IoT Sensors Market – Consumer Electronics to Remain Dominant Application Segment with Outstanding 24.5% CAGR from 2015 to 2023

IoT Sensors Market - Consumer Electronics to Remain Dominant Application Segment with Outstanding 24.5% CAGR from 2015 to 2023

Global IoT Sensors Market: Overview

The Internet of Things (IoT) alludes to a system that is embedded with network connectivity, hardware, sensors, and software which helps in the accumulcation and trading of information by means of physical objects. With the IoT getting to be plainly universal, the IoT sensors market is developing as a key piece of the area, as IoT sensors speak to a potential answer for deciding the physical characteristics of objects and changing them into a quantifiable value which can be later utilized by another client or gadget. The IoT sensors market is increasing in terms of demand of IoT sensors because of their developing use in IoT equipment that can enlist changes in sound, movement, light, temperature, and weight. Actuators and tags are likewise now regularly installed in objects, which has made also made communication easy; this is probably going to involve reliable request from the worldwide IoT sensors market in the coming years.

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The worldwide IoT sensors market is relied upon to extend at an extraordinary CAGR 24.5% from 2015 to 2023. The market is relied upon to touch a valuation of US$34.75 bn before by 2023, ascending from a valuation of US$4.90 bn in 2014.

Consumer Electronics to Lead in Application Segment

Based on application, the global market for IoT sensors has been classified into retail, industry, building automation, automotive, consumer electronics, and healthcare. Out of these, the segment of consumer electronics dominated the market in 2014 owing to the mounting demand for consumer electronics such as smart home appliances, smart TV, and smartphones across the globe. In the segment of entertainment electronics, IoT sensors aid the users to establish flexible media use. Moreover, the proliferating awareness among consumers and the growing demand for feasible consumer electronics has resulted in the creation of lucrative scenarios for the market for consumer electronics in emerging economies such as India, and countries in the Middle East and Africa.

North America Surfaces as Leader in Terms of Adoption

Region-wise, the global market for IoT sensors has been segmented into North America, Europe, Asia Pacific, and the Rest of World. Among these regions, North America as the leader in 2014 closely followed by Europe in the global IoT sensors market. In 2014, these two region altogether held more than 60% of the worldwide IoT sensors market. Then again, Asia Pacific is relied upon to be the main region as far as growth rate is concerned in the worldwide IoT sensors market over the conjecture time frame.

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The rising interest of IoT sensors for being utilized as a part of a few smart consumer goods and furthermore in the healthcare industry has been positively affecting the advancement of the market. Governments of many developing countries such South Korea, India, and China are entering into various private and public agreements for the extension of its cloud services through its information and IoT focus advancements, along these lines reinforcing the development of this specific market in Asia Pacific.

The leading companies operating in the global market for IoT sensors are ARM Holdings Plc., InvenSense Inc., Digi International Inc., Libelium, Ericsson, Robert Bosch GmbH, Honeywell International Inc., IBM, Infineon Technologies, and STMicroelectronics N.V., among others.