market accounted to US$ 9.46 Bn in 2018 and is expected to grow at a CAGR of 23.9% during the forecast period 2019 – 2027, to account to US$ 65.79 Bn by 2027.

North America was the leading IoT sensors market in 2018 and Asia-Pacific is anticipated to witness the fastest growth throughout the forecast period. Across North America, the technological advancements has led to a highly competitive markets. North America is a hub of technological developments that comprises with economically robust countries. The companies are continuously enhancing the overall business processes in order to meet the customers demand for high quality products and services in the best possible way. Being a technologically advanced country, coupled with high disposable incomes with individuals, the consumer electronics industry has blossomed in the region. The density of consumer electronic devices in the region is quite high. These factors have driven the IoT sensors market in North America.

The global market for IoT sensors is segmented on various parameters such as type, connectivity type, application, and geography. Based on type, the pressure sensor segment dominated the IoT sensors market. On the basis of connectivity type, wired IoT sensors led the overall IoT sensors market.

On other hands, wired connections are lacking a feature of mobility and better scalability. These connections fall under expensive category due to the cost of labor and installation of wire. Besides, a wireless connection is relatively slow due to intervention in signals and are prone to interference caused by electronic devices. Therefore, the right solution varies as per the business use case. IoT technology is installed in various methods, thereby it depends upon location of devices and situation. Factors responsible to affect selection of network type includes power usage, network range, interoperability, network bandwidth, intermittent connectivity and security.

Connected cars enable the travelers or the car itself to automatically share the data within the vehicle and also outside the vehicle. Internet of things (IoT) is one of those technologies which has been breaking grounds to offer automotive manufacturers a new set of products and services which are entirely a new layer to the traditional car perceptions. These new configurations may include sensors, controllers, lighting and software applications, these products and services are offered as stand-alone, where, the customer can plug and play as per the requirement or some of the features are built-in in the new generation cars. These systems can either be deployed in infotainment or automated control units of vehicles. Advancing research in connected and autonomous cars will further increase the scope of integrating IoT sensors in vehicles.

The report segments the global IoT sensors market as follows:

Global IoT Sensors Market - By Type

Temperature sensor
Light Sensor
Pressure Sensor
Chemical Sensor
Motion Sensor
Others

Global IoT Sensors Market - By Connectivity Type

Wired
Wireless

Global IoT Sensors Market - By Application

Consumer Electronics
Building Automation
Healthcare
Automotive
Industrial
Retail
Others

Global IoT Sensors Market - By Geography

North America
U.S.
Canada
Mexico

Europe
France
Germany
Russia
UK
Rest of Europe

Asia Pacific (APAC)
South Korea
China
India
Australia
Japan
Rest of Asia-Pacific

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