USD 11.20 Billion
IoT Sensors Market Size, Share, Growth Analysis, By Sensor Type(Temperature, Pressure, Humidity, Flow, Image, Touch, Proximity, Others), Network Technology(Wired (KNX, LonWorks, Ethernet, MODBUS, DALI), Wireless, ZIGBEE, NFC, Others), Vertical, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45K2095 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
136
|Figures:
76
IoT Sensors Market Insights
Global IoT Sensors Market size was valued at USD 11.20 Billion in 2022 and is poised to grow from USD 14.40 Billion in 2023 to USD 107.74 Billion by 2031, at a CAGR of 28.60% during the forecast period (2024-2031).
The Global IoT Sensors Market is a fast-growing part of the wider technology field. This market has many internet-connected things called IoT. They use different types of sensors to get live information from the real world. The main goal of the market is to easily mix IoT technologies in many businesses. This helps data analysis, machines working by themselves, and easy connections between things. One big reason for the rise of the global IoT sensors market is more and more use of online things across different areas. This is making many people want sensors that can grab information and send it away to be studied. The importance of changing outdated ways of doing things to more effective and information-driven operations cannot be overstated without referring to the significance these sensors play in that regard alone.' In this regard, however, challenges still linger. Some of the stopping factors that still exist as usage of IoT continues include concerns over protecting its confidentiality or integrity, difficulties associated with making different IoT devices talk to each other seamlessly as well as the urgency of having universal regulations in place. Also, the many different types of sensors used in specific jobs make it hard to standardize them. So, people in businesses must work together to create solutions that can work with each other.
Even though there are obstacles, the Global IoT Sensors Market offers big chances. The always-growing tech upgrades, especially in sensor technologies, let us try new things. There are chances to make better and more detailed sensors, improved ways of processing data, and joining artificial intelligence. This will help get useful information from the collected data. Also, the market is ready to gain from more attention on smart cities and Industry 4.0 and growing use of IoT in health care, farming and other areas. In conclusion, the Global IoT Sensors Market is a vibrant ecosystem with a profound impact on the way industries leverage data for decision-making and optimization. Although challenges do exist, market needs for improved connectivity and automation are fertile in creating chances plus innovating sensor technology. As technology advances further, IoT sensors will feature more prominently than ever before as we shape future connected ecosystems worldwide.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial
Fastest Growth
Industrial
Growth Rate
28.60% CAGR
IoT Sensors Market ($ Bn)
Country Share for Asia Pacific Region (%)
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IoT Sensors Market Segmental Analysis
Global IoT sensors market is segmented based on sensor type, network technology, vertical, and region. Based on sensor type, the market is segmented into Temperature Sensor, Pressure Sensor, Humidity Sensor, Flow Sensor, Accelerometer, Magnetometer, Gyroscope, Inertial Sensor, Image Sensor, Touch Sensor, Proximity Sensor, Acoustic Sensor, Motion Sensor, Occupancy Sensor, CO2 Sensor, Other Sensors (Light sensor, Radar sensor). Based on network type, the market is segmented into Wired (KNX, LonWorks, Ethernet, MODBUS, DALI), Wireless (Wi-Fi, Bluetooth [Bluetooth Smart, Wi-Fi/Bluetooth Smart, Bluetooth Smart/Ant+, Bluetooth 5], ZIGBEE, Z-WAVE, NFC, RFID, ENOCEAN, THREAD, GLoWPAN, WIRELESS-HART, Frocess field bus, DECT-ULE, Others [ANT+, ISA100, GPS, Sub-Gig, and Cellular]). Based on vertical, the market is segmented into Consumer IoT, Commercial IoT (Smart Cities [Traffic Management, Smart Parking], Retail [Advertising and marketing, Digital signages, Energy optimization, Intelligent payment solutions, Real-time/streaming analytics, Resource management, Safety & security, Smart shelves and smart doors, Smart vending machines], Aerospace & Defense [Drones/unmanned aerial vehicles, Predictive maintenance], Logistics-Supply Chain & Transportation [Entertainment, Financial Institutes, Corporate Offices]), Industrial IoT (Energy, Industrial Automation, Healthcare [Telemedicine, Clinical operations & workflow management, Connected imaging, Inpatient monitoring, Medication management, Other healthcare applications], Smart Agriculture [precision farming, livestock monitoring, smart fish farming, smart greenhouses, other smart agriculture applications]). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Analysis By Sensor Type
The market was dominated by pressure sensors segment in 2023 held approximately 25% of total internet-oriented things sensors globally. Companies, such as cars and aircrafts, healthcare industry, and large plants can be equitably powered by them. They are usually applied in measuring changing pressures; thus, maintaining safety of various products through personal assistance programs; hence processes progressive enhancement in operational security plus overall work effectiveness. In areas like cars, pressure sensors are very important since they help in checking tire pressure and controlling engines and fuel systems. In healthcare, these sensors are very important in medical tools such as breathing machines and liquid flow pumps. They make sure the right pressure is kept for patient health.
