Enjoy complimentary customisation on priority with our Enterprise License!
The Internet of Things sensors market size is estimated to grow by USD 63.08 billion, at a CAGR of 41.29% between 2023 and 2028. The growing demand for smart factories and the Industrial Internet of Things (IIoT) is driving significant growth in the market for wireless sensors. Process industries, in particular, are recognizing the large-scale benefits of integrating IoT devices into their operations. By leveraging real-time data from wireless sensors, these industries can optimize production processes, reduce downtime, and improve overall efficiency. IoT devices offer key advantages such as remote monitoring, predictive maintenance, and real-time analytics, making them essential tools for modern manufacturing. The increasing adoption of these technologies is transforming the industrial landscape and setting the stage for a new era of connected and automated production.
_sensors_market_segments_abstract_2024_size_v1.jpg.webp?v4.1.18)
To learn more about this report, View Report Sample
The market is rapidly expanding with innovations in wearable devices such as smart glasses and EEG monitors. These sensors play a crucial role in various sectors including healthcare, ensuring security standards and enterprise data security while managing patient details securely. Advanced analytics solutions powered by ML (Machine Learning) enhance data insights, supported by robust data protection measures to comply with data security standards. Companies like Actility and Morse Micro are driving advancements in IoT sensor technologies, collaborating with telecom giants like Etisalat and research initiatives such as the Intelligent Disease Prediction Project. These sensors enable applications ranging from AR (augmented reality) in industrial settings to enhancing consumer experiences through Beyond Eyes and Clickey innovations. As the IoT Sensors market continues to evolve, its integration across industries promises transformative impacts on efficiency, safety, and personalized services globally.
The increasing demand for smart factories and IIoT is a key factor driving the growth of the Internet of Things sensors market. The need for smart factories has increased around the world in the past few years. This trend is expected to continue during the forecast period with the emergence of IIoT, which integrates smart machines, warehouses, industrial robots, and entire manufacturing plants to achieve business objectives and key performance indicators (KPIs).
Moreover, a variety of IoT sensors placed in factories collect and relay real-time information to enable relevant ground-based decisions and assist operators. Among other things, sensor information can also guide robots and machines in performing production and assembly processes and handling toxic chemicals, ensuring the safety of the human workforce. It also protects the machine from damage. Therefore, when IIoT is integrated into the factory, the factory becomes a connected and synchronized entity. Manufacturing companies in countries such as China and Germany are already adopting IoT sensors to ensure better communication and precise coordination between organizations.
High demand for real-time data monitoring for predictive analytics is a major trend driving the growth of the Internet of Things sensors market. Industries around the world are using big data to improve process efficiency. In the past, disconnected devices prevented real-time data collection, making it difficult to gather insights from devices. With the help of IoT-connected smart devices, operators can access any data in the factory. Predictive analytics help during maintenance as companies can plan maintenance based on predictive analytics. By collecting real-time data, vendors can understand the condition of plant equipment based on the actual condition. This allows the US to predict equipment failure before it occurs and avoid unnecessary downtime.
Moreover, the end users are evolving through technological advancements and the use of machine learning, IoT, and artificial intelligence. By using digitized unstructured and structured data collected through IoT-enabled industrial wearables, end-users can predict future events in functional areas such as operations, marketing, finance, human resources, and manufacturing. Such advantages are driving the adoption of IoT sensors across the manufacturing industry and are expected to drive the growth of the global IoT sensors market during the forecast period.
Challenges to offering high quality at low cost may hamper the Internet of Things (IoT) sensors market growth. Engineers and system developers are constantly researching products with improved properties to expand their portfolio. As the industrial automation market gains momentum, it becomes increasingly important for industrial sensor vendors to provide easily customizable and affordable industrial sensors. A major factor that makes industrial sensors expensive is the customization companies require of their end users to enable accurate and reliable delivery. The cost of sensors is decreasing year by year, especially due to the availability of off-the-shelf sensor variants that are widely used in industrial automation systems and equipment.
However, sensors customized for specific industrial process control applications will be more expensive during the forecast period due to their relative technological sophistication. Sensors for automating industrial applications use careful construction, hand wiring, and expensive components. Such factors will hamper the demand for IoT sensors during the forecast period.
