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IoT Sensors Industry Valued at US$ 106.6 Bn in 2023, Expected to Grow at 7.7% CAGR by 2034

IoT Sensors Market

IoT Sensors Market

The Global IoT Sensors Market is on a trajectory of significant growth, with its valuation projected to escalate from US$ 106.6 billion in 2023 to an impressive US$ 258.0 billion by the end of 2034. This growth represents a compound annual growth rate (CAGR) of 7.7% over the forecast period from 2024 to 2034.
A surge in demand for smart sensors is a primary driver augmenting the IoT sensors market's progress. These smart sensors, when integrated with IoT, enhance automated data collection and processing, delivering high accuracy and real-time information. The rise in investments in Industry 4.0 is further boosting market demand, as businesses globally adopt new technologies to enhance efficiency and production maintenance.

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Market Introduction
IoT sensors are pivotal in collecting information and processing signals to facilitate the remote usage of various devices, sharing data in real-time. These sensors convert physical parameters such as temperature, pressure, and humidity into electrical signals, with applications spanning consumer electronics, healthcare, automotive, agriculture, and transportation sectors.

Market Drivers
1. Surge in Demand for Smart Sensors: The increasing need for smart sensors, capable of providing digital data ready for transmission, is propelling market growth. These sensors enhance automated predictive maintenance in smart factories, crucial for maintaining the performance and lifespan of manufacturing assets.
2. Rise in Investment in Industry 4.0: IoT plays a critical role in developing Industry 4.0. The adoption of technologies such as ground mobile robots and drones, relying on Inertial Measurement Units (IMUs), is significantly contributing to market expansion.

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Industry Trends
Wireless IoT sensors are gaining traction due to their ease of installation and elimination of issues associated with wired connectivity. These sensors are crucial for real-time asset tracking and management, a necessity in various industrial applications.

Regional Outlook
The Asia Pacific region dominated the IoT sensors market in 2023, driven by substantial technological investments in manufacturing. Notably, manufacturers in India are leading in technology investment, dedicating 35% of their operating budgets towards IoT, IIoT, automation, cloud/SaaS, machine integration, and machine learning/AI.

Key Developments
• Bosch: In January 2024, Bosch is set to unveil the BHI380 Smart Connected Sensors platform at CES 2024, aimed at enhancing motion-tracking applications with hardware, software, and ready-to-use wearable reference designs.
• ABB Ltd.: In 2023, ABB Ltd. announced a strategic partnership with Pratexo to co-develop edge computing solutions for decentralized networks, supporting IoT and AI initiatives requiring edge compute power.

Key Players
The IoT sensors market landscape features prominent players such as ABB Ltd., Analog Devices, Bosch Sensortec GmbH, Broadcom, Honeywell International, Infineon Technologies, Knowles Electronics, LLC, Murata Manufacturing Co., Ltd., NXP Semiconductors, OMRON Corporation, Sensirion AG, STMicroelectronics N.V., TDK Corporation, TE Connectivity, and Texas Instruments. These companies are actively investing in developing Industry 4.0 solutions, advancing the IoT ecosystem.

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Why Buy This Report?
• Comprehensive Analysis: This report provides an in-depth analysis of the IoT Sensors market, including detailed segmentation, market size estimates, and growth projections.
• Market Insights: Gain insights into market dynamics, including key drivers, challenges, and opportunities, to make informed business decisions.
• Competitive Landscape: Understand the competitive landscape with detailed profiles of major players and their strategies.
• Future Trends: Stay ahead of market trends with forward-looking information on emerging technologies and market developments.
• Strategic Planning: Use the detailed analysis and data to formulate effective strategies for market entry, expansion, and product development.
• Investment Opportunities: Identify lucrative investment opportunities in emerging markets and technology segments.

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