Global IoT Sensors Market: Snapshot
The Internet of Things (IoT) refers to a network that is implanted with network connectivity, electronics, sensors, and software aiding the gathering and exchanging of data via physical objects. With the IoT becoming ubiquitous, the IoT sensors market is emerging as a key part of the sector, as IoT sensors represent a potential solution for determining the physical qualities of objects and converting them into a measurable value which can be later used by another user or device. The IoT sensors market is gaining strong demand due to their growing use in IoT systems that can register changes in sound, light, motion, temperature, and pressure. Tags and actuators are also now often embedded in objects, which has made communication hassle-free; this is likely to entail consistent demand from the global IoT sensors market in the coming years.
The global IoT sensors market is expected to expand at an outstanding 24.5% CAGR from 2015 to 2023. The market is expected to touch a valuation of US$34.75 bn by the end of 2023, rising from a valuation of US$4.90 bn in 2014.
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Rising Demand for Consumer Electronics Vital for IoT Sensors Market
The rising demand from the IoT sensors market in the consumer electronics sector is a key driver for the market. The steady need for IoT sensors in consumer electronics can be attributed to the growing demand for hassle-free connection in consumer electronics such as smart TV and smart home appliances. The deployment of IoT sensors is also increasing in the entertainment electronics segment, as it enables flexible use of media. The flourishing market for consumer electronics in the Middle East and Africa and India due to the rising demand for feasible consumer electronics is another prime reason behind the rising deployment of Internet of Things sensors in the consumer electronics segment. As a result of this, players can seek promising opportunities for growth from this segment.
The global IoT sensors market is likely to witness extensive growth over the coming years owing to the growing market for wearable and smart devices and the steady development of smarter, inexpensive, and smaller IoT sensors. Mounting demand from the IoT sensors market in real time applications, deployment of Ipv6, and supportive initiatives by governments are further expected to fuel demand from the IoT sensors market owing to rapid development of the healthcare infrastructure across the globe. However, complex architecture and bandwidth related limitations can hamper the growth of the IoT sensors market, particularly in regions where high-speed Internet services are not widely available.
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North America to Emerge as Leading Adopter of IoT Sensors
Geographically, the global IoT sensors market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. In 2014, North America occupied the leading share, closely trailed by the Europe IoT sensors market. Collectively, these two regions accounted for over 60% in the global IoT sensors market in 2014. However, the Asia Pacific IoT sensors market is expected to register strong growth over the forthcoming years. The growth of the IoT sensors market in the region can be attributed to the mounting demand for IoT sensors from the healthcare and consumer goods industries in developing economies. Governments of developing countries such as China, India, and South Korea are also promoting private and public partnerships to expand cloud services, which will remain an important factor for the Asia Pacific IoT sensors market.
Some of the key players operating in the global IoT sensors market are STMicroelectronics N.V. (Switzerland), Infineon Technologies (Germany), IBM (U.S.), Honeywell International Inc. (U.S.), Robert Bosch GmbH (Germany), Ericsson (Sweden), Libelium (Spain), Digi International Inc. (U.S.), InvenSense Inc. (U.S.), and ARM Holdings Plc. (U.K.), among others.