IoT Sensors Market Rising from Transformative Potential of IoT

A surge in demand for IoT sensors in the automotive industry and the booming Industrial Internet of Things (IIoT) market are strongly driving the growth of the IoT sensors market. Furthermore, increase in demand for consumer electronics and growing demand for smart devices is boosting the market growth. Smart devices account for a considerable portion of consumer electronics. Thus, increasing global sales of consumer electronics is fueling growth of the IoT sensors market. While smartphones and related products are already used to a large extent, smart electricity, gas and water meters are expected to witness rising demand over the next few years. The conjoint effect of all these trends and drivers is thus set to bolster the growth of the global IoT sensors market during the forecast period.

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According to a new market report published by Transparency Market Research “IoT Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” the iot sensors market was valued at US$4.90 bn in 2014 and is expected to reach US$34.75 bn by 2023, growing at a CAGR of 24.5% during forecast period.

Stringent government regulations and policies across the globe are encouraging the development of “smart cities” and this is offering a potential growth opportunity to the global IoT sensors market. IoT sensors would be used in smart cities in smart meters, smart grids, intelligent traffic management systems, and smart parking among others. Further, technological advancements in the medical industry are set to offer a substantial opportunity for the growth of the IoT sensors market.

The deployment of healthcare devices using IoT sensors could transform the healthcare industry by focusing on better patient care, lowering costs, and increasing efficiency. The IoT sensors market has huge opportunity and scope in the emerging markets of Asia Pacific and Rest of the world (RoW). Emergence of new players in the developing markets such as China, Japan, India, Australia, Russia, and Brazil coupled with the adoption of better and advanced technologies has led to the increase in competitiveness in the market.

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