Market Research Report
Global IoT Sensor Market - Segmented by Type (Pressure Sensor, Temperature Sensor, Proximity Sensor), End-user Industry (Healthcare, Automotive, Consumer Electronics), and Region - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||704844|
|Published||Content info||92 Pages
Delivery time: 1-2 business days
|Global IoT Sensor Market - Segmented by Type (Pressure Sensor, Temperature Sensor, Proximity Sensor), End-user Industry (Healthcare, Automotive, Consumer Electronics), and Region - Growth, Trends, and Forecast (2018 - 2023)|
|Published: August 18, 2018||Content info: 92 Pages||
The IoT Sensor Market was valued at USD 8.01 billion in 2017, and it is expected to reach USD 27.7 billion by 2023, registering a CAGR of 23.9%, during the forecast period (2018 - 2023). The report is segmented by Type (Pressure Sensor, Temperature Sensor, and Proximity Sensor), End-user Industry (Healthcare, Automotive, and Consumer Electronics), and Region.
The IoT sensor market is thriving as various types of sensors, connecting devices and people, are enabling a two-way communication between man and machine. A range of devices and objects can communicate with each other through embedded IoT sensors, actuators, and tags in the physical world, thus, providing an opportunity to businesses to gather insights from the integrated fabric of devices, data, people, and processes.
There are many industries in which IoT sensors are deployed to facilitate data collection. The increasing usage of IoT sensors in the automotive sector is expected to drive the IoT sensor market. IoT sensors are implemented to increase the safety of vehicles and for assistance while parking vehicles. With an increase in demand for autonomous cars in the automotive sector, the prominence of these sensors is rising at a rapid rate. IoT sensors in the manufacturing sector are enabling industries to reduce manufacturing and maintenance costs. Moreover, with government initiatives, all over the world, to support the establishment of smart cities, there is a massive potential for growth of the IoT sensor market.
Increasing Demand for Consumer Electronics and Appliances to Provide Many Opportunities
The convergence of communication, information, and entertainment are aiding the trend of consumer electronics technology across the world. Increasing demand for smart appliances offering more information to customers and providing additional intelligent features is increasing the demand for IoT sensors in the consumer electronics sector. According to the Consumer Electronics Association, one of every five US homes will buy at least one smart-home device within a year. Sales of smart devices increased from 20.7 million in 2014 to 35.9 million in 2016 in the country, thus, driving consumer electronics companies to invest more in IoT sensor-enabled appliances to utilize these opportunities.
IoT sensors are also finding applications in proximity, pressure, and temperature sensors in appliances, such as smart TVs, refrigerators, kitchen appliances, and air conditioners. With such a wide range of applications for IoT sensors, the global IoT sensor market is expected to witness a robust growth, during the forecast period.
Asia-Pacific to be the Fastest Growing Region
Asia-Pacific is expected to be the fastest growing region in the IoT sensor market, due to the increase in demand from the automotive sector and focus toward the IoT platform. With countries, such as China, India, and South Korea, actively trying to strengthen IoT platforms, governments of these developing countries are entering into various public and private collaborations to leverage IoT advancements for smart cities, automation, and other industrial applications, thus, reinforcing the development of the IoT sensor market in Asia-Pacific.
Over the forecast period, in China alone, the industrial IoT market is expected to expand by more than 25% per annum. This scenario is likely to accelerate the use of IoT sensors in manufacturing processes and supply chains in various industries of the region to attain greater productivity.
Key Developments in the Market
Jul 2018: LG CNS launched a comprehensive smart city management platform 'Cityhub' that collects and analyzes data generated and sent by various city infrastructure via the Internet of Things technology. The smart city platform collects data from IoT sensors attached to vehicles, buildings, transportation, infrastructure, etc., that can be analyzed via LG CNS' artificial intelligence engines to design, build, and provide intelligent services.
Major Players: TEXAS INSTRUMENTS INC., NXP SEMICONDUCTORS NV, BROADCOM LIMITED, ROBERT BOSCH GMBH, INFINEON TECHNOLOGIES AG, ANALOG DEVICES INC., OMRON CORPORATION, SENSIRION AG, IBM CORPORATION, DIGI INTERNATIONAL INC., STMICROELECTRONICS NV, and ARM HOLDINGS PLC, among others.
Reasons to Purchase this Report
Impact of the increasing use of IoT sensors on the market
Analysis of various perspectives of the market with the help of Porter's Five Forces Analysis
The segments that are expected to dominate the market
Regional analysis of the market during the forecast period
Latest developments, market shares, and strategies employed by major market players and key innovators
3 months analyst support, along with the Market Estimate sheet (in Excel)
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