IoT Sensors Market Worldwide Analysis on Revenue, Segmentation and Key Players

The IoT sensors market is expected to grow from USD 8.4 billion in 2021 to USD 29.6 billion by 2026; it is expected to grow at a CAGR of 28.6% during 2021–2026. Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancement, and Introduction of 3GPP Release 13 and Release 14 specifications are the key factors driving the growth of the IoT sensors market. The Growth of Internet penetration rate and High demand for connected and wearables devices are factors propelling the growth of the IoT sensors market.

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Gyroscope have promising growth potential as they are more frugal with respect to power consumption than accelerometers. Wearable devices embedded with this sensor can measure the rotational movement of the arm and compensate for it. Gyroscopes, along with accelerometers and magnetometers, are used in sensor fusion strategies. The concept of sensor fusion is likely to play a major role in the development of the IoT market, and sensors such as accelerometers, magnetometers, and gyroscopes are expected to drive this development.

The growing demand for wireless data from mobile devices, connected cars, and smart grids, among others, is creating the need for a more robust internet connection. Further, the proliferation of mobile devices and the rapidly increasing adoption of the bring-your-own-device (BYOD) concept as well as IoT within enterprises is expected to drive the growth of the market for wireless network technology. The upcoming 5G mobile technology is expected to provide much faster internet connectivity and coverage, which would also boost the market for wireless network technology.

The growth of the IoT sensors market across the world is driven by the increased adoption of smart devices in smart homes, smart cities, and wearables. Technological developments in IoT sensors are leading to advancements in consumer electronics such as smart home appliances and smart TV. In addition to consumer electronics, cities are also becoming smart owing to the deployment of IoT technology. Governments of different countries across the world are providing funds for the development of smart cities.

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The market in APAC is expected to register the highest CAGR amongst all regions during the forecast period. Countries such as India, China, Japan, South Korea, and Australia are key contributors to the growth and the development of the IoT sensors market in APAC. The growing penetration of the Internet across commercial and residential spaces, along with broadening consumer base, increasing disposable income of the masses, and improving IT infrastructures are some key determinants supplementing the growth of the IoT sensors market in APAC.

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This release was published on openPR.