Surpassing the market value of US$ 16 Bn in 2018, the global sales of IoT sensors is poised for a whopping 24% CAGR during the course of next decade. Industries shift from legacy systems to advanced IoT enabled systems for utmost reliability and accuracy of data is creating potential growth opportunities for the IoT sensors market. Smart city initiatives, fueling the demand for smart lighting, smart meters, smart parking, smart payment systems, connected vehicles, and smart waste management practices will remain among the key factors propelling the growth of IoT sensors market. A new study report forecasts an impressive growth outlook for the global IoT sensors market during 2019 – 2029.
Key Takeaways – IoT Sensors Market Study
- As compared to other developing regions, sales of IoT Sensors are anticipated to be higher in the countries of East Asia
- In terms of value, the connected cars application segment is identified as the fastest growing segment in the forecast period of 2019-2029
- Lack of IoT data security and increasing data and bandwidth connectivity issues are key challenges for manufacturers in the IoT sensors market
Manufacturers in the IoT sensors market should be eying profits in the healthcare sector. Spectacular growth in demand for wearable electronics such as hearing aids will present promising opportunities to IoT sensors market players over the following years.
Who Is Winning in IoT Sensors Market?
The IoT Sensors market is highly fragmented with presence of many large and mid-sized regional players. Key players in the IoT sensors market focus on innovation and geographic expansion through partnerships, collaborations, and acquisitions of local and regional players in order to enhance their geographic footprint and product portfolio.
In June 2019, Infineon Technologies, a Germany-based semiconductor manufacturer, announced the acquisition of Cypress Semiconductors to enhance its product portfolio and expand into the automotive, industrial, and IoT hardware markets.
Some of the key players in the IoT Sensors market include Bosch Sensortec, Texas Instruments, TDK (Invensense), TE Connectivity, Broadcom (Avago), NXP Semiconductors, STMicroelectronics, Infineon Technology, Analog Devices, Omron, Honeywell International, Siemens, General Electric, SmartThings and Murata Manufacturing.
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