The global IoT sensors market is a highly competitive one with many leading companies competing against each other with variety of products, states Transparency Market Research (TMR) in a research report. The players in the market are working hard and are striving to gain a competitive edge over each other through the creation of novel and technologically advanced IoT sensors that will cater to the unmet needs of the consumers across the globe. The companies are incessantly focusing on research and development projects to present the market with the onset of competition and the urge to produce better products taking a huge turn. The leading companies in the market are Digi International Inc., ARM Holdings Plc., Libelium, InvenSense Inc., Ericsson, Honeywell International Inc., Robert Bosch GmbH, IBM, STMicroelectronics N.V., and Infineon Technologies.
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According to a TMR analyst, “The global market for IoT sensors is expected to witness an outstanding 24.5% CAGR from 2015 to 2023. In 2014, the market was worth US$4.90 bn and is projected to rise to a valuation of US$34.75 bn by the end of 2023.”
Consumer Electronics to Remain Dominant Application Segment
In terms of applications, the global market for IoT sensors has been segmented into healthcare, consumer electronics, automotive, building automation, industrial, and retail. Consumer electronics surfaced as the leading contributor to the global market in 2014. Growing demand for consumer electronics such as smartphones, smart TV, and smart home appliances sets are fuelling the adoption of the approaches related to IoT and are getting linked. In entertainment electronics segment, IoT sensors assist users for establishing elastic media usage. Furthermore, growing awareness among customers and mounting demand for reasonable consumer electronics has led to the formation of promising circumstances for the consumer electronics market in developing regions such as the Middle East and Africa and countries like India. This is anticipated to present encouraging growth prospects to the global market in the years to come.
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Region-wise, the market for IoT sensors has been classified into Europe, Asia Pacific, North America, and the Rest of World. North America held the leading share of the global market in 2014 and was closely trailed by Europe. In 2014, these two regions collectively held over 60% of the global market. On the other hand, is expected to be the leading region in terms of growth in the global IoT sensors market over the forecast period. The rising demand of IoT sensors for being used in several smart consumer merchandises and also in the healthcare industry has been having a positive effect on the progress of the market. Governments of the several developing countries such China, India, and South Korea are inflowing into numerous public and private collaborations for the expansion of its cloud services through its data and IoT center developments, thus bolstering the growth of this particular market in Asia Pacific.
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Mounting Demand for Wearable Devices to Encourage Market Growth
The global IoT sensors market is expected to be the spectator of widespread growth over the upcoming years due to the rising market for smart devices and wearable and also due to the stable development of smaller, inexpensive, and smarter IoT sensors. The increasing demand for IoT sensors in real time applications, placement of Ipv6, and compassionate rehe sourcefulness provided by governments are further anticipated to fuel the demand for the IoT sensors due to swift development of the healthcare infrastructure worldwide. Nevertheless, multifaceted architecture and bandwidth connected limitations are expected to inhibit the growth of the global IoT sensors market, predominantly in the regions where high-speed internet facilities are not available.