Northbrook, IL 60062 -- (SBWire) -- 03/21/2022 --The IoT sensors market size is expected to reach USD 29.6 billion by 2026 from USD 8.4 billion in 2021, at a CAGR of 28.6% during the forecast period.
Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancement, and Introduction of 3GPP Release 13 and Release 14 specifications are the key factors driving the growth of the IoT sensors market. The Growth of Internet penetration rate and High demand for connected and wearables devices are factors propelling the growth of the IoT sensors market.
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Pressure sensor is likely to be the largest contributor in the IoT sensors market during the forecast period
The market for pressure sensors is largely driven by increased concerns regarding safety, comfort levels, and reduction in automobile emissions. The regulatory mandates requiring the compulsory installation of onboard diagnostics to reduce greenhouse gas emissions will further lead to growth in demand for pressure sensors. Additionally, the application of pressure sensors in autonomous cars would present several growth opportunities to players operating in the pressure sensor market.
Wireless network technology to account for the largest market size in 2020
The growing demand for wireless data from mobile devices, connected cars, and smart grids, among others, is creating the need for a more robust internet connection. Further, the proliferation of mobile devices and the rapidly increasing adoption of the bring-your-own-device (BYOD) concept as well as IoT within enterprises is expected to drive the growth of the market for wireless network technology. The upcoming 5G mobile technology is expected to provide much faster internet connectivity and coverage, which would also boost the market for wireless network technology.
The IoT sensors market in APAC to grow at the highest CAGR during the forecast period
The market in APAC is expected to register the highest CAGR amongst all regions during the forecast period. The market in this region has been studied for India, China, Japan, South Korea, Australia, and the Rest of APAC. APAC is a key market for consumer devices and appliances, automobiles, and healthcare products. This region has become a global focal point for large investments and business expansions.
Increasing Use of Sensors in IoT Applications Due to Technological Advancements