The IoT Sensor Market is segmented by Type (Pressure Sensor, Temperature Sensor, Chemical Sensor, Motion Sensor, and Proximity Sensor ), End-user Industry (Healthcare, Automotive and Transportation, and Manufacturing / Industrial), and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The IoT sensor market was valued at USD 11.91 billion in 2019, and is expected to reach USD 42.67 billion by 2025, registering a CAGR of 24.05% during the forecast period of 2020-2025. There is a significant increase in the trend of automation. As sensors play the most critical role in every aspect of automation, IoT sensor market is expected to witness growth in the forecast period.
The emerging applications and business models, coupled with the falling device costs, have been instrumental in driving the adoption of IoT, and consequently, the number of connected devices - connected cars, machines, meters, wearables, and consumer electronics.
The Industry 4.0 initiatives across the regions like Europe, China, etc., are the significant drivers of the IoT deployments, and therefore, the IoT sensors. According to Accenture, 60% of the manufacturing companies are already engaged in IoT projects, and more than 30% of them are at an early stage of deployment.
Additionally, the smart city initiatives are also instrumental in driving the demand for IoT sensors. Singapore has already implemented a sensor-based Elderly Monitoring System that helps office working family members to receive alerts about the health condition of their elderly parents staying at home or dependents deteriorates or exhibits abnormal behaviors.
Stanley Healthcare has outfitted about 5,000 hospital and healthcare systems with IoT solutions to enhance business and improve many vital services provided at the facilities.
However, the major challenge will be the implementation time and cost. For an organization to adopt IoT, smart devices with smart sensors embedded are needed.
Scope of the Report
Internet of things is a network of objects/devices that are surrounded by sensors, network connectivity, and software to exchange and collect data. Their applications are in healthcare, automotive, consumer electronics, and others.
By End-user Industry
Automotive and Transportation
Manufacturing / Industrial
Other End-user Industries
Rest of Europe
Rest of Asia-Pacific
Rest of the World
Middle-East & Africa
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Key Market Trends
Application in Automotive and Transport Will Drive IoT Sensor Market
The automotive sector is steadily transitioning toward the autonomous era, owing to the recent business collaborations and joint ventures among the automotive giants, cybersecurity providers, chip makers, and system integrators.
Vehicle connectivity is expected to become indispensable in the future for proper communication among vehicles for ‘decision-making’, proper assimilation, and comprehension of visual, geographical, audio, and other data.
the companies, such as Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are increasingly investing to develop smart cars with rich features that deliver safer, convenient, and comfortable driving experiences. According to a NASDAQ, driverless cars are likely to dominate the market by 2030.
Thus, connected cars are moving to IoT sensors that provide a vast amount of data about performance, maintenance, driver behavior, and more. This factor is transforming not only the way of driving but also the way of buying and maintaining cars. This factor is also transforming the way the automakers sell them.
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North America to Account for a Significant Market Share
North America held the largest market share, owing to the presence of several established vendors of iris recognition in the region as well as the earliest adoption of IoT technology in various industries. Most of the companies in this region are increasingly adopting IoT to keep a track of the performance of their offerings for avoiding costly breakdowns or inefficient routine-maintenance shut-downs.
For instance, in the United States, IoT consumer devices, like security cameras and other smart home devices, like smart thermostats, are increasingly being deployed for a variety of reasons, such as increasing security and comfort, reducing energy consumption, or technical assistance in old age.
Many pharmaceutical companies are finding new applications within the healthcare sector and leveraging connected sensors to diagnose better monitor and manage the patients and their treatment in this region. For instance, Parexel International developed a new healthcare IoT sensor solution that collects and communicates data from the patients' wearables for more easily managed and monitored clinical trials.
The companies, such as Airwire Technologies, are working with IBM to implement connected car and IoT services platform to collect insights and act upon vehicle sensor data and the environment around it to establish a relationship with the driver, and not just the vehicle. These factors are further expected to drive the adoption for IoT sensors in the region.
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The major players, include Texas Instruments Inc., NXP Semiconductors NV, ABB Ltd., Honeywell International Inc., Omron Corporation, Sensata Technologies, Scheider Electric SE, and STMicroelectronics NV, among others. The market is fragmented, with several sensor manufacturers striving to maintain a comptitive edge in the market. This factor is, thereby, intensifying the competition in the market.
November 2018 - Texas Instruments launched a new family of smart sensors for use in enterprise and industrial IoT deployments. Operating at a tuning frequency of 60 to 64 GHz and millimeter wave or extremely high frequency (EHF) bands, these sensors can be effectively utilized in smart warehouses, perimeter security, industrial and manufacturing applications. In addition, these can be combined with on-chip and edge computing resources to develop real-time models and analytics based on the attributes of physical environments.