Global IoT Sensors Market to 2027 - to Witness Growth Acceleration By Top Competitor Analog Devices, ARM Holdings, Robert Bosch, Omron, Broadcom, Infineon Technologies

The advent of IoT has enabled each device to be connected over the internet and the rising adoptions globally would result in more than billions of devices connected over the internet. Also, validating to the above mentioned point is the fact that the data traffic rate on a global level, has grown at an annual rate of more than 65% over the last five years. Also, between 2018 and 2023, the data traffic is anticipated to grow at a compound annual growth rate of close to 40 percent. This exponential growth in data traffic over the internet is out rightly attributed to the growing penetration of smartphones and other consumer electronic devices that can be connected over the internet as a result of the growing popularity of IoT. It is estimated that each individual will have close to a dozen number of devices that would be connected over the internet by 2020. Huge populations of India and China are further proliferating the growing penetration of smart phones and other consumer electronic devices. Additionally, the Government initiatives towards digitalization of economies in these countries is leading to exponential growth of data traffic over the internet in these countries and also on a global scale for other developing economies.

The major companies offering IoT sensors to different industries include Analog Devices, Inc., ARM Holdings PLC, Broadcom, Inc., Honeywell International, Inc., Infineon Technologies AG, NXP Semiconductors N.V., Omron Corporation, Robert Bosch Gmbh, STMicroelectronics N.V., and Texas Instruments Incorporated among others. Several other companies are also offering these products to different industries which is facilitating the IoT sensors market to propel over the years.

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IoT sensors market is estimated to reach US$ 65.79 Bn by 2027 from US$ 9.46 Bn in 2018. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.

North America was the leading IoT sensors market in 2018 and Asia-Pacific is anticipated to witness the fastest growth throughout the forecast period. Across North America, the technological advancements has led to a highly competitive markets. North America is a hub of technological developments that comprises with economically robust countries. The companies are continuously enhancing the overall business processes in order to meet the customers demand for high quality products and services in the best possible way. Being a technologically advanced country, coupled with high disposable incomes with individuals, the consumer electronics industry has blossomed in the region. The density of consumer electronic devices in the region is quite high. These factors have driven the IoT sensors market in North America.

In the current scenario, various consumer electronic devices are used by consumers across the globe for a plethora of tasks. Consumer electronic devices such as smartphones, tablets, PCs, music players, etc. have become integral part of consumers’ lives. The consumer devices are becoming smarter with the ongoing technological advancements. The AI-enabled applications have stoked the demand for cheaper sensors. The market for consumer electronics is growing the current scenario, owing to the fact that several semiconductor companies are regularly coming up with advanced technologies which is attracting the industry. Furthermore, wearable devices accounts for one of the fastest-growing segments of the IoT connected device industry.

The IoT sensors market is segmented on the basis of types under temperature sensor, light sensor, pressure sensor, chemical sensor, motion sensor, and others. An IoT needs varied types of sensors to make performance of applications more reliable. As the things are not capable enough to capture states or perform actions unless all device or systems are fitted with the sensors.

Wired connection is more reliable, secure, and they are less likely to get affected by local factors such as floors, walls, cabinets, or interruption from any electronic devices. Whereas, wireless connections are highly scalable and cost-effective technologies due to the presence of a considerable number of manufacturers in the IoT sensors market.

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Key Benefits

• This report provides a detailed study of market trends and forecast from 2019 to 2027, which assist to identify the prevailing market opportunities.

• In-depth coverage of the global market that includes drivers, restraints, and opportunities, helps professionals to understand the market behavior in a better way.

• This study further includes market share analysis in terms of type and applications.

• Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.

• Porter’s Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.

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This release was published on openPR.