Latest “IoT Sensors Market Study 2018” of 209 pages with 93 tables added by ReportsnReports explores Global IoT Sensors market market drivers, restraints, opportunities, industry-specific challenges with forecast to 2022. Report also gives comprehensive information on IoT Sensors Market size, share, growth, trends, and opportunity analysis from 2017 to 2022. The IoT sensors market was valued at USD 3.34 Billion in 2015 and is expected to reach USD 38.41 Billion by 2022, at a CAGR of 42.08% between 2016 and 2022.
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Key Players analysed in report are Maxim Integrated (U.S.), ARM Holdings Plc. (U.K.), STMicroelectronics N.V.
(Switzerland), and Greenvity Communications, Inc. (U.S); Component manufacturers such as Infineon Technologies (U.S.), Robert Bosch GmbH (Germany), and Honeywell International Inc.
(U.S.); technology providers such as InvenSense, Inc.
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(U.S.), TE Connectivity, Inc. (Switzerland), Sensirion AG (Switzerland); and system integrators such as Robert Bosch GmbH (Germany), NXP Semiconductors N.V. (Netherlands), STMicroelectronics N.V.
(Switzerland), and TE Connectivity, Inc. (Switzerland).
“The IoT sensors market estimated to grow at a CAGR of 42.08% between 2016 and 2022”
The IoT sensors market is expected to grow from USD 3.34 billion in 2015 to USD 38.41 billion by 2022, at a CAGR of 42.08% between 2016 and 2022. The growth of this market is propelled by the development of cheaper, smarter, and smaller sensors, growing market for smart devices and wearables, need for real-time computing of applications, and increase in demand for IoT sensors in various applications.
The market is further driven by the supportive government initiatives, deployment of IPv6, and role of sensor fusion concept in IoT sensors market.
“Gyroscope is expected to grow at the highest rate during the forecast period”
Gyroscopes are increasingly being used in various industries such as automotive, industrial sector, healthcare, and consumer electronics sectors. The gyroscopes are very reliable sensors and provide accurate information about the product.
This sensor is an important tool in portable instruments as it allows a device’s motion to be tracked independently of GPS or other external location measurements. Moreover, in the current market scenario, MEMS-based sensors such as accelerometers, magnetometers, gyroscopes, and inertial sensors are witnessing increasing demand for smart applications such as smart city, automotive, and healthcare among others.
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“The IoT sensors market in Asia- Pacific (APAC) is expected to grow at the highest rate during the forecast period”
Asia-Pacific is expected to be the fastest-growing market for IoT sensors. The APAC market is divided into India, China, Japan, South Korea, Australia, and Rest of APAC.
Asia-Pacific is a major market for various sectors such as consumer electronics devices & appliances, automobiles, and healthcare among others. This region has become a global focal point for large investments and business expansion opportunities.
The APAC market shows significant growth in all sectors. It has influenced the market for sensors used in consumer electronics.
In the automobile sector, this region accounted for a share of more than 50% of the world‘s passenger car production (2015). Currently, China has been considered to be the major market for IoT sensors.
Industries such as consumer electronics, automotive, and healthcare are the major industries contributing towards the growth of the Chinese market. Thus, the market for IoT sensor is expected to hold major share in China.
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During this research study, major players of the IoT sensors ecosystem in various regions have been identified, and their offerings, regional presence, and distribution channels have been understood through in-depth discussions. To find the overall market size, top-down and bottom-up approaches have been used to estimate the sizes of other individual markets by using percentage splits from secondary sources such as Hoovers, Bloomberg Business, Factiva, and OneSource and primary research.
The entire procedure includes the study of the annual and financial reports of the top market players and extensive interview of industry leaders such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region conducted during the research study.