Global IoT Sensors Market: Overview
The Internet of Things (IoT) alludes to a system that is embedded with network connectivity, hardware, sensors, and software which helps in the accumulcation and trading of information by means of physical objects. With the IoT getting to be plainly universal, the IoT sensors market is developing as a key piece of the area, as IoT sensors speak to a potential answer for deciding the physical characteristics of objects and changing them into a quantifiable value which can be later utilized by another client or gadget. The IoT sensors market is increasing in terms of demand of IoT sensors because of their developing use in IoT equipment that can enlist changes in sound, movement, light, temperature, and weight. Actuators and tags are likewise now regularly installed in objects, which has made also made communication easy; this is probably going to involve reliable request from the worldwide IoT sensors market in the coming years.
The worldwide IoT sensors market is relied upon to extend at an extraordinary CAGR 24.5% from 2015 to 2023. The market is relied upon to touch a valuation of US$34.75 bn before by 2023, ascending from a valuation of US$4.90 bn in 2014.
Consumer Electronics to Lead in Application Segment
Based on application, the global market for IoT sensors has been classified into retail, industry, building automation, automotive, consumer electronics, and healthcare. Out of these, the segment of consumer electronics dominated the market in 2014 owing to the mounting demand for consumer electronics such as smart home appliances, smart TV, and smartphones across the globe. In the segment of entertainment electronics, IoT sensors aid the users to establish flexible media use. Moreover, the proliferating awareness among consumers and the growing demand for feasible consumer electronics has resulted in the creation of lucrative scenarios for the market for consumer electronics in emerging economies such as India, and countries in the Middle East and Africa.
North America Surfaces as Leader in Terms of Adoption
Region-wise, the global market for IoT sensors has been segmented into North America, Europe, Asia Pacific, and the Rest of World. Among these regions, North America as the leader in 2014 closely followed by Europe in the global IoT sensors market. In 2014, these two region altogether held more than 60% of the worldwide IoT sensors market. Then again, Asia Pacific is relied upon to be the main region as far as growth rate is concerned in the worldwide IoT sensors market over the conjecture time frame. The rising interest of IoT sensors for being utilized as a part of a few smart consumer goods and furthermore in the healthcare industry has been positively affecting the advancement of the market. Governments of many developing countries such South Korea, India, and China are entering into various private and public agreements for the extension of its cloud services through its information and IoT focus advancements, along these lines reinforcing the development of this specific market in Asia Pacific.
The leading companies operating in the global market for IoT sensors are ARM Holdings Plc., InvenSense Inc., Digi International Inc., Libelium, Ericsson, Robert Bosch GmbH, Honeywell International Inc., IBM, Infineon Technologies, and STMicroelectronics N.V., among others.
Internet of Things (IoT) is a network that is embedded with sensors, electronics, network connectivity, and software enabling physical objects to gather and exchange data. As IoT rises into dominance, sensors are playing a pivotal role for measuring the physical quality of objects and enumerating it into a value, which can be read by another device or user. IoT devices are equipped with sensors which are capable of registering changes in pressure, temperature, motion, light, and sound. In the physical world, more and more objects can now communicate with each other through embedded IoT sensors, actuators, and tags. The global IoT sensors market has been segmented on the basis of types, application and geography. In addition, an exhaustive cross sectional analysis of the global IoT sensors market across four broad regions has been covered under the scope of the study.
A surge in demand for IoT sensors in the automotive industry and the booming Industrial Internet of Things (IIoT) market are strongly driving the growth of the IoT sensors market. Furthermore, increase in demand for consumer electronics and growing demand for smart devices is boosting the market growth. Smart devices account for a considerable portion of consumer electronics. Thus, increasing global sales of consumer electronics is fueling growth of the IoT sensors market. While smartphones and related products are already used to a large extent, smart electricity, gas and water meters are expected to witness rising demand over the next few years. The conjoint effect of all these trends and drivers is thus set to bolster the growth of the global IoT sensors market during the forecast period.
Stringent government regulations and policies across the globe are encouraging the development of “smart cities” and this is offering a potential growth opportunity to the global IoT sensors market. IoT sensors would be used in smart cities in smart meters, smart grids, intelligent traffic management systems, and smart parking among others. Further, technological advancements in the medical industry are set to offer a substantial opportunity for the growth of the IoT sensors market. The deployment of healthcare devices using IoT sensors could transform the healthcare industry by focusing on better patient care, lowering costs, and increasing efficiency. The IoT sensors market has huge opportunity and scope in the emerging markets of Asia Pacific and Rest of the world (RoW). Emergence of new players in the developing markets such as China, Japan, India, Australia, Russia, and Brazil coupled with the adoption of better and advanced technologies has led to the increase in competitiveness in the market.
The competitive profiling of the key players in the global IoT sensors market across four broad geographic regions is included in the study. These include different business strategies adopted by the leading players and their recent developments as in the field of IoT sensors. The market attractive analysis of the major application areas has been provided in the report, in order to offer a deep insight of global IoT sensors market.
A comprehensive analysis of the market dynamics that is inclusive of market drivers, restraints and opportunities is included in the purview of the report. Market dynamics are the distinctive factors which impact the market growth, thereby helping to understand the ongoing trends of the global market. Therefore, the report provides the forecast of the global market for the period from 2015 to 2023, along with offering an inclusive study of the IoT sensors market.
Some of the major players in the IoT sensors market are: Infineon Technologies (Germany), STMicroelectronics N.V. (Switzerland), IBM (U.S.), Robert Bosch GmbH (Germany), Honeywell International Inc. (U.S.), Ericsson (Sweden), InvenSense Inc. (U.S.), Libelium (Spain), ARM Holdings Plc. (U.K.) and Digi International Inc. (U.S.) among others.
The global IoT Sensors market has been segmented into:
Global Sensors Market, by Types
- Pressure Sensors
- Temperature Sensors
- Light Sensors
Global IoT Sensors Market, by End-Use Industry:
- Consumer Electronics
- Building Automation
Global IoT Sensors Market, by Geography: The market is broadly segmented on the basis of geography into:
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Latin America
- Middle East