The global sensors in Internet of Things (IoT) devices market size is expected to reach USD 204.74 Billion at a steady CAGR of 30.8% during the forecast period. The rising Internet and wearable medical device penetration, as well as the growing trend of smart factories and automation of various manufacturing processes, are all contributing to the market’s steady revenue growth. The use of IoT-enabled sensors and devices to increase productivity and allow more flexible manufacturing processes is on the rise. Sensors are increasingly being used in IoT devices in the manufacturing and automotive industries, as the need to track, regulate, and increase operational efficiency increases. Smart city initiatives in developing countries are also driving up demand for sensors in IoT products, and this trend is expected to continue over the forecast era. Sensors in IoT devices are increasingly being used in the manufacturing industry for employee protection and well-being, profitable process workflows, and better space utilisation. Over the forecast period, technological advances in sensors, field devices, and robotics are expected to improve sensor deployment in an increasing range of IoT devices, thereby supporting market development.
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Some Key Highlights in the Report
- Cisco Systems released two new cloud-managed IoT sensor solutions in October 2020: Meraki MT sensors and Industrial Asset Vision sensors. From outdoor Operation Technology (OT) to indoor IT closet spaces at scale, IoT sensor solutions are expected to help companies simplify facility and asset tracking through their organisations.
- In 2020, the industrial sector had the highest market share. In order to introduce smart manufacturing, manufacturers across various industries are implementing IoT solutions with a greater emphasis on sensors, robotics, centralised monitoring, cloud, and quality inspection, which is expected to increase demand for sensors for such solutions and applications.
- During the forecast period, revenue in the pressure sensors segment is projected to grow at a 31.5 percent CAGR. Pressure sensors’ ability to track pressure fluctuations or drops is driving their use in a variety of manufacturing processes.
- In 2020, the wireless segment accounted for a large portion of the sales in the sensors market for Internet of Things (IoT) products. Wireless sensor networks are common because they are efficient in harsh or hostile environments, are easily scaled, and allow for remote data collection and transmission.
- In 2020, North America contributed the largest revenue share to the global sensors in Internet of Things (IoT) devices industry. Increased adoption of IoT-based sensor solutions in the manufacturing, automotive, transportation, and healthcare industries in the region is expected to drive market growth over the forecast period.
- Key players in the market include Acuity Brands, Bosch Sensortec GmbH, Cisco Systems, Ericsson, Google Inc., Honeywell International Inc., HTC Corporation, IBM, Infineon Technologies, and Intel Corporation.
Emergen Research has segmented the global sensors in Internet of Things (IoT) devices market on the basis of application, sensor type, network technology, and region:
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Sensor Type Outlook (Revenue, USD Billion; 2018–2028)
- Temperature sensors
- Pressure sensors
- Chemical sensors
- Light sensors
- Motion sensors
- Other sensors
- Network Technology Outlook (Revenue, USD Billion; 2018–2028)
- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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