The accelerometer segment is growing with the fastest CAGR at 8.9% and is expected to continue its dominance within the market in the coming years. This increase is due to the growing need for gesture-sensitive features in many IoT uses, such as household gadgets, factory automation and health-tracking gear. In the world of gadgets that people buy, smartphones and fitness trackers along with gaming consoles use a special thing called accelerometers. This promotes popularity. Businesses that engage in manufacturing and logistics use acceleration devices to foresee any impending problem. As a result, they get to improve their operations and minimize downtime.
Analysis By Vertical
Industrial vertical emerges as the dominating force, showcasing both its current prominence and future growth potential. There has been an amazing increase in the use of Industrial IoT (IIoT). The industrial part makes up more than 40% of its market share. The use of IoT sensors in making things, managing supply chains, and doing maintenance before it's needed has changed how factories work. It makes them more efficient and reduces the time they are not working. Companies are increasingly using IoT sensors to get real-time data, improve the process of making things, and make smart choices. People want more industrial IoT sensors because of the constant push for Industry 4.0. Here, connected machines and data information change how we make things. The big part that the industry plays is not just because it has many customers right now. It also shows a strong increase expected in the future as more businesses accept changes driven by Internet-connected things (IoT).
The fastest-growing segment within the global IoT sensors market is the commercial vertical. Its growth rate each year is over 12%, which means it's getting bigger quickly. This segment covers many kinds of uses, such as smart buildings, shops, and health care. IoT sensors have seen increased use in today’s business operations as they help create smarter, interconnected environments. Smart buildings benefit from sensors that optimize energy use, enhance safety, and offer personal experiences to occupants. In the retail sector though, IoT sensors have been used in inventory management, customer relations and general organization. Also, health care apps like tracking patients from a distance and keeping track of items help the business side grow quickly.
IoT Sensors Market By Vertical
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IoT Sensors Market Regional Insights
In 2023, Asia-Pacific stands out as the dominating force, exhibiting a robust market share and serving as the epicenter for IoT sensor deployment. The area's power is caused by a mix of things like fast factory growth, city building and rising need for smart gadgets in places like China, Japan and South Korea. The Asia-Pacific region has more IoT sensors than other places. Also, they are leading the way with new ideas because of their growing factories and a focus on smart cities. This leadership is set to continue, with the area predicted to have the quickest increase in using IoT sensors. This shows that there are lots of economic activities and new technology happening in Asia-Pacific at high speed.
On the other hand, the IoT sensors market has experienced fastest growth within the North America region. The region gains from an old technology setup, early use of Internet-connected devices and a lot of important businesses in the field. The number of high-tech businesses, especially in America, along with a focus on new ideas and experimentation makes North America the center for new IoT sensor technologies. The region’s quick use of technology is pushed forward even more by adding internet-connected things to areas like health care, making stuff and smart towns. A new technology approach in North America will lead to faster growth in IoT sensors. This will have a big impact on the world market.
IoT Sensors Market By Region
- Largest
- Fastest
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IoT Sensors Market Dynamics
Proliferation of Smart Devices
- The most notable driver of IoT sensors is the ever-increasing smart devices including smart phones, smart wearable gadgets, smart home devices, and others. These devices rely mostly on sensors to collect data, as is the case with health monitoring and sensing of the environment and automation. The ability to create systems that are integrated and smart is becoming a requirement for consumers, which drives the need for a variety of sensors and thus, the market.
Advancements in Wireless Communication Technologies
- IoT sensors have been adopted at a fast rate due to the use of new wireless communication technologies such as 5G to support such applications. These technologies afford the bandwidth, low latency needed for data transmission from the sensors to cloud or edge computing systems. The higher level of connection helps to enable real-time data processing and IoT in healthcare, automobile, and industrial fields to propel the growth of the market.
