Global IoT Sensors Market is expected to reach USD 32.46 billion by 2030

IoT is the software of devices, buildings, physical objects and other, that produces trillions of data through connecting various sensors and devices with the Internet via mixed access networks through technologies. The global IoT sensors market is growing to reach USD 32.46 billion by 2030, at a CAGR of 22.6% during the forecast period 2022-2030, due to augmented usage of sensors in IoT devices and other applications, and growth in internet penetration rate. Different sensor type contributed to the IoT sensors market size. The market has witnessed high demand for pressure sensors in the coming years due to augmented concerns involving safety, decrease in automobile emissions and comfort levels.

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Market Segmentation
Insight by Sensor Type
On the basis of sensor type the IoT sensors market is subdivided into temperature sensors, magnetometers, proximity sensors, accelerometers, pressure sensors, image sensors, acoustic sensors, humidity sensors, touch sensors, Co2 sensors, motion sensors, inertial sensors, flow sensors, gyroscopes, occupancy sensors and others. Among all sensor types, pressure sensors segment accounted the largest share in the market, due to augmented concerns involving safety, decrease in automobile emissions and comfort levels.
In addition, gyroscopes are expected grow at fastest rate in the market due to mounting need for equipment enhanced with sensors for applications such as navigation and satellite positioning, massive requirement for distantly operated vehicle guidance, and the mounting requirement of automation in industries and homes.

Insight by Network Technology
On the basis of network technology the IoT sensors market is subdivided into wired and wireless. Among both network technologies, the wireless network technologies accounted larger share in the market due to multiplying of mobile devices and speedily mounting implementation of the bring-your-own-device (BYOD). Moreover, the forthcoming 5G cellular wireless technology is expected to deliver more rapid internet connectivity and coverage.

The wired segment is further subdivided into KNX, ethernet, digital addressable lighting interface (DALI), lonworks and modbus. In addition the wireless is further subdivided into Wi-Fi, Dect-Ule, Z-Wave, process field bus (Profibus), RFID, bluetooth, 6lowpan, zigbee, thread, NFC, enocean, Wireless-Hart (Whart) and others.

Insight by Vertical
On the basis of vertical the market is subdivided into consumer, industrial and commercial. Among all verticals, the consumer segment is expected to grow at fastest rate in the IoT sensors market due to augmented implementation of smart devices in home automation, wearbles, and smart cities, and mounting participation of domestic and multinational players to improve the IoT infrastructure. In addition, the industrial segment accounted the largest share in the market.
The consumer segment is further subdivided into home automation, wearable electronics and smart city. In addition the commercial segment is further subdivided into retail, financial institutes, aerospace and defence, logistics & supply chain, corporate offices, and entertainment. Moreover, the industrial segment is further sub divided into transportation, smart agriculture, energy, healthcare and industrial automation.

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Industry Dynamics
Growth Drivers
Augmented usage of sensors in IoT devices and other applications, growth in internet penetration rate, initiation of Ipv6, launch of 3 GPP release 13 and release 14 specifications, elevated requirement for connected and wearable devices and significance of real-time computing for IoT applications are the primary growth drivers for IoT sensors market.

In addition, encouraging government plans and capital for IoT projects, elevated implementation of IoT by small and medium sized businesses and emerging need for cross domain collaboration are the major factors driving the growth of IoT sensors market.

Challenges

Data security issues, shortage of technicians, lack of common protocols and communication standards, high power consumption by connected devices and high expectancy and restricted bandwidth issues are the major challenges for the growth of IoT sensors market.

Industry Ecosystem

Globally industry players are leveraging market growth through launching new products. The high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

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Geographic Overview

Geographically, North America the largest IoT sensors market due to mounting implementation of wireless sensors. In addition, mounting internet usage in technologically advancing economies and augmented usage of IoT sensor devices in various industries such as healthcare, oil & gas, automotive, consumer electronics, transportation and retail are some of the factors driving the growth of the North American market.

In addition, Asia-Pacific is observed to witness highest growth in the market due to mounting disposable income. In addition, mounting penetration of the internet across commercial and residential spaces, and refining IT infrastructure are some of the factors facilitating the growth of the Asia-Pacific market.

Competitive Insight

Key players in the IoT sensors market are catering the demand by collaborating, and acquiring with small players and investing in technologically advanced products portfolio across the globe. Sensirion introduced SGPC3, the ultra-lower gas sensor which manages indoor air quality detecting for mobile and battery-driven applications. Texas Instruments, Sensirion, Analog Devices, Te Connectivity, Bosch Sensortec, TDK (Invensense), Broadcom (Avago), STMicroelectronics and Omron are the key players offering IoT sensors.

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