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

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.