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

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). 

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. '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)'

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. 

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.

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.