Global IoT Sensor Market Growing Massively - Projected to Reach Worth USD $ 27.9 Billion by 2028 (Including COVID-19 Impact Analysis): Zion Market Research
NEW YORK, March 3, 2022 /PRNewswire/ -- As per Zion Market Research study, The Global IoT sensors market was worth around USD 8.5 billion in 2021 and is estimated to grow to about USD 27.9 billion by 2028, with a compound annual growth rate (CAGR) of approximately 27.9% over the forecast period. The report analyzes the IoT Sensors market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the IoT Sensors market.
One of the most significant and exciting technology areas nowadays is the Internet of Things (IoT). Sensors, in general, are devices that recognize and respond to alterations in their external environment. IoT sensors can detect and measure a variety of physical phenomena including pressure and heat. IoT sensors are widely employed in today's society in a variety of industries. IoT sensors are becoming increasingly important for increasing operational efficiency, lowering costs, and boosting worker safety.
IoT Sensors Market: Overview
As the IoT industry expands, new types of sensors, as well as new ways to use and derive value from them, emerge on a regular basis. As a result, a growing number of industries are investing in the field in order to extract more value from data in a more effective manner. IoT sensors have proven valuable for both consumers and corporate networks, enabling rapid, simple, and precise data transfer in both cases. Sensors, in all of their forms, are essential to achieving optimal asset performance in all IoT applications. They provide a clear view of everything that is going on in the surroundings.
IoT Sensors Market: Growth Drivers
Sensors are being largely used in healthcare, automotive, and consumer items as a result of the fast decrease in sensor size and widespread use of microelectromechanical systems technology. This has contributed significantly to the overall expansion of the sensor industry. Smaller sensors have been quickly used in devices such as wearables, smartphones, drones, and robotics over the last five years, which is also supporting the growth of the market.
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IoT Sensors Market: Restraints
Despite the enormous promise of the Internet of Things, there are worries about data privacy and security linked with IoT devices. The Internet of Things is fully data-driven. IoT-enabled sensors and gadgets create massive amounts of data every second. Companies and organizations monitor this data using a variety of sensors and make choices based on the information. They must assure the legitimacy of the data as well as the security, resilience, and dependability of the devices that gather data, as they rely more on machine-derived data for real-time commercial activities. As the Internet of Things links more devices, malware has more dispersed access points. Cybercriminals may exploit IoT devices as entry points to harm other devices in the network if they are not properly protected.
IoT Sensors Market: Opportunities
Because the government sector is projected to be one of the major potential users of IoT, governments throughout the world are promoting and funding IoT-related developments. Smart traffic control systems, energy saving through smart meters, and security system enhancements via smart cameras are all areas where governments are seeking advancements. Furthermore, governments are sponsoring new IoT research initiatives for smart city development. This assistance is predicted to be critical in the IoT's expansion over the next few years.
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IoT Sensors Market: Challenges
To limit the COVID-19 epidemic, social distance is a preventative and obligatory step. Manufacturing firms used this precaution to limit the number of staff on the shop floor during the initial periods of the outbreak. As a result, production operations and capacity were reduced. Manufacturing activities at certain organizations have been entirely halted, causing supply chain disruption. Other sectors of the manufacturing ecosystem, such as transportation, have also seen social separation. It became impossible to get crucial industrial components and raw materials to areas that were under total lockdown. This further halted business activity, significantly impacting the market growth, particularly in the industrial sector.
IoT Sensors Market: Segmentation
The global IoT sensors market is classified based on sensor type, network technology, vertical, and region. The sensor type segment is bifurcated into a magnetometer, gyroscope, inertial sensor, image sensor, touch sensor, temperature sensor, pressure sensor, humidity sensor, flow sensor, accelerometer, and others. The network technology segment consists of ZIGBEE, Z-WAVE, NFC, RFID, wired, wireless, and others. Industrial, consumer, and commercial are the verticals of the global IoT sensor market.
Recent Developments:
- In Feb 2022, Ericsson announced the launch of IoT Accelerator Connect to make connecting IoT devices for businesses easier than ever before.
- Texas Instruments introduced the company's breakthrough zero-drift Hall-effect current sensors in July 2020.
- In October 2020, NXP expands reliable ultra-wideband offering with novel sensing solutions to support upcoming IoT use cases.
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Regional Landscape:
North America is presently the largest market for IoT sensors holding more than 35 percent of the global market share. Because of the region's established suppliers and early use of IoT technology in numerous sectors, North America is one of the major marketplaces. Most businesses in this region are increasingly using IoT to monitor the functioning of their products, preventing costly breakdowns and wasteful routine maintenance shutdowns. The use of IoT in the area is also propelling the market under study. According to research conducted by Stanford University and Avast, households in North America have the largest concentration of IoT devices of any location on the planet. Interestingly, at least one IoT device is found in 66 percent of residences in the region. Furthermore, 25% of North American households have more than two IoT gadgets. During the forecast period, the market in Asia Pacific is predicted to grow at the fastest rate of all regions. India, China, Japan, South Korea, and Australia are among the major IoT sensor user countries. Consumer electronics, vehicles, and healthcare items all have a strong presence in APAC. This region has emerged as a global hotspot for large-scale investments and corporate growth.
Report Scope:
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Global IoT Sensors Market is segmented as follows:
IoT Sensors Market: By Sensor type Outlook (2022-2028)
- Magnetometer
- Gyroscope
- Inertial Sensor
- Image Sensor
- Touch Sensor
- Temperature Sensor
- Pressure Sensor
- Humidity Sensor
- Flow Sensor
- Accelerometer
- Others
IoT Sensors Market: By Network Technology Outlook (2022-2028)
- ZIGBEE
- Z-WAVE
- NFC
- RFID
- Wired
- Wireless
- Others
IoT Sensors Market: By Vertical Outlook (2022-2028)
- Industrial
- Consumer
- Commercial
- Others
IoT Sensors Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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List of Key Players of IoT Sensors Market:
- Bosch Sensortec
- TDK
- Infineon Technologies
- Analog Devices
- Omron
- Texas Instrument
- TE Connectivity
- Broadcom
- NXP Semiconductors
- STMicroelectronics
- Others.
Key questions answered in this report:
- What are the growth rate forecast and market size for IoT Sensors Market?
- What are the key driving factors propelling the IoT Sensors Market forward?
- What are the most important companies in the IoT Sensors Market Industry?
- What segments does the IoT Sensors Market cover?
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