IoT related technologies like sensors, wearable, cloud and other related platform are much in demand. The IoT sensor Market is anticipated to grow at a significant CAGR of 30.4% during 2017-2022.
GLOBAL IOT SENSOR MARKET INSIGHTS
Internet of Things (IoT) is the interconnection of embedded computing like devices within the internet infrastructure. IoT is an emerging technology that is increasingly adopted across the globe.
The major factors that are augmenting the growth of the market are growing demand for smart devices and wearable and development of smarter and low prized sensor. Furthermore, rising demand for IoT sensors in various applications and miniaturization of devices are also estimated to be major factors that are fuelling the growth of the market.
IoT devices are computing devices that connects wirelessly to a network and has the ability to transmit data. These devices include thermostat, door locks, fridges, cars, pacemakers, smartphones, tablets, wearable watches and so forth.
Growing demand for consumer electronics product such as smart phones, smart TV; smart home appliances are fueling the Iot sensor market. Fitbit Aria WI-Fi smart scale, Withings Smart Body analyzer, Nest Thermostat, Philip hue light bulbs, Lockitron are some IoT innovations developed in recent years to improve everyday life.
All these IoT applications require IoT sensor for monitoring processes, taking measurements and collecting data. Pressure sensor, temperature sensor, humidity sensor, gyroscope, magnetometer, accelerometer and light sensors are used extensively in various applications.
The market of Micro-Electro-Mechanical (MEMS) based sensors such as accelerometers, magnetometers, gyroscopes is witnessing high growth due to rising demand for smart applications such as smart city, wearables, smart grids, industrial internet and connected health in automotive, healthcare and other industrial sectors. Security and privacy issues as well as lack of technological skills required to expertise in IoT technology are estimated to be the major constraints in the growth of the market.
Global IoT sensor market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of the geography, market is bifurcated into North America, Europe, Asia Pacific and Rest of the World.
North America held the largest share followed by Europe in the Global IoT sensor market owing to high penetration of smart devices and rapid adoption of new technology. Asia Pacific is expected to be the fastest growing region in the IoT sensors owing to increasing demand of IoT sensors for use in smart consumer products and medical sector.
The emergence of new players in the developing market such as Japan, India and China are expected to create significant opportunity for the IoT sensor market.
Global IoT sensor market leaders include Arm holding PLC, Analog device Inc., Broadcom limited, Digi International Inc., Ericsson, Honeywell International Inc., IBM, Infineon, InvenSense Inc. and so forth. Other notable players that account for IoT sensor market and are contributing considerably in its growth include Libelium, NXP Semiconductor N.V., Omron Corporation, Robert Bosch GMBH, Sensirion, SmartThings Inc., STMicroelectronics, TE Connectivity Ltd., Texas Instruments Incorporated, Konux Inc., Fujitsu among others.
In order to survive in the market these players adopt different marketing strategies such as merger, acquisitions, product launch, and geographical expansion so on. For example, in 2015 NYCE Sensors, Zigbee sensor partnered with Smart things for expanding user community and rapidly growing market for IoT.
Moreover, in 2017, Bosch and IBM collaborated to bring industrial IoT capabilities to millions of devices across the globe.
Global IoT sensor Market is segmented on the basis of type, network technology and by application. Based on application, the global IoT sensor market is segmented into healthcare, automotive, industrial, retail and consumer electronics.
Out of all these, the consumer electronics segment is dominating the market owing to rising demand for consumer electronics such as smart TV, smart Phones and Smart home. Major segments of the global IoT sensor market include:
- IoT sensor market by type
- IoT sensor market by network technology
- IoT sensor market by application
THE REPORT COVERS:
- Comprehensive research methodology of global IoT sensor market
- In-depth analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global IoT sensor market
- Insights about market determinants which are stimulating the global IoT sensor market
- Detailed and extensive market segments with regional distribution of researched revenues
- Extensive profiles and recent developments of market players
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