IoT Sensor Market to Surge: Reaching $33 Billion in 2024 and Beyond

According to a newly updated Fact.MR research report, the size of the global IoT sensor market is projected to reach US$ 33 billion by 2024. By the end of 2034, the market is expected to have grown at a compound annual growth rate of 18.6% and be worth US$ 181.7 billion.

Global developments in the IoT sensor market are being positively impacted by the convergence of many technologies, including ML, AI, and other related ones. IoT sensor sales are rising as a result of both the expanding demand for electric vehicles (EVs) and the increasing deployment of 5G networks. Market participants are also benefiting from a notable rise in the installation of IoT devices in smart homes.

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IoT sensors are becoming increasingly popular in home automation because of how well they automate and regulate appliances, heating, lighting, and security systems to save energy and increase convenience. These sensors are used in the healthcare industry to check drug compliance, provide remote patient monitoring, reduce medical costs, and improve overall patient outcomes. Additionally, they are employed in industrial environments to optimize production processes, track equipment performance, and determine the need for predictive maintenance, all of which save downtime and boost productivity.

The Transportation and Automotive Sectors Are Important
A number of major participants in the automobile industry, including Mercedes-Benz, Toyota, Volkswagen, and Volvo, are making significant investments in the creation of high-end smart cars. They are providing customers with a safer and more enjoyable driving experience. Preventive maintenance, linked mobility, and real-time data access are some of the uses of IoT in the automobile and transportation industries.

Smart cities, Car2Car connectivity, and modern fleet management are opening up profitable options for industry participants. As a result, there is a growing desire for smart sensor technology, which raises the need for Internet of Things sensors. Many transportation businesses can chart profitable routes and improve fuel efficiency thanks to IoT. Using Internet of Things (IoT) devices in traffic congestion systems within motor vehicles, logistics companies may track and trace their items.

Key Companies Profiled

Infineon Technologie
Honeywell International Inc.
STMicroelectronics N.V.
Qualcomm Technologies
IBM
Siemens; PTC
General Electric Company
Sensata Technologies, Inc.
Robert Bosch GmbH
XP Semiconductors
TE Connectivity
Moxa Inc.
TE Connectivity
Sierra Wireless, Inc.

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Problems with Data Security and Privacy

IoT sensor data privacy is a source of some concern, despite the potential and many advantages of IoT devices. IoT-enabled sensors and gadgets produce a lot of data and increase the number of potential malware entry sites. Increased reliance on linked devices as a result of privacy intervention reflects connected equipment risks.
The Internet of Things and artificial intelligence play a major role in Industry 4.0. IoT sensor applications are being made possible by significant technologies like big data analytics and cloud infrastructure. The increasing use of IoT as a useful technology in more establishments and businesses is creating additional opportunities for new market entrants attempting to compete in this highly competitive space.

Growing Government Programs Endorsing Intelligent Manufacturing Techniques

By the end of 2034, the analysis projects that China will account for 47.5% of East Asian market revenue. With the use of industrial IoT, the Chinese government is pushing smart manufacturing techniques. Different sensors are needed in factories to meet distinct needs. For example, image and LiDAR sensors require temperature and vibration sensors; machine vision and robotics applications require process monitoring.

Segmentation of IoT Sensor Market Research

• By Type :
o Accelerometers
o Gyroscopes
o Magnetometers
o Pressure Sensors
o Others
• By Application :
o Consumer Electronics
o Healthcare
o Automotive
o Industrial Building
o Automation
o Others
• By Region :
o North America
o Latin America
o Western Europe
o Eastern Europe
o East Asia
o South Asia & Pacific
o MEA

Moreover, the integration of AI and machine learning with IoT sensors is expected to unlock new possibilities, enabling predictive maintenance, real-time analytics, and enhanced user experiences. However, challenges such as data security, interoperability, and power consumption need to be addressed to fully realize the potential of IoT sensors. Stakeholders in the industry must focus on innovation, collaboration, and developing robust standards to overcome these obstacles.

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This release was published on openPR.