The market share growth by the consumer electronics segment will be significant during the forecast period. IoT sensors are widely used in the consumer electronics industry. The consumer electronics industry is expanding significantly due to increased demand for wearable technology and smart home gadgets.
_sensors_market_segments_abstract_2023_v2.jpg.webp?v4.1.18)
Get a glance at the market contribution of various segments View PDF Sample
The consumer electronics segment was valued at USD 1.17 billion in 2018. Consumer electronics producers are now including IoT sensors in their products to enhance functionality and boost customer responsiveness as a result of the growth of the IoT. Smartphones, smartwatches, and fitness trackers are a few of the well-known consumer electronics items that use IoT sensors. The adoption of IoT sensors in consumer electronics paves the way for the creation of smart homes, where appliances are interconnected and can be operated virtually via a mobile application.
The temperature sensor is a device used to measure the temperature using an electrical signal. It requires a thermocouple or resistance temperature detector(RTD). It is the most common and most popular sensor. Any failure to monitor temperature may have a catastrophic impact on an industrial facility. Temperature sensors are used in monitoring air temperature, liquid temperature, and other process material temperatures. These sensors provide highly accurate and repeatable results while requiring no compensation circuitry and calibration. Also, the recent development of temperature sensors is fueling the growth of this segment. Hence, the demand for temperature sensors in the healthcare industry will drive the growth of the market during the forecast period.
_sensors_market_regions_abstract_2023_geo_v2.jpg.webp?v4.1.18)
For more insights on the market share of various regions View PDF Sample now!
North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavioâs analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The expansion of mobile communication infrastructure and the adoption of cloud computing is driving the North American market. There is a new trend toward IoT investment, integration, and partnerships between organizations to gain a competitive advantage. The energy and utilities sector is expected to be one of the major contributors in North America due to the increase in smart meter installations during the forecast period. The US has become the leading country in the market due to increase partnerships between carriers, device manufacturers, and platform providers.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Robert Bosch GmbH. The company offers BMI 323 inertial measurement unit, which can be used in applications related to notebooks and tablets, toys and gadgets, game controllers, and smart remote controls.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report includes the adoption lifecycle of the market, covering from the innovatorâs stage to the laggardâs stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
You may also interested in below market reports:
Sensor Market: Analysis North America, APAC, Europe, Middle East and Africa, South America - US, China, Japan, Germany, France - Size and Forecast
3D Sensors Market: Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Japan, South Korea, Germany - Size and Forecast
Semiconductor Sensors Market: Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, India, Germany, UK - Size and Forecast
The market is revolutionizing industries like retail and residential spaces, leveraging technologies such as inertial sensors, accelerometers, and gyroscopes. These sensors enhance consumer experiences in responsive stores and smart homes in regions like Napa Valley, integrating cloud-based services for data management. Companies like Bosch Sensortec and IDEMIA are pioneering advancements in IoT sensor technology, enabling applications from Digital Performance Management (DPM) to AR/VR (Augmented Reality/Virtual Reality). In commercial spaces, IoT sensors optimize operations with storage area networks and improve connectivity with initiatives like Connect Box. The market growth is bolstered by increasing Internet penetration and a growing consumer base with disposable income, fostering demand for innovative IoT solutions. As technology evolves, collaborations with entities like TEAL and insights from GSMA Intelligence are shaping the future of IoT sensors, potentially influenced by emerging technologies such as quantum computing. Bouchaine Vineyards installed an inertial sensor incorporating an accelerometer and gyroscope along the sidewalk to monitor ground movement and optimize grapevine growth conditions.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
199 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 41.29% |
|
Market growth 2024-2028 |
USD 63.08 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
30.28 |
|
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
North America at 40% |
|
Key countries |
US, China, Germany, Canada, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ams OSRAM AG, Analog Devices Inc., Broadcom Inc., Emerson Electric Co., Honeywell International Inc., Infineon Technologies AG, Innovative Sensor Technology IST AG, International Business Machines Corp., Knowles Corp., Libelium Comunicaciones Distribuidas SL, Monnit Corp., NXP Semiconductors NV, OMRON Corp., Robert Bosch GmbH, Sensata Technologies Inc., Siemens AG, STMicroelectronics International N.V., TDK Corp., TE Connectivity Ltd., and Texas Instruments Inc. |
|
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
To get detailed analysis Buy Now Full Report PDF
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.