Sensors in Internet of Things (IoT) Devices market size is expected to reach USD 204.74 Billion at a steady CAGR of 30.8% in 2028, according to latest analysis by Emergen Research.
Increasing adoption of sensor-based IoT-enabled solutions in the healthcare sector, coupled with growing automation trend in various industries is driving market growth.
The report delineates the pivotal aspects of this market, shedding light on the most prominent market growth possibilities and challenges. The report is primarily targeted at the Sensors in Internet of Things (IoT) Devices industry participants and stakeholders that can capitalize on the contents of this report and make informed business decisions during the forecast period.
The market size estimation and forecasts have been detailed in this report. The authors have studied the historical background of the Sensors in Internet of Things (IoT) Devices market, keeping in mind the organic and inorganic growth prospects and threats for the market. Thus, the latest report offers precise estimates of the global market size for the forecast period.
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Smart city initiatives in developing countries are also contributing to growing demand for sensors in Internet of Things devices, and the trend is expected to continue during the forecast period. Manufacturing industries are increasingly adopting sensors in IoT devices for employee safety and well-being, profitable process workflows, and improved space utilization. Technological advancement in sensors, field devices, and robots is projected to boost deployment of sensors in a growing range of IoT devices is also expected to support market growth over the forecast period.
The latest report marks profound changes in the global Sensors in Internet of Things (IoT) Devices market that have followed the COVID-19 outbreak. The COVID-19 impact analysis in the report focuses on the current market scenario and its adverse economic situation.
It has subsequently affected the industry’s supply chains and made prices of and the demand for the product highly volatile. However, market experts believe that the global Sensors in Internet of Things (IoT) Devices market will regain traction in the post-COVID era. The report further delivers preliminary and future COVID-19 impact assessments of the Sensors in Internet of Things (IoT) Devices market.
Some Key Highlights From the Report
- In October 2020, Cisco Systems announced the launch of two new cloud-managed IoT sensor solutions, namely Meraki MT sensors and Industrial Asset Vision sensors. The IoT sensor solutions are expected to help businesses simplify facility and asset monitoring across their organizations, from outdoor Operation Technology (OT) to indoor IT closet spaces at scale.
- The manufacturing segment accounted for largest market share in 2020. Manufacturers across various industries are adopting IoT solutions with increased focus on sensors, robotics, centralized tracking, cloud, and quality inspection in order to implement smart manufacturing, which is projected to boost demand for sensors for such solutions and applications.
- The pressure sensors segment revenue is expected to expand at a rapid CAGR of 31.5% during the forecast period. The ability of pressure sensors to detect fluctuations or drops in pressure is driving utilization in various processes in manufacturing facilities.
- The wireless segment accounted for a significantly high revenue share in the sensors in Internet of Things (IoT) devices market in 2020. Wireless sensor networks are effective in harsh or hostile environments, offer an easily scaled solution, and enable remote data collection and transmission, which are factors driving demand for wireless sensor networks.
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Key Market Rivals:
- Acuity Brands
- Bosch Sensortec GmbH
- Cisco Systems
- Ericsson
- Google Inc.
- Honeywell International Inc.
- HTC Corporation
- IBM
- Infineon Technologies
- Intel Corporation.
- Application Outlook (Revenue, USD Billion; 2021–2028)
- Healthcare
- Transport
- Manufacturing
- Retail
- Others
- Sensor Type Outlook (Revenue, USD Billion; 2021–2028)
- Temperature sensors
- Pressure sensors
- Chemical sensors
- Light sensors
- Motion sensors
- Other sensors
- Network Technology Outlook (Revenue, USD Billion; 2021–2028)
- Wired
- Wireless
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