IoT Sensors Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The IoT sensors market is expected to grow from USD 16.0 billion in 2024 to USD 70.1 billion by 2029; it is expected to grow at a CAGR of 34.4% from 2024 to 2029. Significant technological developments in the past decade have considerably reduced the size of several types of sensors, such as level, pressure, and image sensors. Sensors are becoming more accurate, reliable, and energy-efficient, enabling more sophisticated data collection and analysis.

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The pressure sensors segment is projected to account for the largest size of the IoT sensors market from 2024 to 2029. The growth of this segment is driven by the increasing demand for equipment incorporated with sensors for use in navigating and satellite-positioning applications. Risen demand for remotely operated vehicles and surged adoption of automation in different industries and buildings are also expected to drive the global demand for gyroscopes during the forecast period.

The wireless segment of the IoT sensors market is projected to grow at a higher CAGR than the wired segment from 2024 to 2029. The growing demand for wireless data from mobile devices, networked cars, and smart grids requires highly effective Internet connections. Wireless communication infrastructure can be more cost-effective than deploying wired networks, especially when extensive cabling is impractical or expensive. Wireless connectivity enables cost savings in both installation and maintenance.

The demand for consumer IoT is expected to be significant during the forecast period. Sensors empower devices with new features and functionalities, like gesture recognition, voice control, environmental monitoring, and contextual awareness. Imagine adjusting your thermostat based on your presence or dimming the lights when you fall asleep.
The IoT sensors market in Asia Pacific is projected to grow at the highest CAGR from 2024 to 2029. The Asia Pacific region boasts some of the fastest-growing economies globally, leading to rising disposable incomes and increased consumer spending on technology. This fuels the adoption of consumer electronics, smart appliances, and other IoT-enabled devices that rely heavily on sensors.

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Major companies in the IoT sensors market include Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors NV (Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK Corporation (Japan), Infineon Technologies AG (Germany), Analog Devices (US), Omron Corporation (Japan), among others.

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