IoT Sensors Market to Reach US$34.75 Bn by 2023, Driven by Transformative Potential of IoT

Albany, NY -- (SBWire) -- 03/02/2016 --Internet of Things (IoT) is a network that is embedded with sensors, electronics, network connectivity, and software enabling physical objects to gather and exchange data. As IoT rises into dominance, sensors are playing a pivotal role for measuring the physical quality of objects and enumerating it into a value, which can be read by another device or user. IoT devices are equipped with sensors which are capable of registering changes in pressure, temperature, motion, light, and sound. In the physical world, more and more objects can now communicate with each other through embedded IoT sensors, actuators, and tags.

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The Iot Sensors Market was valued at US$4.90 bn in 2014 and is expected to reach US$34.75 bn by 2023, growing at a CAGR of 24.5% during forecast period.

A surge in demand for IoT sensors in the automotive industry and the booming Industrial Internet of Things (IIoT) market are strongly driving the growth of the IoT sensors market. Furthermore, increase in demand for consumer electronics and growing demand for smart devices is boosting the market growth. Smart devices account for a considerable portion of consumer electronics.

Based on types, the global market can be segmented into accelerometers, gyroscopes, magnetometers, pressure sensors, temperature sensors, light sensors, others. Temperature sensors acquired the largest share of the market in 2014. Temperature sensors are adopted in a diverse range of applications including various wearable devices for fitness programs and for monitoring health, smart homes and in other industrial applications for monitoring weather changes. Therefore, the growing demand for these sensors from various industrial end-users is boosting the growth of this market.

By applications, the global IoT sensors market is segmented into consumer electronics, healthcare, automotive, industrial, building automation, retail and others. Consumer electronics was the largest contributor to the market in 2014. Increasingly consumer electronics such as smart home appliances and smart TV sets are adopting the approaches of IoT and getting connected. In entertainment electronics, IoT sensors help users to establish flexible media usage. Additionally, rising awareness among consumers and growing demand for affordable consumer electronics has given rise to favorable conditions for the consumer electronics market in developing economies such as India, Middle East and Africa. This is set to offer promising growth opportunities to the global market in the coming years.

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Stringent government regulations and policies across the globe are encouraging the development of "smart cities" and this is offering a potential growth opportunity to the global IoT sensors market. IoT sensors would be used in smart cities in smart meters, smart grids, intelligent traffic management systems, and smart parking among others. Further, technological advancements in the medical industry are set to offer a substantial opportunity for the growth of the IoT sensors market. The deployment of healthcare devices using IoT sensors could transform the healthcare industry by focusing on better patient care, lowering costs, and increasing efficiency.

Some of the major players in the IoT sensors market are: Infineon Technologies (Germany), STMicroelectronics N.V. (Switzerland), IBM (U.S.), Robert Bosch GmbH (Germany), Honeywell International Inc. (U.S.), Ericsson (Sweden), InvenSense Inc. (U.S.), Libelium (Spain), ARM Holdings Plc. (U.K.) and Digi International Inc. (U.S.) among others.

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