Report Overview

Development of less expensive, more intelligent, and more sophisticated sensors; growing market demand for wearables and smart devices; increasing need for real-time computing in applications; and the growing use of IoT sensors in numerous industry applications could boost the growth of Global IoT Sensors Market during the forecast period between 2023 and 2029.

Global IoT Sensors Market - Industry Trends & Forecast Report, 2029

Global IoT sensors market size was estimated at USD 20.36 billion in 2022. During the forecast period between 2023 and 2029, the global IoT sensors market size is expected to expand at a CAGR of 32.6% reaching a value of USD 142.97 billion by 2029. The growing demand for IoT sensors in various IoT devices and other applications due to their reduction in size, minimization in costs, and technological advancements are vital factors expected to encourage the growth of the global IoT sensors market in the upcoming period. Various government initiatives for the establishment of smart cities would demand IoT sensors that can be used in areas such as traffic management and monitoring of energy consumption is expected to boost the demand for IoT sensors in the coming years. Moreover, growth in internet penetration users, the rise in demand for connected and wearable devices, and the growing need of importance real-time computing for IoT applications will boost the global IoT sensors market growth. Augmentation in the application of IoT sensors in the healthcare industry for biosensors and implantable sensors to reduce the cost of healthcare and increase the quality of care will boost the global IoT sensors market during the forecast period.

Usage of IoT sensors in the manufacturing sector, for reducing the cost of manufacturing and the cost of maintenance and for minimizing the consumption of energy and wastage of materials will fuel the growth of the IoT Sensors market in the forecast period. Rise in demand for consumer electronics like smartphones, smart TV, and smart home appliances are built-in in the IoT sensors and related sensors which will bolster the global IoT sensor market.

Global IoT Sensors Market - Overview

Sensors are tools that transform data from the outside world into signals that both machines and people can understand. Several industries, including agriculture, disaster preparedness, tourism, healthcare, industrial, logistics, transportation, and local businesses, use IoT sensors. They made it possible to gather data in a variety of circumstances. IoT Sensors are a network of countless smart devices that link users, systems, and other programs to gather and share data. IoT sensors gather data by establishing a connection to an IoT gateway or other edge devices, where it is either sent to the cloud for analysis or examined locally.

Growth Drivers

Government-led IoT Sensor Projects for Smart Cities and Large Infrastructure Projects

Global governments have launched IoT-based smart city and infrastructure projects. Smart cities make use of software, user interfaces, communication networks, and IoT. The IoT is the most important of these because it is a network of interconnected devices that communicate and share data. IoT includes on-street sensors, smart home appliances, and smart cars. The use of digital technology to address several significant social issues is expected to benefit local businesses and residents. As a result, the market for the internet of things is growing as a result of smart city initiatives and expanding infrastructure.

Restraints

Increasing Incidences of Cybercrimes

Use of IoT applications has grown in recent years. As a result, data breaches and security concerns have increased. Each Internet of Things platform generates a massive amount of data every second because they are all data-driven. Enterprises and other business units use various types of sensors to check data and make informed decisions. It is now critical to ensure the security, resilience, and dependability of all IoT data collection devices. High level of connectivity that IoT platforms have with a wide range of devices raises data privacy concerns because it provides malware with numerous decentralized entry points. If the security of the device is compromised, it could be used to harm other devices or misuse information.

Impact of COVID-19 on Global IoT Sensors Market

The COVID-19 pandemic has had a significant impact on the internet of things (IoT) sensor market. Because of the virus's spread in various parts of the world, global sales of IoT sensors for key industrial and commercial verticals fell by 10-15%. Short-term supply chain disruptions hampered market growth in key regions as well. However, the global IoT sensor market is expected to be significantly impacted in the post-COVID scenario.

Global IoT Sensors Market

Segmental Coverage

Global IoT Sensors Market - By Product Type

Based on Product type, the IoT Sensors market is segmented into Pressure, Temperature, Humidity, Magnetometer, Gyroscope, Accelerometer, Image, and Inertial. Gyroscope dominates the global IoT Sensors owing to the increasing demand for equipment optimized with sensors such as navigation and satellite positioning. Moreover, the huge demand for routing guidance in-built devices in the vehicle and the growing adoption of these IoT sensors in automation industries and home appliances will boost the Gyroscope market over the forecast period. The Temperature IoT sensors market is driven by growing its usage in air-conditioners and refrigerators. Temperature sensors in manufacturing, sensors are used to monitor the temperature of machines and in agriculture, to monitor the temperature of the soil, water, and plants.

Pressure sensors market will influence by their application in use in mobile phones, PDAs, GPS navigation devices, and outdoor equipment for monitoring pressure signals. The accelerometer sensor market will trigger by its usage in smartphones, vehicles, and aircraft to detect the orientation of an object, shake, tap, tilt, motion, positioning, shock, or vibration.

Global IoT Sensors Market - By Network Technology

Based on network technology, the IoT Sensors market has been segmented into Wired and Wireless. The wireless segment dominates the global IoT Sensors owing to the growing demand for the wireless network in mobile devices, connected cars, and smart grids. Moreover, the rising adoption of cloud platforms which are lower installation and maintenance costs will boost the wireless market. The wired market will drive by its demand in the healthcare industry for its security, reliability, and high-speed communication.

Global IoT Sensors Market - By Application

Based on application, the global IoT sensors market has been segmented into Consumer, Commercial, and Industrial. By application type, the industrial segment will lead the market due to the rising adoption of Information technology in the automotive industry and manufacturing industries. Moreover, the increasing applications of IoT in implementing predictive maintenance techniques in industrial equipment and also for monitoring their working and avoiding unscheduled downtimes in the production cycle will trigger the industrial IoT sensor market. The consumer IoT sensor market segment will influence by increasing demand for IoT sensors in consumer devices, such as mobile phones, tablets, and home appliances.

Global IoT Sensors Market - By Region

Based on region, the global IoT sensors market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the world IoT sensors market over the forecast period owing to the growing use of the internet in various industries coupled with the rising adoption of wireless sensors and networks in industrial, automotive and transportation, healthcare, oil & gas, and consumer electronics. The Asia Pacific is projected to be the fastest-growing market throughout the forecast period due to the growing demand for internet-based devices in commercial and residential spaces like home appliances.

Competitive Landscape

Major companies in the global IoT sensors 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. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In May 2022 - Google partnered with Asus IoT to increase consumer adoption of its Coral platform, which enables users to add on-device AI to hardware offline without sending data to the cloud, and to scale manufacturing. As a result, Asus' share in the IoT market grows.

• In October 2021 - Siemens smart infrastructure acquired Watt Sense, a provider of innovative, plug-and-play IoT management systems for small and mid-sized buildings. The acquisition was expected to help Siemens gain customers and increase its share of the IoT market.

Scope of the Report

By Product Type

• Pressure

• Temperature

• Humidity

• Magnetometer

• Gyroscope

• Accelerometer

• Image

• Inertial

By Network Technology

• Wired

• Wireless

By Application

• Consumer

• Commercial

• Industrial

By Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa