IoT Sensors Market Know in Detail about the Analysis, Forecasts, and Overview and Market Development

The global IoT sensors market accounted to US$ 9.46 Bn in 2018 and is expected to grow at a CAGR of 23.9% during the forecast period 2019 – 2027, to account to US$ 65.79 Bn by 2027.

North America was the leading IoT sensors market in 2018 and Asia-Pacific is anticipated to witness the fastest growth throughout the forecast period. Across North America, the technological advancements has led to a highly competitive markets. North America is a hub of technological developments that comprises with economically robust countries. The companies are continuously enhancing the overall business processes in order to meet the customers demand for high quality products and services in the best possible way. Being a technologically advanced country, coupled with high disposable incomes with individuals, the consumer electronics industry has blossomed in the region. The density of consumer electronic devices in the region is quite high. These factors have driven the IoT sensors market in North America.

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The major companies offering IoT sensors to different industries include Analog Devices, Inc., ARM Holdings PLC, Broadcom, Inc., Honeywell International, Inc., Infineon Technologies AG, NXP Semiconductors N.V., Omron Corporation, Robert Bosch Gmbh, STMicroelectronics N.V., and Texas Instruments Incorporated among others. Several other companies are also offering these products to different industries which is facilitating the IoT sensors market to propel over the years.

The advent of IoT has enabled each device to be connected over the internet and the rising adoptions globally would result in more than billions of devices connected over the internet. Also, validating to the above mentioned point is the fact that the data traffic rate on a global level, has grown at an annual rate of more than 65% over the last five years. Also, between 2018 and 2023, the data traffic is anticipated to grow at a compound annual growth rate of close to 40 percent. This exponential growth in data traffic over the internet is out rightly attributed to the growing penetration of smartphones and other consumer electronic devices that can be connected over the internet as a result of the growing popularity of IoT. It is estimated that each individual will have close to a dozen number of devices that would be connected over the internet by 2020. Huge populations of India and China are further proliferating the growing penetration of smart phones and other consumer electronic devices. Additionally, the Government initiatives towards digitalization of economies in these countries is leading to exponential growth of data traffic over the internet in these countries and also on a global scale for other developing economies.

The global market for IoT sensors is segmented on various parameters such as type, connectivity type, application, and geography. Based on type, the pressure sensor segment dominated the IoT sensors market. On the basis of connectivity type, wired IoT sensors led the overall IoT sensors market.

The report segments the global IoT sensors market as follows:

Global IoT Sensors Market - By Type

Temperature sensor
Light Sensor
Pressure Sensor
Chemical Sensor
Motion Sensor
Others

Global IoT Sensors Market - By Application

Consumer Electronics
Building Automation
Healthcare
Automotive
Industrial
Retail
Others

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Posted by on Monday August 19 2019, 2:46 AM EDT. All trademarks acknowledged. Filed under Business Services, Consumer Electronics, Featured Press Release, Semiconductors, Sensor Systems, Technology Hardware & Equipment, Technology, Media, & Telecommunications. Comments and Trackbacks closed. Follow responses: RSS 2.0

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