Internet of Things (IoT) is a network that is embedded with sensors, electronics, network connectivity, and software enabling physical objects to gather and exchange data. As IoT rises into dominance, sensors are playing a pivotal role for measuring the physical quality of objects and enumerating it into a value, which can be read by another device or user. IoT devices are equipped with sensors which are capable of registering changes in pressure, temperature, motion, light, and sound. In the physical world, more and more objects can now communicate with each other through embedded IoT sensors, actuators, and tags. The global IoT sensors market has been segmented on the basis of types, application and geography. In addition, an exhaustive cross sectional analysis of the global IoT sensors market across four broad regions has been covered under the scope of the study.
A surge in demand for IoT sensors in the automotive industry and the booming Industrial Internet of Things (IIoT) market are strongly driving the growth of the IoT sensors market. Furthermore, increase in demand for consumer electronics and growing demand for smart devices is boosting the market growth. Smart devices account for a considerable portion of consumer electronics. Thus, increasing global sales of consumer electronics is fueling growth of the IoT sensors market. While smartphones and related products are already used to a large extent, smart electricity, gas and water meters are expected to witness rising demand over the next few years. The conjoint effect of all these trends and drivers is thus set to bolster the growth of the global IoT sensors market during the forecast period.
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Stringent government regulations and policies across the globe are encouraging the development of “smart cities” and this is offering a potential growth opportunity to the global IoT sensors market. IoT sensors would be used in smart cities in smart meters, smart grids, intelligent traffic management systems, and smart parking among others. Further, technological advancements in the medical industry are set to offer a substantial opportunity for the growth of the IoT sensors market. The deployment of healthcare devices using IoT sensors could transform the healthcare industry by focusing on better patient care, lowering costs, and increasing efficiency. The IoT sensors market has huge opportunity and scope in the emerging markets of Asia Pacific and Rest of the world (RoW). Emergence of new players in the developing markets such as China, Japan, India, Australia, Russia, and Brazil coupled with the adoption of better and advanced technologies has led to the increase in competitiveness in the market.
The competitive profiling of the key players in the global IoT sensors market across four broad geographic regions is included in the study. These include different business strategies adopted by the leading players and their recent developments as in the field of IoT sensors. The market attractive analysis of the major application areas has been provided in the report, in order to offer a deep insight of global IoT sensors market.
A comprehensive analysis of the market dynamics that is inclusive of market drivers, restraints and opportunities is included in the purview of the report. Market dynamics are the distinctive factors which impact the market growth, thereby helping to understand the ongoing trends of the global market. Therefore, the report provides the forecast of the global market for the period from 2015 to 2023, along with offering an inclusive study of the IoT sensors market.