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  • IoT Sensor Market Growth Analysis | 2023-2029

    IoT Sensor Market Growth Analysis | 2023-2029

    IoT Sensor Market Growth Analysis | 2023-2029
    Report code - SR2364 Delivery - 2 Weeks
    IoT Sensor Market Size, Trend, Forecast, Competitive Analysis & Growth Opportunit See more...

    Market Insights

    The global IoT sensor market is expected to grow from USD 10.54 billion in 2022 to USD 65.18 billion by 2029 at a CAGR of 29.7% during the forecast period.

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    What is IoT Sensor?

    An IoT sensor refers to a device that detects and collects data from the physical environment and communicates it to the Internet of Things (IoT) network. These sensors are designed to capture various types of information, such as temperature, humidity, light, motion, sound, and more. They are typically small, low-power devices equipped with sensing capabilities and wireless connectivity, enabling them to transmit data to other connected devices or cloud platforms. IoT sensors play a crucial role in enabling real-time monitoring, automation, and data-driven decision-making in a wide range of industries and applications.

    Sensors made it possible to gather data in most situations and are now used in different fields such as industrial, transportation, medical care, nursing care, logistics, tourism, agriculture, disaster prevention, regional businesses, and many more. Advanced IoT sensors that are being manufactured on smaller chips and using advanced fabrication techniques offer improved flexibility, connectivity, and energy efficiency. This has led to the creation of a new vision for connected factories that consume less power, and it is expected to drive the industry to adopt solutions that will enable them to upgrade their infrastructure to support the development of an Industry 4.0 environment, further fueling demand for these technologies.

    Market Dynamics

    DRIVER: Growing use of sensors in IoT applications due to reduced cost and size, and technological developments

    The widespread use of microelectromechanical systems (MEMS) technology has led to a decrease in sensor size, and as a result, sensors are now being used in a variety of industries, including automotive, healthcare, and consumer products. This has been a major driving factor in the growth of the sensors market. In recent years, the deployment of smaller sensors in devices such as smartphones, drones, wearables, and robots has increased at a rapid pace.

    RESTRAINT: Data security concerns

    The widespread use of IoT devices has raised concerns about data privacy and security. IoT technology is heavily reliant on the data generated by these devices and sensors, which produce large amounts of information in real time. To make informed decisions, organizations and companies analyze this data. However, the authenticity and security of the data and devices must be ensured to prevent cyber attacks from accessing the network through these decentralized points. Poorly secured IoT devices pose a significant threat, as they can be used as entry points for malware and cause harm to other devices in the network.

    OPPORTUNITIES: Government initiatives for IoT projects

    Governments around the world are showing support and providing funding for advancements in IoT, as they are expected to be among the biggest potential clients of IoT. Governments are seeking advancements in areas such as smart traffic management, energy conservation through smart meters, and enhanced security systems through smart cameras. Additionally, government funding is being provided for research projects aimed at developing smart cities. This support is expected to play a crucial role in driving the growth of IoT in the coming years.

    CHALLENGES: Supply chain disruptions due to the COVID-19 pandemic

    To curb the spread of COVID-19, social distancing is being rigorously implemented as a preventive measure. At the start of the pandemic, manufacturers also limited the number of employees on the production line to comply with social distancing protocols. This led to a decrease in production output and a halt in operations for some companies, causing disruptions in the supply chain. The restrictions on workers and the adherence to social distancing measures impacted the capacity of the manufacturing sector.

    The implementation of social distancing to combat the spread of COVID-19 impacted the manufacturing sector, including the transportation of necessary components and raw materials. With lockdowns in place, delivering essential items to manufacturers became challenging and brought commerce to a halt, resulting in a negative impact on market growth, particularly in the manufacturing industry.

    Segments Analysis

    Pressure sensors to be the largest contributor in the IoT sensors market over the forecast period.

    It is driven by the increasing demand for safety, comfort, and reduced automobile emissions. Government regulations mandating the installation of onboard diagnostics to reduce greenhouse gas emissions are contributing to the growth of the market. The integration of pressure sensors in autonomous vehicles also presents a significant growth opportunity for market players.

