The Global IoT Sensor Market was valued at USD 9.5 Bn in 2020 and is expected to reach USD 54.0 Bn by 2027, with a growing CAGR of 28.2% during the forecast period.
A sensor is a device that detects external information, replacing it with a signal that humans and machines can understand. They play an important role in developing IoT solutions. Sensors collect all the necessary information such as equipment and environment data, so they are applicable in a wide range of fields such as medical care, nursing care, agriculture, disaster prevention, industrial, logistics, transportation, tourism, and regional businesses.
The IoT sensor market is driven by various factors such as the growing use of IoT sensors in various sectors, particularly in the automotive and industrial sectors and the growing demand for smart TVs in the consumer electronics market. Furthermore, various IoT sensor applications, including sensing temperature, light, sound, pressure, and motion are considered as other driving factors influencing growth in the global market. IoT sensors are in high demand due to the rise in the use of smartphones and related devices. It is both a consequence and impetus of the cutting-edge technologies underlying the IoT solutions. For instance, in 2020, Amazon announced the availability of several new devices and provided more information on their low-power wide-area network, Sidewalk. Amidst the rush of news, Amazon's Ring security division announced a mailbox sensor. The Ring sensor uses a proprietary 900 MHz radio to connect to Ring's Wi-Fi bridge device, which then alerts a user's phone or Alexa when the sensor is triggered.
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Based on the type, the pressure sensor is expected to hold the largest market share during the forecast period owing to the increased concerns regarding safety, comfort levels, and reduction in automobile emissions
Based on the type, the IoT sensor market has been segmented into temperature, pressure, humidity, flow, accelerometer, and others. The pressure sensor is expected to hold the largest market share during the forecast period owing to the increased concerns regarding safety, comfort levels, and reduction in automobile emissions. Moreover, the application of pressure sensors in autonomous cars would offer several growth opportunities for players in the IoT sensor industry.
Based on the network technology, wireless network technology is expected to dominate the IoT sensor market during the forecast period due to the growing demand for wireless data from mobile devices, connected cars, and smart grids, among others
Based on network technology, the IoT sensor market has been segmented into wired, wireless, and others. The wireless network technology is expected to dominate the IoT sensor market during the forecast period owing to the growing demand for wireless data from mobile devices, connected cars, and smart grids, among others. 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.
Based on region, North America is expected to dominate the IoT sensor market during the forecast period
During the forecast period, the U.S. is expected to account for the maximum demand of IoT sensors due to growing technological advancements and IoT sensor adoption in various industries, health care, transport, and automotive applications that drive the growth of the IoT sensor market in the region. Due to the proximity of several established IRIS recognition vendors in the region, and various industries adopting IoT technology, the North American region is expected to dominate the market. Most leading companies in this region are increasingly utilizing IoT to monitor their offerings, thus avoiding costly breakdowns or inefficient maintenance shutdowns.
The report also provides an in-depth analysis of IoT sensor market dynamics such as drivers, restraints, opportunities, and challenges:
The COVID-19 outbreak and spread throughout the world has negatively impacted the IoT sensor market. Due to the spread of the virus in different parts of the world, global sales of IoT sensors declined by 10-15% in the fiscal year 2020. Among the factors that hindered the IoT sensor market measured a critical decline in the number of new industrial projects, temporary closures of production facilities, and a reduction in crude oil prices. Short-term supply chain disruptions also affected market growth in key regions such as North America and Asia Pacific regions. Due to the COVID-19, several manufacturing facilities around the world were forced to shut down temporarily. IoT sensors used in commercial applications declined further in the fiscal year 2027.
*Note: A detailed analysis is specific to the market will be provided in the report
The report also provides an in-depth analysis of key trends in the IoT Sensor market:
The report also provides an in-depth analysis of recent news developments and investments:
The unique insights provided by this report also include the following:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis