The IoT Sensor Market is expected to grow from USD XX billion in 2020 to USD 29.6 billion by 2027; it is expected to grow at a CAGR of 28.6% during 2021–2027.
Latest added IoT Sensor Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2027. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are TE Connectivity, Robert Bosch GmbH, OMRON Corporation, Sensata Technologies, Honeywell International, TDK Corporation. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
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This report studies the IoT Sensor Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the IoT Sensor Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “IoT Sensor Market, By Type (Temperature sensors, Pressure sensors, Humidity sensors, Flow sensors, Accelerometers, Magnetometers, Gyroscopes, Inertial sensors), Technology (Wired, Wireless), End-Use & Geography – Global Forecast To 2027”. Early buyers will get 10% customization on study.
To Avail deep insights of IoT Sensor Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
Unlock new opportunities in IoT Sensor Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.
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Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancement, and Introduction of 3GPP Release 13 and Release 14 specifications are the key factors driving the growth of the IoT sensors market. The Growth of Internet penetration rate and High demand for connected and wearables devices are factors propelling the growth of the IoT sensors market.
COVID-19 impact on the IoT Sensors market
The outbreak and the spread of the COVID-19 have severely impacted the growth of the IoT sensors market across the world. The global sales of IoT sensors for key industrial and commercial verticals declined by 10–15% in the fiscal year 2020 owing to the progression of the virus in different parts of the world. The decline in the number of new industrial projects, temporary shutdowns of production facilities, and reduction in crude oil prices are some factors that hampered the growth of the IoT sensors market. The short-term supply chain disruptions also affected the market growth in the key regions. The COVID-19 has severely impacted the global industrial sector owing to the shutting down of a number of production facilities across the world. The global demand for IoT sensors used in commercial applications declined further in the fiscal year 2020.
DRIVERS: Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancements
Owing to the rapid reduction in the sensor size and high adoption of microelectromechanical systems (MEMS) technology, sensors are finding applications in automotive, healthcare, and consumer products. This has played a major role in the growth of the overall sensors market. During the last 5 years, smaller sensors have rapidly been deployed in devices such as smartphones, drones, wearables, and robots.
RESTRAINTS: Data security concerns
Although IoT has a huge potential, there are concerns regarding data privacy and security associated with IoT devices. The IoT is entirely data-driven. IoT-enabled devices and sensors generate a huge volume of data per second. Companies and organizations use various sensors to monitor this data and make decisions based on the data. As they depend more on machine-generated data for real-time business processes, it is necessary to ensure the authenticity of the data and security, resilience, and reliability of the devices that collect data. As IoT connects numerous devices, it provides more decentralized entry points for malware. If IoT devices are poorly secured, then cyber attackers may use them as entry points to cause harm to other devices in the network.
OPPORTUNITIES: Supportive government initiatives and funding for IoT projects
Governments worldwide are supporting and funding IoT-related innovations, as the government sector is likely to be one of the largest potential customers of IoT. Governments are looking for improvements and innovations in key areas such as smart traffic management systems, energy conservation through smart meters, and security system improvements through smart cameras. Moreover, governments are funding new IoT research projects for the development of smart cities. This support is expected to play a crucial role in the growth of the IoT in the next few years.
CHALLENGES: Social distancing and supply chain disruption due to COVID-19 restricted growth of market in the first half of 2020
Social distancing is a precautionary and mandatory measure being followed to contain the COVID-19 outbreak. During the early days of the outbreak, manufacturing plants were also following this precaution to restrict the number of workers on the shop floor. This resulted in reducing the manufacturing operations and capacity. Some companies had completely stopped the manufacturing operations, which disrupted the supply chain. Social distancing was also being observed in other parts of the manufacturing ecosystem, including transportation. Supplying essential manufacturing components and raw materials to regions that were under complete lockdown became difficult. This further brought the commercial activities to a standstill, thereby negatively affecting the market’s growth, especially in the manufacturing sector.
Pressure sensor is likely to be the largest contributor in the IoT sensors market during the forecast period
The market for pressure sensors is largely driven by 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 growth in demand for pressure sensors. Additionally, the application of pressure sensors in autonomous cars would present several growth opportunities to players operating in the pressure sensor market.
Wireless network technology to account for the largest market size in 2020
The growing demand for wireless data from mobile devices, connected cars, and smart grids, among others, is creating the need for a more robust internet connection. Further, the proliferation of mobile devices and the rapidly increasing adoption of the bring-your-own-device (BYOD) concept as well as IoT within enterprises is expected to drive the growth of the market for wireless network technology. The upcoming 5G mobile technology is expected to provide much faster internet connectivity and coverage, which would also boost the market for wireless network technology.
The IoT sensors market in APAC to grow at the highest CAGR during the forecast period
The market in APAC is expected to register the highest CAGR amongst all regions during the forecast period. The market in this region has been studied for India, China, Japan, South Korea, Australia, and the Rest of APAC. APAC is a key market for consumer devices and appliances, automobiles, and healthcare products. This region has become a global focal point for large investments and business expansions.
In 2019, the IoT sensors market was dominated by Texas Instrument (US), TE Connectivity(Switzerland), Broadcom(US), NXP Semiconductors(Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK (Invensense)(Japna), Infineon Technologies(Germany), Analog Devices(US), and Omron(Japan). These players have adopted various growth strategies, such as product launches, expansions, acquisition, collaborations, agreements, and partnerships to achieve growth in IoT sensors market from 2017 to 2020, which helped them to strengthen their product portfolio and broaden their customer base.
Scope of the Report:
This report categorizes the IoT sensors market based on the sensor type, Network Technology, Vertical, and region.
By Sensor Type
- Temperature Sensor
- Pressure Sensor
- Humidity Sensor
- Flow Sensor
- Inertial Sensor
- Image Sensor
- Touch Sensor
- Proximity Sensor
- Acoustic Sensor
- Motion Sensor
- Occupancy Sensor
- CO2 Sensor
- Others (Light sensor, and Radar sensor)
By Network Technology
- Bluetooth Smart
- Wi-Fi Bluetooth Smart
- Bluetooth Smart / Ant+
- Bluetooth 5
- Frocess field bus
- Others (ANT+, ISA100, GPS, Sub-Gig, and Cellular)
- Home automation
- Smart Cities
- Wearable Electronics
- Aerospace and Defense
- Logistics and supply chain
- Financial Institutes
- Corporate Offices
- Industrial Automation
- Smart Agriculture
- Geographic Analysis
- North America
- In July 2020, Texas Instruments launched the industry’s first zero-drift Hall-effect current sensors. The TMCS1100 and TMCS1101 enable the lowest drift and highest accuracy over time and temperature while providing reliable 3-kVrms isolation, which is especially important for AC or DC high-voltage systems, such as industrial motor drives, solar inverters, energy storage equipment, and power supplies.
- In June 2020, TE Connectivity launched LVDT position sensors. These sensors offer standard and custom solutions based on hydraulic application requirements of ICT off-highway equipment and industrial machine tools.
- In December 2019, NXP Semiconductors announced the acquisition of the wireless connectivity assets from Marvell (NASDAQ: MRVL).
- In May 2018, STMicroelectronics launched high-accuracy MEMS sensors with 10-year life for advanced industrial sensing. IIS3DHHC is the first sensor in this category with a 3-axis accelerometer optimized for high measurement resolution and stability.
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