Companies in the global IoT sensors market are focused on strategic alliances and collaborations with other firms to expand their product offerings in the highly fragmented marketplace, states a research study by Transparency Market Research (TMR). Key players in the IoT sensors market include Infineon Technologies, Honeywell International Inc., IBM, Robert Bosch GmbH, and ARM Holdings Plc. among others.
Due to the dynamic business environment and rapid technological advancements observed in the IoT sensors market, it has necessitated companies to align business strategies with technological shifts to stay competitive in this market.
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The global market for IoT sensors is expected to rise at an impressive 24.5% CAGR between 2015 and 2023 to increase in valuation from US$4.90 bn in 2014 to US$34.75 bn by 2023.
Modernization of Healthcare and Expansion of Cloud Services Amplifies Growth of IoT Sensors Market in Emerging Economies
In terms of type, in 2014, temperature sensors acquired the dominant share of the global IoT sensors market. Temperature sensors are used across a diverse of applications such as wearable devices for monitoring health purpose and fitness programs, smart homes, and in industries for observing weather changes. Thus, the rising demand for temperature sensors across a myriad end-users is fuelling the growth of this market.
On the basis of application, consumer electronics held the largest share accounting for 22.6% of the market in 2014. Consumer electronics such as smart TVs and smart home appliances are increasingly adopting IoT technology and getting connected. In particular, in entertainment electronics, the use of IoT sensors allow users to set-up flexible media usage. Moreover, the rising demand for affordable consumer electronics that can be enhanced using IoT technology is augmenting the growth of the consumer electronics segment of the market in developing countries such as the Middle East and Africa and India. This, in turn, will offer lucrative growth opportunities to the global IoT sensors market in the coming years.
North America and Europe represented the largest markets for IoT sensors in 2014 jointly holding more than 60% of the global market. Asia Pacific is anticipated to emerge as the fastest growing region in the IoT sensors market due to the increasing use of IoT sensors in smart consumer products and in modern healthcare settings. Governments in emerging nations such as India, China, and South Korea are entering into collaborations with private entities for expanding their cloud services by means of IoT and data center developments, thereby fueling the growth of the Asia Pacific IoT sensors market.
Need for Increased Vehicle Safety a High plus for Global IoT Sensors Market
The global IoT sensors market is poised to display notable growth during the forecast period. IoT sensors are extensively used across several areas in the automotive industry for a high degree of safety, reliability, and accuracy. The automotive industry has recognized the importance of connected cars by pairing up with other cars, smartphones, and other smart devices. A swarm of sensors are used in vehicle internals such as GPS sensors, air pressure sensors, vehicle speed sensor, steering angle sensors, and fire detection sensors among others.
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The increasing demand for smart consumer electronics, which range from electricity measuring devices to remote sensing devices, smart technology is increasingly becoming part of most consumer electronic devices.
However, factors such as security issues with wireless sensor networks is detrimental to the market’s growth. Due to lack of standardization in IoT applications security is being compromised and users are posed to a risk of cyber-attack. The impact of this restraint is expected to reduce in the coming years due to the development of security measures to protect sensor networks.
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