IoT Sensors Market: Revolution with Remarkable Possibilities in Store with IoT

According to the research report, the opportunity in the global IoT sensors market is anticipated to be worth US$34.75 bn by 2023 as compared to US$4.90 bn in 2014. Between the forecast period of 2015 and 2023, the global market is expected to progress at a CAGR of 24.5%. Consumer electronics is projected to be the leading application segment in the global market as the opportunity in this segment reaches US$7.6 bn by the end of 2023. Analysts predict that North America will the dominant regional segment as it expands at a CAGR of 23.8%. The robust pace of research and development activities in the U.S. will be the key driving factor for the North America IoT sensors market.

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Innovative Approaches by Automotive Sector to Design Safer Cars to Boost Demand for IoT Sensors

IoT sensors are extensively used in automobiles for designing vehicles that deliver a high level of reliability, accuracy, and safety. The various types of sensors used in vehicles are air pressure sensors, vehicle speed sensors, fire detection sensors, and sensors for determining accurate steering angles. The automobile manufacturers are gradually shifting their focus towards developing “connected cars” that establish a connection with other vehicles, smartphones, and other devices to understand the real-time data pertaining to the vehicles. This move comes as automobile makers are trying to understand dangerous driving patterns such as sharp turns, sudden acceleration, braking, and drifting to design safer vehicles. Thus, increasing investments in research and development of such vehicles and the sensors they may require are expected to boost the demand for IoT sensors in the coming years.

The unending demand for smarter electronics with each passing year has been pivotal to the growing demand for IoT sensors. Growing number of younger people splurging on portable, mobile devices are adding to the increasing sales of IoT sensors market, reports TMR research report. As these sensors are the very essence of smart devices and consumer electronics and appliances the demand for these will keep the sentiment in the global IoT sensors market upbeat.

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.

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.

The competitive profiling of the key players in the global IoT sensors market across four broad geographic regions is included in the study. These include different business strategies adopted by the leading players and their recent developments as in the field of IoT sensors. The market attractive analysis of the major application areas has been provided in the report, in order to offer a deep insight of global IoT sensors market.

Some of the major players in the IoT sensors market are: Infineon Technologies (Germany), STMicroelectronics N.V. (Switzerland), IBM (U.S.), Robert Bosch GmbH (Germany), Honeywell International Inc. (U.S.), Ericsson (Sweden), InvenSense Inc. (U.S.), Libelium (Spain), ARM Holdings Plc. (U.K.) and Digi International Inc. (U.S.) among others.

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