    Wireless network technology to hold the largest market share during the forecast period.

    The demand for a stronger internet connection has been fueled by the growing need for wireless data from various sources such as mobile devices, connected cars, and smart grids. The widespread usage of mobile devices, the growing popularity of the BYOD trend, and the increasing implementation of IoT within businesses are all driving the growth of the wireless network technology market. The upcoming 5G technology, which promises faster internet connectivity and coverage, is expected to further fuel this growth and provide ample opportunities for market players.

    Regional Analysis

    The IoT sensors market in the Asia Pacific is to grow at the highest CAGR over the forecast period.

    The Asia Pacific region is anticipated to exhibit the highest rate of growth in the market forecast period. The market in this area has been analyzed for India, China, Japan, South Korea, Australia, and the rest of Asia Pacific. Asia Pacific is a critical market for consumer electronics and appliances, automotive, and healthcare industries. This region has become a major hub for significant investments and business expansions globally.

    The growth of the IoT sensor market is driven by Industry 4.0 initiatives globally, including in Europe and China. Many manufacturers have already begun implementing IoT projects, with over 60% actively engaged in these initiatives. The cost of IoT sensors has also dropped, making them more accessible for widespread adoption. Smart city developments are also playing a crucial role in boosting the demand for IoT sensors.

    For example, in Singapore, a sensor-based Elderly Monitoring System alerts family members of any health changes in elderly dependents. Additionally, advancements in field devices, sensors, and robots are expanding the market's potential. The labor shortage in the manufacturing industry is being addressed through the use of Industry 4.0 technologies, including robotics, as more organizations adopt these tools in day-to-day operations.

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    Key Players

    The major players operating in the global IoT sensor market are:

    • Siemens
    • Texas Instrument
    • Bosch Sensortec
    • NXP Semiconductors
    • TE Connectivity
    • Broadcom
    • STMicroelectronics
    • Infineon Technologies
    • TDK (Invensense)
    • Analog Devices
    • Omron
    • ABB
    • Sensirion
    • Honeywell
    • Emerson Electric
    • SmartThings
    • Monnit
    • Murata Manufacturing
    • Knowles Electronics
    • Teledyne Technologies Incorporated

    Recent Developments

    • In January 2023, TDK announced a collaboration with Texas Instruments on the new i3 Micro Module, the world’s first sensor module that contains in-built edge AI and wireless mesh connectivity.
    • In November 2022, STMicroelectronics launched a new enhanced 6-axis IMU with embedded sensor fusion and AI.
    • In October 2022, Infineon Technologies launched a new IoT sensors platform, called XENSIV connected sensor kit.
    • In July 2022, TE Connectivity opened a new larger manufacturing facility in Hermosillo, Mexico, to grow its Data and Devices business unit.
    • In July 2022, TE Connectivity acquired Linx Technologies, a renowned RF components supplier in IoT markets.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the IoT Sensor Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

     

    Frequently Asked Questions (FAQs)

    The market is expected to grow at a CAGR of 29.7% during 2023-2029.

    The market size is estimated to grow from USD 10.54 billion in 2022 to USD 65.18 billion by 2029.

    The major players operating in the global IoT Sensor market are Texas Instrument, NXP Semiconductors, TE Connectivity, Broadcom, STMicroelectronics, Bosch Sensortec, Infineon Technologies, TDK (Invensense), Analog Devices, Omron, ABB, Sensirion, Siemens, Honeywell, Emerson Electric, SmartThings, Monnit, Murata Manufacturing, Knowles Electronics, Teledyne Technologies Incorporated.

    The Asia Pacific region is anticipated to exhibit the highest rate of growth in the market forecast period. The market in this area has been analyzed for India, China, Japan, South Korea, Australia, and the rest of Asia Pacific.

    The widespread use of microelectromechanical systems (MEMS) technology has led to a decrease in sensor size, and as a result, sensors are now being used in a variety of industries, including automotive, healthcare, and consumer products. This has been a major driving factor in the growth of the sensors market.

    The study period of the market is 2017-2029.