IoT Sensors Market To Record Immense Growth, Revenue To Surge To US$27.38 Billion By 2022

With the presence of a large pool of participants, the global IoT sensors market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Infineon Technologies, Honeywell International Inc., Ericsson, and ARM Holdings Plc are some of the key vendors of IoT sensors across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the IoT sensors market study.

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Citing an instance, in August 2018, Anthem Inc., a U.S. based health insurance firm, introduced sensor embedded inhalers to help patients in effectively handling chronic obstructive pulmonary disease. For the record, Anthem Blue Cross & Blue Shield in Ohio and Propeller Health, a leading digital therapeutics firm, jointly launched this initiative to enhance healthcare results of the COPD patients registered in Anthem’s Medicare advantage healthcare plans. Analysts project that such strategic initiatives are likely to boost the growth of IoT sensors market over the coming years.

As estimated in this report, the global IoT sensors market stood at US$ 7.51 billion in 2016. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this IoT sensors market is expected to reach US$ 27.38 billion by the end of the forecast period. The main types of sensors available in this IoT sensors market are temperature sensors, gyroscopes, pressure sensors, light sensors, and magnetometers. Among them, the demand for temperature as well as pressure sensors is relatively higher and the trend is anticipated to remain so over the next few years, notes the IoT sensors market research report.

High Product Application In Consumer Electronics To Amplify Market Growth

“Surging popularity of smart televisions and smartphones along rise in the sale of consumer electronic goods are expected to boost IoT sensors industry trends over the coming years,” says the author of this study. Apart from this, escalating demand for the product witnessed across automotive and healthcare sectors is anticipated to propel the IoT sensors market scope in the years ahead. Extensive application in smart grids, intelligent traffic management systems, smart parking, and smart meters is likely to open new avenues for IoT sensors market in the ensuing years.

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Issues pertaining to security and data privacy, however, are likely to hamper the growth of IoT sensors market in the near future. Nevertheless, government bid and initiative to develop smart cities is forecast to be a key growth driver of IoT sensors market in the years to come. Such strategic moves will help in annulling the impact of hindrances on the IoT sensors market, reports the study.

Flourishing Consumer Goods & Healthcare Sector To Propel Regional Growth

Regionally, North America has been leading the worldwide IoT sensors market and is anticipated to continue on the dominant position in the years to come, states the IoT sensors market study. Massive product application in many of the smart consumer goods and healthcare services is the main factor behind the dominance of the North America IoT sensors market. The high number of market players being headquartered in North America is another significant factor that is supporting the progression of this IoT sensors market in the region.

The global IoT sensors market is segmented as follows:

By Type

Temperature Sensors
Gyroscopes
Accelerometers
Pressure Sensors
Light Sensors
Magnetometers
Others

By Application

Automotive
Healthcare
Consumer Electronics
Building Automation
Industrial
Retail
Others

By Region

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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