The global IoT Sensors market size is projected to reach approximately USD 141.84 billion by 2032, at a CAGR of 28.53% from 2022 to 2032. IoT sensors are vital and primed with IoT cloud-based applications. It communicates wirelessly with the identification-related mainframe system. The main objective is to gather information and manage the immediate environment by utilizing a range of sensors, including temperature and humidity sensors. IoT sensors are extensively employed in a wide range of applications, including linked automobiles, smart homes, traffic signals, and more. IoT systems have been in increasing demand due to the acceleration of smart city projects due to the interconnection between sensors and gadgets.
COVID-19 Impact Analysis
The pandemic had a negative impact on the IoT Sensors market. As the government restricted people’s travel, disrupting factory operations, causing labour shortages, and causing non-essential commodities. The manufacturing of IoT Sensors was facing serious disruption in procuring raw, critical components and finished materials. Additionally, The fall in the number of new industrial projects and the industrial sector’s closure of several manufacturing facilities globally. These factors decreased sales and caused a negative impact on the revenue growth of the global IoT Sensors market.
IoT Sensors Market Dynamics
The market is being driven by growing smart city programs to expand the IoT sensor market, technological advancement and even rising government support will create an opportunity to grow the market.
Drivers
Ø Growing smart city programs to expand the IoT sensor market
Numerous nations throughout the world are putting Smart City initiatives into practice due to rising urbanization and population. Smart lighting, sensors, smart meters, and other connected devices can improve the functionality and efficiency of infrastructure and other services. The expansion of the sector will likely be supported by the growing number of initiatives including smart manufacturing, smart infrastructure, smart households, and Industry 4.0. According to Accenture, 60% of industrial organizations are already involved in IoT initiatives, with more than 30% in the early stages of adoption. Furthermore, the lowering cost of IoT sensors is one of the key reasons driving the technology’s adoption throughout the projection period.
Restraint:
- Concerns about data security
Although the Internet of Things has enormous potential, there are concerns about data privacy and security related to loT devices. The Internet of Things is fully data-driven. IoT devices and sensors create massive amounts of data every second. Companies and organizations employ numerous sensors to monitor this data and make data-driven choices. As businesses rely more on machine-generated data for real-time business activities, they must assure the data’s legitimacy as well as the security, resilience, and dependability of the devices that gather data. As the Internet of Things links more devices, malware has more dispersed access points. If the Internet of Things devices is not properly protected, cyber attackers may exploit them as access points to harm other devices in the network.
Opportunity:
- Government initiatives funding for loT projectsÂ
Since the government sector is probably one of the largest potential clients for loT, governments all over the globe are promoting and funding relevant advancements. Governments are searching for advancements and innovations in crucial sectors including smart traffic management systems, energy saving via smart meters, and security system advancements via smart cameras. Governments are also sponsoring fresh initiatives for loT research to create smart cities. The development of the loT during the coming several years is anticipated to be significantly influenced by this sponsorship.
IoT Sensors Market Segment Overview
By Sensor Type
Based on the Sensor Type, the IoT Sensors market is segmented based on Temperature sensors, Pressure sensors, Humidity sensors, and Others. The Pressure sensors segment dominated the IoT Sensors market. This segment’s growth may be attributed to factors such as an increase in safety concerns and reduced automotive emissions. Additionally, the application of pressure sensors in autonomous cars would create an opportunity for the IoT sensor market.
By Network Sensor Type
Based on the Network Sensor Type, the IoT Sensors market is segmented based on Wired, Wireless, Thread, and Others. The Wireless segment is accounted to hold a large market share in the IoT Sensors market because of the increase in the number of mobile devices and the rapidly rising in the bring-your-own-device (BYOD) concept that will drive the IoT sensor.
By Vertical
Based on Vertical, the IoT Sensors market is segmented based on Consumer, Commercial, Industrial, and Others. The industrial segment is accounted to hold a large market share in IoT sensors due to the increased adoption of connected devices and machines in factories and other industrial settings. The deployment of IoT sensors in industrial settings helps in reducing downtime, improving operational efficiency, and reducing costs. Additionally, the advent of Industry 4.0 is expected to drive the growth of the IoT sensor market in the industrial segment.
