Global IoT Sensors Market Size Zooming 7X to Touch Whopping USD 143 Billion by 2029

Published | 31 January 2023

Global IoT sensors market is flourishing owing to the high demand for wearables and smart devices, increasing need for real-time computing in applications, encouraging government initiatives, and expanding use of IoT sensors in numerous industry applications.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global IoT sensors market size at USD 20.36 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global IoT sensors market size to grow at a significant CAGR of 32.6% reaching a value of USD 142.97 billion by 2029. Due to their shrinking size, dropping costs, and technological advancements, IoT sensors are in increasing demand in a variety of IoT devices and other applications, which is expected to propel the global IoT sensors market upward in the coming years. The demand for IoT sensors is anticipated to increase in the coming years due to various government initiatives for the creation of smart cities, which would call for IoT sensors that can be used in areas like traffic management and monitoring of energy consumption. Demand for connected and wearable devices is growing, as is the importance of real-time computing for Internet of Things applications. All of these factors will contribute to the growth of the global IoT sensors market. The global IoT sensors market will experience growth during the forecast period due to the expansion in IoT sensor applications in the healthcare sector for biosensors and implantable sensors to lower healthcare costs and improve care quality.

Global IoT Sensors Market – Overview

Sensors are devices that turn information from the outside world into signals that are understandable to both machines and people. IoT sensors are used in several sectors, such as agriculture, disaster preparedness, tourism, healthcare, industrial, logistics, transportation, and small local businesses. They made it possible to collect data under various conditions. IoT Sensors are an extensive network of intelligent devices that connect users, systems, and other applications to collect and share data. IoT sensors gather information by connecting to IoT gateways or other edge devices. From there, the data is either sent to the cloud for analysis or is examined locally.

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Opportunity: Smart cities and infrastructure IoT sensor projects

Global governments have launched smart city and infrastructure projects based on the Internet of Things (IoT). Software, user interfaces, communication networks, and the IoT are all used in smart cities. The most important of these is IoT, which is a network of interconnected devices that communicate and share data. On-street sensors, smart home appliances, and smart cars are all examples of IoT. Local businesses and residents are expected to benefit from the use of digital technology to address several significant social issues. As a result of smart city initiatives and expanding infrastructure, the market for the internet of things is expanding.

Challenge: Increasing incidences of cybercrimes

The use of IoT applications has increased in recent years. As a result, there have been more data breaches and security concerns. Because they are all data-driven, each Internet of Things platform generates a massive amount of data every second. Enterprises use several types of sensors to check data and make informed decisions. It is now critical to ensure that all IoT data collection devices are secure, resilient, and dependable. Because it provides malware with numerous decentralized entry points, the high level of connectivity that IoT platforms have with a wide range of devices raises data privacy concerns. If the device's security is breached, it could be used to harm other devices or misuse information.

Impact of COVID-19 on Global IoT Sensors Market

The market for IoT sensors experienced notable change as a result of the COVID-19 pandemic. Global sales of IoT sensors for important industrial and commercial verticals declined by 10–15% as a result of the virus's spread in various parts of the world. Market expansion in important regions was also hampered by short-term supply chain disruptions. However, in the post-COVID scenario, it is expected that the IoT sensor market will be significantly impacted.

Global IoT Sensors Market – By Application

Global IoT sensors market is divided into three segments based on application: Industrial, Commercial, and Consumer. The market will be dominated by the Industrial application type due to the growing adoption of information technology in the manufacturing and automotive sectors. The market for industrial IoT sensors will also be stimulated by the growing applications of IoT in the implementation of predictive maintenance techniques in industrial equipment as well as for monitoring their operation and avoiding unscheduled downtimes in the production cycle. The demand for IoT sensors in consumer electronics, such as smartphones, tablets, and home appliances, will have an impact on the consumer IoT sensors segment.

Competitive Landscape

Global IoT sensors market is fiercely competitive. Prominent players in the market include Texas Instruments, TE Connectivity, Broadcom, NXP Semiconductors, STMicroelectronics, Bosch Sensortec, TDK, Infineon Technologies, Analog Devices, Omron, Sensirion, Honeywell, Siemens, General Electric, SmartThings, Monnit, Murata Manufacturing, Sensata Technologies, Silicon Laboratories, Robert Bosch GmbH, Invensense, Inc., and Libelium. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global IoT sensors market.

Don’t miss the business opportunity in the Global IoT Sensors Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global IoT Sensors Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global IoT Sensors Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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