IoT Sensors Market - Development of Smart Cities Offering a Potential Growth Opportunity

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.

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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.

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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.

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