The consumer electronics industry is witnessing immense growth. In the current scenario, various consumer electronic devices are used by consumers across the globe for a plethora of tasks. Consumer electronic devices such as smartphones, tablets, PCs, music players, etc. have become integral part of consumers’ lives. The consumer devices are becoming smarter with the ongoing technological advancements. The AI-enabled applications have stoked the demand for cheaper sensors. The market for consumer electronics is growing the current scenario, owing to the fact that several semiconductor companies are regularly coming up with advanced technologies which is attracting the industry. Furthermore, wearable devices accounts for one of the fastest-growing segments of the IoT connected device industry. Advanced enterprises considers wearable as exceptional opportunity for mobile technology that can drive greater efficiency, improve workflow and enhance communication.
Connected cars enable the travelers or the car itself to automatically share the data within the vehicle and also outside the vehicle. Internet of things (IoT) is one of those technologies which has been breaking grounds to offer automotive manufacturers a new set of products and services which are entirely a new layer to the traditional car perceptions. These new configurations may include sensors, controllers, lighting and software applications, these products and services are offered as stand-alone, where, the customer can plug and play as per the requirement or some of the features are built-in in the new generation cars. These systems can either be deployed in infotainment or automated control units of vehicles. Advancing research in connected and autonomous cars will further increase the scope of integrating IoT sensors in vehicles.
The IoT sensors market is segmented on the basis of types under temperature sensor, light sensor, pressure sensor, chemical sensor, motion sensor, and others. An IoT needs varied types of sensors to make performance of applications more reliable. As the things are not capable enough to capture states or perform actions unless all device or systems are fitted with the sensors.
The IoT sensors market by connectivity type is further segmented into wired and wireless. Both connections have its benefits and limitations which distinguish two from each other. Wired connection is more reliable, secure, and they are less likely to get affected by local factors such as floors, walls, cabinets, or interruption from any electronic devices. Whereas, wireless connections are highly scalable and cost-effective technologies due to the presence of a considerable number of manufacturers in the IoT sensors market.
On other hands, wired connections are lacking a feature of mobility and better scalability. These connections fall under expensive category due to the cost of labor and installation of wire. Besides, a wireless connection is relatively slow due to intervention in signals and are prone to interference caused by electronic devices. Therefore, the right solution varies as per the business use case. IoT technology is installed in various methods, thereby it depends upon location of devices and situation. Factors responsible to affect selection of network type includes power usage, network range, interoperability, network bandwidth, intermittent connectivity and security.
Market Initiative was observed as the most adopted strategy in global IoT sensors market. Few of the recent partnership, contractual alliances for the deployment of new technological solutions are listed below:
2019: OMRON Corporation globally launched a total of 2,512 models of its DC 3-Wire E2E NEXT Series Proximity Sensors, which boast the world's longest sensing distances (*1) and are now newly equipped with IoT features. These sensors reduce risks of sudden facility stoppages by a factor of 3 (*2); they also detect signs that warn of such stoppages and notify users via the network.
2018: Arm Holdings unveiled chip aimed at self-driving car sensors. Arm's newest chip design is called the Cortex-A65AE, and is designed around the idea of being able to handle the stream of data from a self-driving car's sensors in near real-time. The chip released has the new safety features, as well as features designed to help it process and pass along data from sensors quickly. It also has pathway for speedy connection to graphics processors such as those supplied by Nvidia Corp, which are being adopted by car makers and which Arm's chips would serve as a complement to.
2017: NXP added new NFC chips and sensors to secure the Internet of Things. NXP unveiled two NTAG SmartSensors for temperature monitoring and cold chain logistics and an Arduino-compatible NTAG I²C Plus kit that allows developers to emulate using an NTAG I²C Plus connected tag chip in an embedded electronic system.
The regional trends and factors influencing the IoT Sensors Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses IoT Sensors Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 9.46 Billion |
| Market Size by 2027 | US$ 65.79 Billion |
| Global CAGR (2018 - 2027) | 23.9% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The IoT Sensors Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the IoT Sensors Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies