IoT Sensor Market Insights:
The IoT Sensor Market Size was valued at USD 51.6 Billion in 2023. The IoT Sensor industry is projected to grow from USD 53.1 Billion in 2024 to USD 150.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.10% during the forecast period (2024 – 2032). An IoT sensor is a device that is connected to the Internet of Things (IoT) and is used to gather data or monitor physical or environmental conditions. The sensor collects data, which is then transmitted to an IoT platform or gateway for analysis, storage, and potentially, triggering an action.
IoT sensors are the unsung heroes of the digital age, quietly gathering data from the environment and transmitting it to connected devices and systems. These sensors come in various forms, including temperature sensors, motion detectors, humidity sensors, and more, each designed to capture specific types of data.
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Key Players:
- Texas Instruments
- TE Connectivity
- Silicon Laboratories
- Libelium
- Murata Manufacturing
- General Electric
- Monnit
- Bosch Sensortec
- Smart Things
- Honeywell,
are the notable vendors in the IoT Sensor Market.
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IoT Sensor Market Regional Analysis:
North America will head the market over the forecast period for the presence of established suppliers in the region and quick adoption of IoT technology in various sectors. The majority of the businesses here are increasingly utilizing IoT for monitoring the functioning of products, safeguarding costly breakdowns & wasteful routine maintenance shutdown. The usage of IoT within the area is also favouring market growth.
The APAC region will have admirable growth in the market over the forecast period. Various factors are propelling the market growth in the region such as the presence of several leading IoT sensor manufacturers, increasing need for IoT solution in Japan, South Korea, and China, growing use of connected devices, growth of smart cities, rise in population, quick industrialization, and increasing usage of IoT sensors in different industries like transportation, manufacturing, and healthcare.
IoT Sensor Market Segmentation:
The global IoT sensor market is bifurcated based on vertical and type.
By type, pressure will lead the market over the forecast period.
By vertical, industrial will domineer the market over the forecast period.
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The concerns regarding data security and privacy, lack of standardized protocols, interoperability issues, and high implementation & maintenance cost may act as market restraints over the forecast period.
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