The iot sensors global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
IOT Sensors Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The iot sensors market size has grown exponentially in recent years. It will grow from $9.6 billion in 2023 to $12.37 billion in 2024 at a compound annual growth rate (CAGR) of 28.8%. The growth in the historic period can be attributed to connectivity advancements, data analytics and big data, cost reduction, smart cities and infrastructure, industrial iot (iiot).
The iot sensors market size is expected to see exponential growth in the next few years. It will grow to $27.38 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%. The growth in the forecast period can be attributed to 5g connectivity, edge computing, ai and machine learning, security and privacy, energy harvesting. Major trends in the forecast period include miniaturization, multi-sensor integration, iot sensor ecosystems, environmental and sustainability monitoring, healthcare and wearable sensors.
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Scope Of IOT Sensors Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The application of IoT in automotive and transport sectors is a key factor driving the growth of the IoT sensors market. The introduction of IoT in the automotive industry has opened up new opportunities for carmakers and consumers worldwide. With industrial and commercial use, IoT has become a popular hotspot for varied multifunctional applications in the automotive sector. IoT offers enhanced communication, control, and data delivery at any transportation point. For instance, the companies like Mercedes-Benz, Volkswagen, Volvo, Toyota and Google Inc. are increasingly investing in developing smart cars with rich features that offer healthier, more convenient and more enjoyable driving experiences. The driverless vehicles are likely to dominate the industry by 2030 according to NASDAQ estimates. Therefore, the application of IoT in automotive and transport industries is expected to drive the growth of the IoT sensors market.
Market Trends —
The artificial intelligence is a key trend in the IoT sensors market. Artificial intelligence is the basic ingredient required to process the huge amount of data gathered these days, and to maximize its value for the company. AI will assist IoT data analysis in the following areas, such as data accuracy in time series, predictive and advanced analytics, data preparation, geospatial and location real-time (logistic data). For instance, in December 2021, Zyter, Inc., a US-based digital health and IoT-enablement company, launched Zyter Smart Agriculture, a new Internet of Things (IoT) technology that runs on the Zyter SmartSpacesTM platform. Zyter’s solution gives farmers and agronomists a comprehensive virtual perspective of the farm ecosystem by leveraging data from IoT sensors and AI technologies, with a focus on automating and optimising basic crop management methods to generate more sustainable precision agriculture. Zyter Smart Agriculture collects data on soil and atmospheric conditions using an IoT sensor network buried in the ground and strategically placed around the farm.
The iot sensors market covered in this report is segmented –
1) By Product Type: Temperature sensors, Pressure sensors, Humidity sensors, Flow sensors, Accelerometers, Magnetometers, Gyroscopes, Inertial sensors, Image sensors, Other Product Types
2) By Application: Building Automation, Industrial Application, Automotive Application, Healthcare Application, Retailing & Logistics Application, Security Application, Agriculture Application, Other Applications
3) By End-user Industry: Healthcare, Automotive and Transportation, Manufacturing / Industrial, Other End-Users
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Regional Insights —
Asia-Pacific was the largest region in the IoT sensors market in 2023. North America was the second-largest region in the IoT sensors market. The regions covered in the iot sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies —
Major companies operating in the iot sensors market include Texas Instruments, TE Connectivity, NXP Semiconductors, STMicroelectronics, TDK Corporation, Honeywell, Sensata Technologies, Broadcom, Bosch Sensortec, Analog Devices, Siemens, General Electric, Robert Bosch GmbH, Monnit, Murata Manufacturing, Sensirion, Silicon Laboratories, Asea Brown Boveri Limited, Schneider Electric SE, Qualcomm Technologies, Inc., International Business Machines, CANON MEDICAL SYSTEMS CORPORATION, Skyworks Solution Inc., Sierra Wireless, Moxa Inc, SmartThings, Libelium, Infineon Technologies, Parametric Technology Corporation, Intel, Omron, Cisco, Oracle, MongoDB, GE Digital, ARM IoT Security Company, Vention, Altoros, Oxagile, Innowise Group, Style Lab IoT Software Company, HQ Software Industrial IoT Company, ScienceSoft, DICEUS, Huawei
Table of Contents
1. Executive Summary
2. IOT Sensors Market Report Structure
3. IOT Sensors Market Trends And Strategies
4. IOT Sensors Market — Macro Economic Scenario
5. IOT Sensors Market Size And Growth
…..
27. IOT Sensors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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