IoT Sensor Market Size, Business Revenue Forecast Statistics and Growth Prospective

Market Highlights

The global IoT sensor market is creating a strong base and is ready to expand at a whopping CAGR of 42% during the forecast period 2017-2023. The market is also likely to reach a valuation of USD 40 Billion by 2023, reveal Market Research Future in its in-depth study conducted.

Market Drivers & Key Challenges

The global market for the IoT sensor market is getting substantial traction as its use is percolating around information and communication industry across the world. The market is booming due to there has been increasing demand from various industry verticals like commercial, consumer and industrial. At the same time, there is also an escalating need for real-time computing of applications, which has also been witnessed to be the prime factor impacting the market to expand considerably.

At present, Texas instruments are leading the internet of things market and are considered to be the technology leader in IoT applications, which is yet another essential factor leading the market to reach the greater heights during the forecast period. Apart from this, with booming mobile communication, the growth of IoT sensors market extracts quite a well share and is, therefore, to attain a higher growth rate in the coming years.

Another foremost factor driving the growth of IoT sensor market is the developing need for connected devices and swelling adoption of smart devices and wearables. The development of cheaper and smarter internet of things sensor is one major factor responsible for driving the growth of IoT sensor market. As the prices are affordable, the implementation of IoT sensors is increasing day by day across various industry verticals. Supportive initiatives from government are another factor driving the growth of IoT sensor market.

Segmentation:

The IoT sensor market has been segmented by the elements of component, type, network technology, and vertical.

In terms of type segment: Proximity sensor, acoustic sensor, temperature sensor, pressure sensor, flow sensor, humidity sensor, inertial sensor. As an add on, touch sensor, image sensor, motion sensor, occupancy sensor, CO2 sensor, accelerometer, magnetometer, gyroscope, and others are also the segments. Among these, the pressure sensor market is likely to occupy the largest market share of the IoT sensor market owing to the mounting applications of IoT sensors in various sectors like healthcare, industrial automation, transportation, and consumer electronics.

In terms of component: It is segmented into the hardware platform. Among this, the elements of Energy Management, Lighting Control Systems, Fire Protection Systems, Security & Access Control Systems, and Consumer Devices are the sub-segments.

In terms of Network Technology: LonWorks, Ethernet, Modbus, KNX, and Digital Addressable Lighting Interface are the segments.

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