Restraints
Data Security Concerns
- IoT sensors have been adopted at a fast rate due to the use of new wireless communication technologies such as 5G to support such applications. These technologies afford the bandwidth, low latency needed for data transmission from the sensors to cloud or edge computing systems. The higher level of connection helps to enable real-time data processing and IoT in healthcare, automobile, and industrial fields to propel the growth of the market.
High Implementation Costs
- The initial amount for IoT sensor networks can be high, especially for SMEs, due to the sheer scale and complexity of the networks. These costs are not only in the sensors but also the related infrastructure, software, and the continued maintenance that they require. This financial constraint may hold back organizations from implementing IoT solutions, consequently, hampering the market’s expansion.
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IoT Sensors Market Competitive Landscape
The competitive landscape of the global IoT sensors market is characterized by intense rivalry and a diverse array of key players vying for market share in this rapidly evolving industry. These players compete based on factors such as product portfolio, technological advancements, pricing strategies, and market reach. They use their huge experience and smart technology to give a wide range of IoT sensor solutions. These big players in the industry always put their money into research and development. They do this so they can create new sensor technologies, keeping them ahead of what's popular in the market. Market players focus on strategic collaborations, partnerships, and mergers and acquisitions to expand their market presence and gain a competitive edge.
Top Player’s Company Profile
- Texas Instruments Inc. (USA)
- TE Connectivity (Switzerland)
- Honeywell International Inc. (USA)
- Siemens AG (Germany)
- STMicroelectronics (Switzerland)
- NXP Semiconductors (Netherlands)
- Infineon Technologies (Germany)
- General Electric (GE) (USA)
- Omron Corporation (Japan)
- Murata Manufacturing Co., Ltd. (Japan)
- ABB Ltd (Switzerland)
- Schneider Electric SE (France)
- Bosch Sensortec (Germany)
- Analog Devices, Inc. (USA)
- Robert Bosch GmbH (Germany)
- Sony Corporation (Japan)
- Panasonic Corporation (Japan)
- Sensata Technologies (USA)
- Rockwell Automation, Inc. (USA)
- Qualcomm Technologies, Inc. (USA)
Recent Developments
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In January 2024, Nozomi Networks launched a wireless spectrum sensor for OT & IoT security. It provides an efficient solution to protect from cyberattacks and disruptions by extending network visibility, detection, and response capabilities from endpoint to wireless medium.
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In June 2023, Adeunis announced the launch of two new IoT sensors named COMFORT and COMFORT SERENITY, are designed for applications in Smart Buildings, offering advanced management of energy consumption, indoor comfort and air quality. These sensors, which can be configured on NB-IoT or LTE-M1 (LTE-Cat-M1) cellular networks, enable to measure and analyses changes in temperature, humidity, VOCs and CO2 inside a room.
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In February 2023, Henkel launched a novel sensor experience kit tailor-made for IOT engineering across industries. The kit has been designed for professional engineers and enables them to quickly and efficiently explore and experiment with the technology of printed electronics for the development of IOT sensor solutions.
IoT Sensors Key Market Trends
- Rapid evolution towards Edge Computing: People need fast data processing and quick response times, so edge computing has become a key answer. It changes the old way of using clouds for everything. Sensors for the IoT make a lot of data. If we can quickly process this data near where it comes from, then decisions happen faster and responses are better. This is very important in cases where you need quick results, such as self-driving cars, checking health, and machines that work on their own. Edge computing helps lighten the work for main cloud systems. It also deals with worries about limited bandwidth and data security. Also, edge computing helps us use network resources better and reduces the time it takes to send data.
IoT Sensors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global IoT sensors market analysis, the global IoT sensors market is undergoing a profound transformation, driven by the escalating demand for interconnected devices across various industries. A study of the market shows it's growing strong. In future years, it could get even bigger than before. The big use of IoT sensors in things like smart cities, healthcare, making stuff, and farming is the main reason for this growth. The study about the market shows a big increase in money being used for research and development. This helps develop new ideas in sensor technologies all the time. Furthermore, the growing use of Industrial IoT (IIoT) and the movement towards smart buildings help make the market look good. Problems like keeping data safe and making different systems work together are being fixed by improving sensor skills and setting up rules that everyone follows. The IoT Sensors Market is growing fast because businesses are using more data to make decisions. This change in how companies work makes them more efficient and competitive against each other, thanks to real-time information.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 11.20 Billion |
| Market size value in 2031 | USD 107.74 Billion |
| Growth Rate | 28.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on IoT Sensors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on IoT Sensors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the IoT Sensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IoT Sensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the IoT Sensors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the IoT Sensors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
IoT Sensors Market Report Snapshots
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