IoT Sensors Market
The global IoT Sensors Market is expected to garner US$ 27.4 Billion in 2022 against US$ 21.8 Billion in 2021. Convergence of technology like ML, AI, and connectivity is escalating expansion across various verticals. Increasing deployment of 5G, rising electronic content in automotive, EVs, and AVs, and the growth of IoT equipment in smart homes are emerging opportunities in the global IoT sensors market.
Industry 4.0 initiatives across various regions such as; China and Europe are the most important key drivers of IoT implementation, thereby, benefitting the market in the forecast period. According to Accenture, 60% of the manufacturing organizations are already involved in IoT projects, and more than 30% are at a nascent stage.
Also, with rising urbanization and population, several countries across the world are implementing Smart City projects. Connected devices like smart meters, smart lights, sensors, and others are helping to enhance the efficiency of infrastructure and other services.
Key Takeaways from IoT Sensors Market Study
- The global IoT sensors market to secure US$ 173.7 Billion by 2032
- The IoT sensors industry to exhibit a CAGR of 20.3% from 2022-to 2032
- The accelerometers segment to experience a 20.7% growth rate during the forecast period
- The consumer electronics segment to exhibit a CAGR of 21.4% from 2022-to 2032
- The U.K market to value US$ 10 Billion
- Market in India to expand at 30.3% CAGR from 2022-2032
- Market in the U.S to value US$ 33.8 Billion by 2032
- Growth rate of China is projected at 22.2% from 2022-to 2032
“Favorable initiatives by governments such as smart city projects, across the globe are supporting the growth of IoT-based equipment. Governments are seeking innovation in areas such as energy conservation, smart traffic management, security system improvements, and others. Such actions are likely to offer various remunerative opportunities to the market in the forecast period,” Fact.MR analyst.
Key players in the global IoT sensors market are focusing on product development and carrying out various advanced research and development programs. Enterprises are making several efforts to collaborate with various technology providers to give innovative results. Recent key developments among players are:
- In February 2022, Siemens updated its NX Software under the Xcelerator portfolio, with attributes like intelligence-based design. This update allows the application to use AI and modern simulation technologies, offering efficient insights to the consumers.
- In January 2022, PTC disclosed an alliance with Schaeffler Group. It is a Germany-based manufacturer that implements an absolute IT landscape. The new partnership focuses to support Schaeffler’s initiatives for digital twin and visualization of 3D models.
These insights are based on a report on IoT sensors market by Fact.MR.