IoT Sensors Market: Asia Pacific to Register Highest Growth
Some of the major strategies followed by companies include mergers & acquisitions and new service developments
The Global IoT Sensors Market, as per a report by Research and Markets, is expected to grow at an impressive rate during the forecast period. It is driven by the growing applications of IoT across the various end-user industries especially the healthcare industry. Additionally, the growing demand for wearable devices is further expected to foster the market growth. Besides, benefits such as compact size, affordable prices, ease of use, among others associated with the IoT sensors is expected to drastically increase their demand over the next few years. However, data privacy and security concerns can slow down the market growth during the forecast period.
The Global IoT Sensors Market is segmented based on sensor type, network type, application, company and region. Based on sensor type, the market can be categorized into temperature sensors, pressure sensors, humidity sensors, flow sensors, accelerometers, magnetometers, gyroscopes, inertial sensors, image sensors, touch sensors, proximity sensors, acoustic sensors, motion sensors, occupancy sensors, CO2 sensors and others.
Gyroscopes segment is expected to dominate the market
The gyroscopes segment is expected to dominate the market during the forecast period. this can be ascribed to the growing adoption of automation across the various end-user industries. Additionally, the growing demand for remotely operated vehicle guidance further drives the segmental growth. Based on network type, the market can be bifurcated into wired and wireless. The wireless segment is expected to dominate the market on account of their low installation and maintenance costs. Besides, growing adoption of cloud and increasing amount of data being generated from various wireless sources such as smart grids, connected devices, mobile phones, among others is expected to positively influence the segmental growth.
Regionally, the Global IoT Sensors Market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America is expected to dominate the overall IoT sensors market owing to the widespread adoption of wireless sensors and networks across the various end-user industries such as healthcare, consumer electronics, automotive, oil & gas, among others. While, Asia Pacific is expected to register the highest growth in the market attributable to the improving IT infrastructure and expansion of the major market players in the region especially in countries like India and China.
The major players operating in the Global IoT Sensors Market are Texas Instruments, TE Connectivity, STMicroelectronics, Broadcom, NXP Semiconductors, Invensense, Inc, Analog Devices, Inc., Omron Corporation, Siemens AG, Murata Manufacturing and others. Major companies are developing advanced technologies and launching new services in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.