USD 11.20 Billion
IoT Sensors Market Size, Share, Growth Analysis, By Sensor Type(Temperature Sensor, Pressure Sensor, Humidity Sensor, Flow Sensor), By Network Technology(Wired (Knx, Lonworks, Ethernet, Modbus), By Vertical(Consumer IoT, commercial IoT (smart cities [traffic management, smart parking], retail [advertising and marketing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45K2095 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
137
|Figures:
76
IoT Sensors Market Insights
IoT Sensors Market size was valued at USD 11.20 Billion in 2022 and is poised to grow from USD 14.40 Billion in 2023 to USD 107.74 Billion by 2031, growing at a CAGR of 28.60% in the forecast period (2024-2031).
IoT sensors are used to measure accurate and repeatable physical, chemical, or biological quantities. Their reliability has led to widespread adoption and use in many industries, from healthcare to infrastructure to manufacturing. Furthermore, infrastructure systems such as smart grids, smart homes, smart water grids, and intelligent transportation are becoming connected through the concept of the Internet of Things (IoT), provided by the widespread use of sensors. Key factors include increasing use of sensors in IoT applications, growing demand for connected wearable devices, and growing use of IoT sensors in automotive and industrial applications.
The advent of IoT technology in the automotive industry has opened new opportunities for automakers and consumers around the world. IoT sensors in the automotive industry have become a key area for a variety of applications in both industrial and commercial applications Internet of Things (IoT) applications ranging from connected cars to transportation systems automation has had a significant impact on the global market. Currently, the average car has a wide range of IoT sensors, services and devices that communicate and operate via the internet. All these networks form a unified network for automotive development and IoT.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial
Fastest Growth
Industrial
Growth Rate
28.60% CAGR
Global IoT Sensors Market ($ Bn)
Country Share for North America Region (%)
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IoT Sensors Market Segmental Analysis
Global IoT sensors market is segmented based on sensor type, network technology, vertical, and region. Based on sensor type, the market is segmented into temperature sensor, pressure sensor, humidity sensor, flow sensor, accelerometer, magnetometer, gyroscope, inertial sensor, image sensor, touch sensor, proximity sensor, acoustic sensor, motion sensor, occupancy sensor, cosensor, other sensors (light sensor, radar sensor). Based on network type, the market is segmented into wired (KNX, lonworks, ethernet, modbus, dali), wireless (wi-fi, bluetooth [bluetooth smart, wi-fi/bluetooth smart, bluetooth smart/ant+, bluetooth 5], zigbee, z-wave, nfc, rfid, enocean, thread, glowpan, wireless-hart, frocess field bus, dect-ule, others [ant+, isa100, GPS, sub-gig, and cellular]). Based on vertical, the market is segmented into consumer IoT, commercial IoT (smart cities [traffic management, smart parking], retail [advertising and marketing, digital signages, energy optimization, intelligent payment solutions, real-time/streaming analytics, resource management, safety & security, smart shelves and smart doors, smart vending machines], aerospace & defense [drones/unmanned aerial vehicles, predictive maintenance], logistics-supply chain & transportation [entertainment, financial institutes, corporate offices]), industrial IoT (energy, industrial automation, healthcare [telemedicine, clinical operations & workflow management, connected imaging, inpatient monitoring, medication management, other healthcare applications], smart agriculture [precision farming, livestock monitoring, smart fish farming, smart greenhouses, other smart agriculture applications]). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Analysis by Sensor Type
Temperature sensors are important in a wide range of industries, including construction, automotive, healthcare, and consumer electronics. It is used for production control, environmental monitoring and safety measures in these areas. Their widespread use in smart thermostats from simple home controls to complex industrial systems offers incredible versatility and high demand Temperature sensors are an essential part of the home intelligent systems, especially HVAC systems, and contribute to energy efficiency and comfort.
Pressure sensors are the fastest growing segment in the market. Pressure sensors are important in industrial applications such as automotive, aerospace, oil and gas, and water management because they are used to monitor and monitor fluid/air pressure, which is important for operational safety and efficiency.
Analysis by Vertical
Industrial automation is the dominating segment in the market. IoT sensors are central to industrial automation, enabling real-time monitoring and control of devices and processes. By collecting and analyzing data from sensors, companies can improve productivity, reduce downtime, and improve overall efficiency. This automation is important for industries such as manufacturing, energy and transportation, where efficiency and accuracy come first. Another important application of IoT sensors in the industrial vertical is predictive maintenance. Sensors continuously monitor the condition of equipment and machinery, detecting potential problems. This proactive approach reduces maintenance costs, reduces unplanned downtime, and extends asset life. Industries and utilities such as construction, oil and gas benefit greatly from the predictive security enabled by IoT sensors.
The commercial vertical segment is the fastest growing segment in the market. Commercially, IoT sensors are widely used in smart buildings to monitor and control lighting, HVAC (temperature, ventilation, and air conditioning), security systems, and energy consumption. Smart buildings use IoT technology to create more sustainable and efficient environments, reducing operating costs and environmental impact.
Global IoT Sensors Market By Sensor Type (%)
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IoT Sensors Market Regional Insights
North America could be an important market in this regard as it is driven using connected vehicles, smart energy services, home appliances, and smart manufacturing. The expansion of IoT in this area has been aided by rapid digitization and technological advancements in various industries. Described by companies like SAS Software as the next wave of AI-based IoT, the convergence of AI and IoT is one of the future technologies expected to emerge from the current technology revolutionizing manufacturing in the United States. U.S. The Energy Information Service predicts that global energy demand will increase by 48% over 17 years, despite a significant expansion in domestic generation from renewable sources.
