With IoT sensors proliferating in different types of end-use industries, the global IoT sensor market is witnessing a huge growth. IoT sensors are deployed in different end-use industries like the automotive industry and also in the manufacturing sector. In the manufacturing sector, IoT sensors are used to reduce the cost of manufacturing, streamline the manufacturing process and gather data about various machines employed in the manufacturing of goods. IoT sensors also find application in the implementation and development of smart cities, where they are used in areas such as traffic management and monitoring of energy consumption.
In addition, IoT sensors also find application in the healthcare industry, where they are used in the form of biosensors and implantable sensors to reduce the cost of healthcare and increase the quality of care provided. IoT sensors are further used in the consumer electronics sector and are mainly used in smart TVs, refrigerators and air-conditioners. The global IoT sensor market was estimated to be valued at nearly US$ 3,350 Mn at the end of the year 2017 and is projected to reach a value of nearly US$ 9,900 Mn by the end of the period of assessment in 2026, and in the process display a CAGR of 12.7% during the period of forecast 2017-2026.
Consumer IoT Application Segment to Exhibit the Maximum CAGR
The consumer IoT sub-segment in the applications category of the global IoT sensor market is anticipated to exhibit the fastest growth rate of 15.8% during the period of forecast and is likely to reach a valuation of nearly US$ 4,850 Mn by the end of the year 2026.
North America Region to Dominate the Global IoT Sensor Market in Terms of Value
The North America regional market leads the global IoT sensor market and is likely to exhibit a CAGR of 11.8% during the period of assessment. The North America IoT sensor market is expected to reach a valuation of nearly US$ 3,200 Mn by the end of the period of forecast in 2026.
Competition Landscape of the Global IoT Sensor Market
The important players operating in the global IoT sensor market have been profiled in the competition landscape section of the report. Some of the featured companies include Arm Holdings PLC., Xinapse Systems Ltd., NXP Semiconductors N.V., Texas Instruments Incorporated, Infineon Technologies AG, Sciencesoft USA Corporation, Te Connectivity Ltd., Toshiba Medical Systems Corporation, Robert Bosch GmbH, Mirada Medical Limited, Stmicroelectronics N.V., Analog Devices, Inc., Siemens Healthineers, Broadcom Limited (Avago) and Invensense, Inc.
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