Global IoT Sensors Market Share, by Segmentation
IoT Sensors Market Analysis Regional Analysis
The global IoT Sensors market has been segmented into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to be the market leader in the adoption of IoT Sensors, followed by Europe and the Asia-Pacific region.
IoT Sensors North America Market
The IoT sensor market is dominated by North America. Due to the prevalence of leading solution providers such as Honeywell and the rising demand for smart and connected devices, the U.S. will become the largest market for IoT sensors in North America. Rising demand for cutting-edge IoT sensor solutions across a variety of industry verticals can be attributed to growth. In addition, the U.S. is expected to adopt new technology more rapidly than other nations throughout the world.
IoT Sensors Europe Market
Europe is predicted to soar at a CAGR. The need for Internet of Things (IoT) sensors is growing across Europe. IoT sensor deployment has increased in the area as a result of the rising popularity of smart cities in European nations including Germany, U.K, France, Italy, and Spain, among others. The UK media environment has been evolving quickly. The UK’s use of IoT sensor systems and services has a huge development potential owing to technological improvements.
Competitive Landscape
The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached across the globe with diverse product portfolios. Companies such as Honeywell International Inc, Broadcom Inc, Infineon Technologies, STMicroelectronics, and Texas Instruments Incorporated dominate the global IoT Sensors market due to strategic developments and diversified regional presence. The players are adopting various strategies, such as expansion, product launches, and partnerships, to strengthen their market position and capture a large customer base.
Prominent Players:
- ARM Holdings
- Analog Devices Inc
- Honeywell International Inc
- TDK Corporation
- Infineon Technologies
- STMicroelectronics
- Texas Instruments Incorporated
- Robert Bosch
- NXP Semiconductors
- Omron Corporation
Recent Development
On June 2022, TDK Corporation announced that the InvenSense ICP-20100, the next generation of SmartPressure MEMS Barometric Pressure Sensors, has been certified by NextNav and is now in mass production. The ICP-20100 is the lowest barometric pressure sensor to receive certification.
On June 2022, Aidon and Telenor IoT formed a strategic partnership to link Aidon’s smart energy service devices. Telenor loT and Aidon are two of the market’s major providers of industrial implementation for GMA SIM SP.31 standards to enable remote operator conversion.
Scope of the Report
Global IoT Sensors Market, by Sensor Type
- Temperature sensor
- Pressure sensor
- Humidity sensor
- Others
Global IoT Sensors Market, by Network Sensor Type
- Wired
- Wireless
- Thread
- Others
Global IoT Sensors Market, by Vertical
- Consumer
- Commercial
- Industrial
- Others
Global IoT Sensors Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia Pacific
- Rest of the World
| Parameters | Indicators |
|---|---|
| Market Size | 2030: $ 141.84 Billion |
| CAGR | 28.53% CAGR (2022-2030) |
| Base year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Segmentations | Sensor Type, Network Sensor Type, Vertical |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, Middle East, Africa |
| Key Vendors | ARM Holdings, Analog Devices Inc, Honeywell International Inc, Broadcom Inc, Infineon Technologies, STMicroelectronics, Texas Instruments Incorporated, Robert Bosch, NXP Semiconductors, Omron Corporation |
| Key Market Opportunities | Government initiatives funding for loT projects |
| Key Market Drivers | Growing smart city programs to expand the IoT sensor market |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future IoT Sensors market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- IoT Sensors market historical market size for the year 2022, and forecast from 2021 to 2032
- IoT Sensors market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global IoT Sensors market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
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Frequently Asked Questions (FAQ)
What is the growth rate of global IoT Sensors market?
The global IoT Sensors market is growing at a CAGR of 28.53% over the next 7 years
Which region has highest growth rate in global IoT Sensors market?
Europe is expected to register the highest CAGR during 2022 - 2032
Which region has the largest share in global IoT Sensors market?
North America holds the largest share in 2021
Who are the key players in global IoT Sensors market?
Honeywell International Inc, Broadcom Inc, STMicroelectronics, Infineon Technologies, and Texas Instruments Incorporated are the major companies operating in the global IoT Sensors market.
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