The Asia-Pacific region is also witnessing strong growth in the demand for IoT sensors market. Many Asian countries such as China, India and South Korea are actively investing in smart city projects and these projects require the use of multiple IoT sensors for traffic management, waste management, energy conservation and citizens security.
Global IoT Sensors Market By Geography
- Largest
- Fastest
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IoT Sensors Market Dynamics
Drivers
Huge Demand for Predictive Analytics and Real-time Data Monitoring
- Companies across the globe are using big data to improve process efficiency. In the past, disconnected devices did not prevent real-time data collection, making it difficult to glean insights from devices. With the help of IoT-enabled smart devices, operators can access any data in the workplace. Predictive analytics helps during maintenance because companies can develop maintenance strategies based on predictive analytics. Real-time data collection enables vendors to understand factory equipment status based on actual conditions. This allows machine failures to be predicted in advance and avoids unnecessary downtime.
Increasing Demand for Smart Infrastructure and IIot
- Over the past few years, the need for smart workplaces has increased worldwide. During the forecast period, this trend is expected to continue with the emergence of IIoT, which connects smart machines, warehouses, industrial robots and all manufacturing plants. IoT sensors embedded in facilities collect and transmit data in real-time to enable appropriate geographic-based decision-making and support for operators.
Restraints
High Quality and Low Cost
- Engineers and programmers look for features in improved assets to expand their portfolios. As the industrial automation market grows, there is a need for industrial sensor vendors to offer easily customizable and affordable industrial sensors. The key to the importance of industrial sensors is as manufacturing companies' products expect accurate and reliable delivery to end users. The cost of sensors is decreasing every year, mainly due to the availability of off-the-shelf sensors that are widely used in industrial automation systems and equipment.
High Cost of Implementation
- The high cost of implementing IoT solutions, including the use of sensors, is another key limitation. For many businesses, especially small and medium-sized enterprises (SMEs), the initial investment required for an IoT system can be prohibitive. These budget constraints can slow the adoption of IoT technologies and restrict market expansion.
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IoT Sensors Market Competitive Landscape
The IoT Sensors Market is highly competitive, with several established and emerging players vying for market share. Continuous technological development, innovation and strategic partnerships drive competitiveness. Companies are focused on expanding their product offerings, increasing their technical capabilities, strengthening their market position and strategizing to meet the growing demand for IoT sensors. Bosch Sensortec leverages its expertise in microelectromechanical systems (MEMS) to offer a wide range of high-performance IoT sensors. The Company focuses on innovation and quality to maintain its leadership position in the market. Example of a strategic partnership: Bosch Sensortec partnered with Qualcomm to integrate their IoT sensors with Qualcomm's Snapdragon processors to improve the performance and capabilities of IoT devices in applications such as smart homes and wearables.
Top Player’s Company Profile
- Honeywell International Inc. (USA)
- Siemens AG (Germany)
- STMicroelectronics (Switzerland)
- NXP Semiconductors (Netherlands)
- Infineon Technologies (Germany)
- General Electric (GE) (USA)
- Omron Corporation (Japan)
- Murata Manufacturing Co., Ltd. (Japan)
- ABB Ltd (Switzerland)
- Schneider Electric SE (France)
- Bosch Sensortec (Germany)
- Analog Devices, Inc. (USA)
- Robert Bosch GmbH (Germany)
- Sony Corporation (Japan)
- Panasonic Corporation (Japan)
- Sensata Technologies (USA)
- Rockwell Automation, Inc. (USA)
- Qualcomm Technologies, Inc. (USA)
Recent Developments
- March 2024 - XL Axiata, Indonesia’s leading convergence operator with 57.5 million customers (about twice the population of Texas), partners with global technology giant. Cisco to launch their enterprise IoT Connectivity+ Product, an innovative IoT Connectivity Management Platform. This platform is designed to strengthen Indonesian businesses and provide a secure foundation for their IoT infrastructure.
- January 2024 - IBM and American Tower sign a strategic agreement to develop a hybrid, multi-cloud computing platform at the edge American Tower, known for its global digital infrastructure services, opens and host neutral, Access-Edge data centers. This extension combines the capabilities of IBM’s Hybrid Cloud with Red Hat’s well-respected OpenShift. Through this partnership, clients are better equipped to navigate the rapidly evolving digital landscape. With a focus on technologies such as IoT, 5G, AI and network automation, these companies are set to transform customer experience.
- In February 2024, Cisco and Telus unveiled enhanced 5G features in North America. These products target IoT applications across a range of industries, with a strong focus on connected cars, particularly for the 5G Connected Car, the leading North American automotive brand.
IoT Sensors Key Market Trends
- Increased Connectivity and Artificial Intelligence (AI): A key trend in the IoT sensor market is the increasing integration of IoT sensors with artificial intelligence (AI) technologies. AI enhances the capabilities of IoT systems by enabling advanced data analytics, predictive maintenance, and automation. The combination of IoT and AI is driving innovation across industries, from smart cities to industrial automation to healthcare to agriculture. This trend is expected to continue to shape the future of the IoT sensors market, providing new opportunities for growth and development.
IoT Sensors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The IoT sensors market is expanding rapidly due to the increasing adoption of IoT technologies across industries. IoT sensors are essential components that enable data to be collected from the physical environment and transformed into actionable insights. These sensors are used in a wide variety of applications, from smart homes to industrial appliances to healthcare to transportation. Advances in sensor technology, increasing demand for connected devices and increasing importance of real-time data analytics but the market also faces challenges, such as data security and privacy concerns, and high cost of functionality.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 11.20 Billion |
| Market size value in 2031 | USD 107.74 Billion |
| Growth Rate | 28.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on IoT Sensors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on IoT Sensors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the IoT Sensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IoT Sensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the IoT Sensors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the IoT Sensors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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