Overview and Scope
The internet of things, or IoT, is a collection of interconnected smart devices, mechanical and digital machines, objects, animals, or people supplied with unique identifiers (UIDs) and the ability to transmit data across a network without needing human-to-human or human-to-computer interaction. IoT sensors are used in healthcare, automotive, transportation, manufacturing, and other industrial sectors.
Sizing and Forecast
The iot sensors market size has grown exponentially in recent years. It will grow from <b>$9.6 billion in 2023 to $12.37 billion in 2024 at a compound annual growth rate (CAGR) of 28.8%. </b> 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 <b>$27.38 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%. </b> 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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Segmentation & Regional Insights
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 Application
3) By End-user Industry: Healthcare, Automotive and Transportation, Manufacturing / Industrial, Other End-Users
<b>Asia-Pacific</b> was the largest region in the IoT sensors market in 2023. <b>North America</b> 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
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the iot sensors market include <b>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</b>
The iot sensors market report table of contents includes:
1. Executive Summary
2. IOT Sensors Market Characteristics
3. IOT Sensors Market Trends And Strategies
4. IOT Sensors Market – Macro Economic Scenario
5. Global IOT Sensors Market Size and Growth
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26. South America IOT Sensors Market
27. Brazil IOT Sensors Market
28. Middle East IOT Sensors Market
29. Africa IOT Sensors Market
30. IOT Sensors Market Competitive Landscape And Company Profiles
Top Major Players:
- Texas Instruments
- TE Connectivity
- NXP Semiconductors
- STMicroelectronics
- TDK Corporation
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