IoT Sensors Market to Hit USD 27.38 billion by 2022
IoT is an emerging array of software-controlled sensors and other devices that allow machines to communicate with each other. By IoT sensors, efficiency machine performance can be tracked and allows for predictive maintenance that avoids costly breakdowns or inefficient routine-maintenance shut-downs. Hence IoT sensors play important role in IoT technology.
A surge in demand for IoT sensors in the automotive industry and the booming industrial IoT market are strongly driving the growth of the IoT sensors market. Furthermore, the rise in demand for consumer electronics such as smart devices (Smart TV, Smart Phones, etc.) is further impelling the market growth. Increasing sales of consumer electronics are fueling the growth of the IoT sensors market worldwide. In addition, smart electricity, and water meters are anticipated to spur demand for these sensors over the next few years. The conjoint effect of all these trends is set to bolster the growth of the global IoT sensors market in coming years. However, privacy and security issues are hampering the growth of IoT sensors market.
The IoT sensors market has the enormous opportunity and scopes in the emerging markets of Asia-Pacific and Rest of the world. The emergence of new players in the developing markets such as China, Japan, India, Russia, Australia, and Brazil are trying to adopt advanced technologies. This has led the increase in competitiveness in the IoT sensors market.
Key participants in IoT sensor market are Infineon Technologies, InvenSense Inc., Libelium, ARM Holdings Plc., Robert Bosch GmbH, Digi International Inc., Honeywell International Inc., STMicroelectronics N.V. andEricsson among others.
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