The global IoT sensors market appears to be fragmented in terms of competition owing to the presence of numerous market players, finds Transparency Market Research (TMR). Product developments, mergers and acquisitions, partnerships, and collaborations are some of the key business strategies adopted by several companies aiming at extending their presence on a global scale. For instance, in January 2016, STMicroelectronics N.V. announced the launch of its new low-power, laser-ranging miniature sensors. Designed to be used in smartphones and other smart devices for object detection, these sensors feature high performance over long distances.
According to the findings of TMR, the global market for IoT sensors was pegged at US$4.90 mn during 2014. The market will grow at a steady pace, expanding at a productive CAGR of 24.5% between 2015 and 2023 to gain a revenue worth US$34.75 mn by the end of 2023.
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By type, the accelerometers segment is likely to emerge at the fore, contributing nearly US$5.73 mn by 2023. Based on geography, North America emerged as the dominating market in 2014 and is projected to expand at a promising CAGR of 23.4% during the forecast period.
Burgeoning Manufacturing, Healthcare Industries in Asia Pacific Ensure Expansion
North America emerged as the leading regional market, driven by early adoption of IoT sensors in smart meters and smart grids. However, as the market in North America is already matured, the threat of saturation might result in lower growth rates over the forthcoming period. Europe will display significant growth, due to the growing demand for building automation and smart homes.
Asia Pacific appears to promise immense growth opportunities. As the manufacturing, healthcare, and consumer products industries are witnessing an upsurge, the demand for IoT sensors is expected to escalate. The rising disposable incomes of people, technological advancement, government initiatives, and investments of key market players in this region have been propelling the IoT sensors market in this region. Countries in Asia Pacific such as South Korea, Taiwan, China, Japan, and India are slated to contribute significant revenue to the global market, thereby accelerating growth.
Intelligent, Low-power Wireless Sensors Deployed in IIoT to Bolster Growth
The advent of Industrial Internet of Things (IIoT) is one of the key growth drivers of the global market for IoT sensors. With rapid advancement of the industrial sectors worldwide, the demand for IoT sensors is likely to shoot up. The IIoT deploys innumerable connected, wireless and wired pressure, temperature, level, flow, analytical, acoustic, and position sensors across several applications such as healthcare, metals and mining, manufacturing, agriculture, healthcare, energy and power, and oil and gas. As these IoT sensors offer several advantages such as high performance and efficiency, reduction of costs, endurance in harsh environments, and optimum utilization of energy and resources, the market for these devices is slated for substantial expansion.
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On the other hand, lack of standardization has resulted in concerns about security in the form of cyber threats. However, the encouraging initiatives of governments such as the undertaking of smart city projects can negate the impact of this market restraint, ensuring considerable growth. IoT sensors will be used in applications such as smart grids, smart meters, smart parking, and intelligent traffic management in smart cities.
The information presented in this review is based on a Transparency Market Research report, titled, "IoT Sensors Market (Type - Accelerometers, Gyroscopes, Magnetometers, Pressure Sensors, Temperature Sensors, Light Sensors, and Others; Application - Consumer Electronics, Healthcare, Automotive, Industrial, Building Automation, Retail, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023".
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