Rising deployment of 5G is to Boost Internet of Things (IoT) Sensors Market by 20.3% CAGR by 2032
Expansion of IoT equipment in Smart Homes and Surge in Electronic Content in Automotive, EVs and AVs are Expected to Offer US$ 173.3 Billion Market Opportunity in 2032
NEW YORK, July 25, 2022 /PRNewswire/ -- The global IoT Sensors market stood at US$ 27.4 Billion in 2022 and is expected to reach US$ 173.7 Billion by the end of 2032. The market is anticipated to grow at a CAGR of 20.3% in the forecast period from 2022 to 2032.
Surge in demand for integration of Industrial IoT in sectors that demand sensor based measurements for observations is projected to drive the expansion of Internet of Things (IoT) sensors during the forecast period.
Besides this, various recent initiatives such as Smart City plans and the emergence of Industry 4.0 is anticipated to support the growth of the market. Due to these initiatives, market witnessed a CAGR of 23.9% from 2015 to 2021.
Moreover, Industry 4.0 initiatives across various regions such as China and Europe are expected to benefit the market during the forecast period. For instance, 60% of the manufacturing operations are interconnected with IoT sensors in prominent companies such as Accenture. Rapid adoption of IoT sensors in industrial sector is stimulating the growth of the market.
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In addition to this, US is expected to emerge as an attractive region for the market. Presence of various prominent players such as Honeywell in the US widens the opportunity for IoT sensors in the region. Also, cities such as San Francisco have launched smart parking systems that further support the growth of IoT sensors market.
Key Takeaways:
- North America is expected to dominate the IOT sensors market during the forecast period. Moreover, the US alone is expected to witness revenue of US $ 33.8 Billion by 2032, while growing at a CAGR of 20.9% during forecast period.
- India is expected to witness highest CAGR of 30.3% during forecast period. This is followed by China and Japan market that is expected to grow at 22.22% and 22.6% respectively.
- By sensor type, the accelerometers is expected to dominate the market and is predicted to grow at a CAGR of 20.7% during the forecast period.
Growth Drivers:
- High-income nations are further expected to provide attractive opportunities for the market. Various cities in the US such as New York, Chicago are taking various initiatives that are further stimulating the growth of IoT sensors market. For instance, these cities have been adopting sensor nodes into light poles for the urban environment. These are helpful in regulating air quality in congested areas.
- Automotive and transportation industry is expected to play a crucial role in the IoT sensors market. As per NASDAQ, driverless cars are also likely to dominate the market by 2030 hence further boosting the growth of IoT sensors.
- Surge in number of smart homes, smart infrastructure, smart manufacturing are likely to boost the growth of the market.
Restraints:
- Concerns associated with privacy of the data among the consumers limits the growth of the market.
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Competitive Landscape:
Key players in the global IoT Sensors market are focusing on research and development. Also, these players are collaborating with various technology providers to establish their foothold in the market. For instance,
- In February 2022, Siemens updated its NX software with attributes like intelligence-based design. This update will allow the application to use artificial intelligence.
- In January 2022, PTC, technology provider, disclosed about its collaboration with Schaeffler Group. This new partnership will support Schaeffler's initiative to visualize 3D models.
Key Companies Profiled by Fact.MR
- Infineon Technologies (Germany)
- STMicroelectronics N.V. (Switzerland)
- IBM (U.S.)
- Robert Bosch GmbH (Germany)
- Honeywell International Inc. (U.S.)
More Valuable Insights on IoT Sensors Market
In its recent study, Fact.MR reveals factors influencing the growth in the global IoT Sensors Market during the assessment period. The study also offers compelling insights into prominent drivers creating growth opportunities in the IoT Sensors Market through detailed segmentation as follows:
By Type:
- IoT Accelerometers
- IoT Gyroscopes
- IoT Magnetometers
- IoT Pressure Sensors
- IoT Temperature Sensors
- IoT Light Sensors
- Other IoT Sensor Types
By Application:
- Consumer Electronics
- Healthcare
- Automotive
- Industrial application
- Building Automation
- Retail IoT Sensors
- North America
- Europe
- APAC
- RoW
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Key Questions Covered in the IoT Sensors Market Report
- What is the valuation for IoT Sensors Market in 2021?
- At what CAGR did the IoT Sensors Market thrive between 2015-2021?
- What is the projected valuation for IoT Sensors Market by 2032?
- By component, which segment will have maximum gains during the forecast period?
- What is the projected growth perspective for the U.S. IoT Sensors Market?
- What is the growth perspective for the Japan and Korea IoT Sensors Market?
- What will be the market value of China in global IoT Sensors Market?
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