Global Internet of Things (IoT) Sensor Market – Industry Trends and Forecast to 2031

Internet of Things (IoT) Sensor Market Analysis and Size

IoT sensors offer a wide range of uses and benefits across various industries and applications. In home automation, these sensors can automate and control lighting, heating, security systems, and appliances, improving convenience and energy efficiency. In healthcare, IoT sensors monitor patients' vital signs, track medication adherence, and enable remote patient monitoring, enhancing patient outcomes and reducing healthcare costs. In industrial settings, IoT sensors monitor equipment performance, predict maintenance needs, and optimize production processes, leading to increased efficiency and reduced downtime.

Data Bridge Market Research analyzes that the global internet of things (IoT) sensor market valued at USD 11.07 billion in 2023, will reach USD 58.83 billion by 2031, growing at a CAGR of 23.22% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation      

Market Definition

An Internet of Things (IoT) sensor is a device that detects and gathers data from the physical environment or objects and transmits that data wirelessly to another device or network. These sensors are a crucial component of IoT systems, enabling the collection of real-time data for monitoring, analysis, and control of various systems and applications.

Global Internet of Things (IoT) Sensor Market Dynamics

Drivers

• Increasing Usage of Sensors in IoT Applications

Sensors play a crucial role in IoT by collecting data from the physical environment or objects and transmitting it to other devices or networks. As IoT continues to expand across different industries and applications, the demand for sensors has also risen significantly. These sensors can detect a wide range of parameters enabling IoT devices to gather valuable real-time data which can be analyzed and utilized for various purposes, including monitoring, automation, decision-making, and optimization of processes and services. With the increasing integration of sensors into IoT applications, the potential for innovation and efficiency improvement across different sectors continues to grow and it is driving the market growth.

• Growing Demand for Connected and Wearable Devices

The increasing popularity and adoption of devices that can communicate with each other and with other systems through the internet of things is driving the market.  These devices are equipped with sensors that collect data from the environment or the user and transmit it to other devices or networks for processing and analysis. Connected devices, such as smart home appliances, fitness trackers, and industrial equipment, use IoT sensors to gather information and provide valuable insights or control functions.

The demand for these connected and wearable devices is driven by the desire for greater convenience, efficiency, and functionality in daily life and work. As IoT technology continues to advance and become more integrated into various industries, the demand for these devices is expected to grow further, leading to an expansion of the market.

Opportunity

• Advancements in Funding for IoT Projects

As IoT technologies continue to evolve and offer new possibilities for businesses and industries, there is a growing need for funding to drive innovation and growth in this field. Government grants, venture capital investments, corporate funding, and crowdfunding are the major sources for funding the market. The increased funding for IoT projects is driven by several factors, including the potential for IoT technologies to transform industries, improve efficiency, and create new business opportunities. In addition, as IoT becomes more mainstream, there is a growing recognition of the need to invest in these technologies to stay competitive in the market.

Overall, advancements in funding for IoT projects are driving innovation and accelerating the adoption of IoT technologies across various industries, which is creating new opportunities in the market.

Restraint/Challenge

• Constraints related to the security, integrity, and privacy of data

Internet of things technology has numerous applications, ranging from gathering biometric data via wearable devices to controlling connected equipment via communication networks and cloud platforms. These devices have unique IP addresses that allow them to communicate and exchange information with other devices. the challenges and limitations faced in ensuring that data transmitted and stored by these devices remains secure and private and that it is not compromised or altered in any way is a major restraint for the market.

internet of things (IoT) sensor market, report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the internet of things (IoT) sensor market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In April 2023, Texas Instruments created the SimpleLink series of Wi-Fi 6 companion integrated circuits (ICs) to help designers implement robust, secure, and efficient Wi-Fi connections at a reasonable cost. These ICs are designed for applications that require reliable performance in high-density or high-temperature environments, up to 105 degrees Celsius
• In February 2023, Qualcomm broadened its range of services to streamline and expedite IoT adoption across various industries. Qualcomm Aware aims to deliver exceptional asset management services, particularly for assets that require precise, timely, and critical decision-making. This is achieved by combining cutting-edge silicon technology, a substantial cloud framework designed for developers, and a network of hardware and software partners

Global Internet of Things (IoT) Sensor Market Scope

The internet of things (IoT) sensor market is segmented on the basis of sensor type, component, technology, vertical, and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Sensor Type

• Temperature Sensors
• Pressure Sensors
• Humidity Sensors
• Flow Sensors
• Accelerometers
• Magnetometers
• Gyroscopes
• Inertial Sensors
• Image Sensors
• Touch Sensors
• Proximity Sensors
• Acoustic Sensors
• Motion Sensors
• Occupancy Sensors
• CO2 Sensors and Light Sensors
• Radar Sensors

Vertical

• Consumer
• Commercial
• Industrial

Technology

• Wireless
• Wired Technology

Component

• Hardware
• Software/Platform
• Connectivity
• Services

End User

• Consumer Electronics
• Automotive
• Industrial Healthcare
• Food & Beverages
• Aerospace & Defense
• Transportation
• Agriculture
• Others

Global Internet of Things (IoT) Sensor Market Region Analysis/Insights

The internet of things (IoT) sensor market is analyzed and market size insights and trends are provided by country, sensor type, component, technology, vertical, and end user as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

North America is expected to dominate the market
due to increasing internet usage in technologically advancing countries, the adoption of wireless sensors and networks across various key applications—including automotive and transportation, industrial, healthcare, oil and gas, and consumer electronics is expected to further drive the growth of the market.

 Asia-Pacific is expected to show the fastest growth in the market due to the rapid industrialization and increasing population.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Internet of Things (IoT) Sensor Market Share Analysis

The internet of things (IoT) sensor market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company's focus related to the market.

Some of the major players operating in the global internet of things (IoT) sensor market are:

• Sierra Wireless, Inc. (Canada)
• Moxa Inc. (Taiwan)
• General Electric Company (U.S.)
• Skyworks Solution Inc. (U.S.)
• Infineon Technologies AG (Germany)
• Honeywell International Inc. (U.S.)
• Texas Instruments Incorporated (U.S.)
• Siemens (U.S.)
• CANON MEDICAL SYSTEMS CORPORATION (Japan)
• NXP Semiconductors (Netherlands)
• STMicroelectronics (Switzerland)
• IBM (U.S.)
• Sensata Technologies, Inc. (U.S.)
• Robert Bosch GmbH (Germany)
• TE Connectivity (U.S.)
• Qualcomm Technologies, Inc. (U.S.) 

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