IoT Sensor Market Predicted To Hit USD 141.80 Billion at a CAGR of 17.79% By 2030 – Report by Market Research Future (MRFR)
IoT Sensor Market is Rising due to usage of sensors in IoT applications
New York, US, March 27, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “IoT Sensor Market Research Report: By Type, Vertical, and Region – Forecast Till 2030, the market was valued at USD 38.25 Billion in 2022. The IoT Sensor industry is projected to grow from USD 51.19 Billion in 2023 to USD 141.80 Billion by 2030. The reports further predict the market to flourish at a robust CAGR of over 17.79% during the assessment timeframe.
A device used to collect data or keep track of environmental or physical factors is known as an Internet of Things (IoT) sensor. Data is gathered by the sensor and sent to an IoT platform or gateway for analysis, storage, and maybe action triggering.
IoT Sensor Market Key players
- Texas Instruments
- TE Connectivity
- Silicon Laboratories
- Murata Manufacturing
- General Electric
- Bosch Sensortec
- Smart Things
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IoT Sensor Market Report Scope:
|Revenue Forecast in 2030||USD 141.80 Billion|
|Growth Rate||CAGR of 17.79% from 2023 to 2030|
|Key Market Opportunities||The governments of many countries are supporting IoT innovations|
|Key Market Drivers||Continuous Increase of sensors used in IoT-driven applications|
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The ubiquitous usage of sensors in consumer, medical, and automotive equipment is a result of microelectromechanical systems (MEMS) technology and the rapid decrease in sensor size. This has made a huge impact on the market growth. Over the past five years, smaller sensors have been increasingly incorporated into devices including smartphones, drones, wearables, and robotics.
IoT Sensor Market Segment insights
Insights on IoT Sensor Type
Proximity, Acoustic, Temperature, Pressure, Flow, Humidity, Inertial, Image, Motion, CO2, Gyroscope, Occupancy, and Magnetometer are among the types of market segmentation. The Pressure sector will dominate the market. Many applications, including HVAC systems, industrial automation, and consumer electronics, employ pressure sensors extensively. The pressure sensor market is anticipated to increase as a result of the rising demand for these sensors in smart homes and building automation systems and their capacity to offer real-time data.
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IoT Sensor Vertical Insights
Consumers, Industry, and Commercial are included in the market segmentation based on Vertical. Over the course of the forecast, the industrial sector is expected to dominate the market. The industrial segment is anticipated to rise as a result of the rising demand for IoT sensors in a variety of industrial applications, including process control, asset tracking, and predictive maintenance.
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is a significant player in the market and is anticipated to maintain its dominance over the next few years. The region is home to several IoT sensor producers, and nations like China, South Korea, and Japan have a high need for IoT solutions.
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The expansion of smart cities, the rising usage of IoT sensors across a variety of industries, including healthcare, manufacturing, and transportation, are all contributing factors to the growth of the IoT Sensor market in the Asia Pacific area.
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