IoT Sensors Market will Procure $17.81 billion by 2020

IoT Sensors Market will Procure $17.81 billion by 2020

According to the report, global demand for IoT sensors market was valued at USD 4.9 billion 2014 and is expected to generate revenue of USD 17.81 billion by end of 2020, growing at a CAGR of 24.00%between 2015 and 2020. Zion Market Research has published a new report titled “IoT Sensors (Pressure Sensors, Temperature Sensors, Accelerometers, Gyroscopes, Magnetometers, Light Sensors, Others) Market for Healthcare, Automotive, Consumer Electronics, Building Automation, Industrial, Retail, and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020.”

The Internet of Things (IoT) is the network that embedded with electronics, sensors, software, and network connectivity that enable these physical objects to gather and exchange data. IoT Sensors is mainly used as retail, safe & security, healthcare, building automation, automotive, consumer electronics, industrial, power & utilities and building & home automation. Generally, IoT is expected to offer advanced connectivity of devices, systems, and services that goes beyond machine-to-machine (M2M) communications and covers a variety of protocols, domains, and application.

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based on  types, IoT sensors market is segmented as Pressure Sensors, temperature sensors, accelerometers, gyroscopes, magnetometers, light sensors, others. In 2014, a temperature sensor was one of the majorsegments which had dominance over the other segments. It is obtained the largest share of the market in 2014. Temperature sensors are broadly used in automotive, healthcare, and consumer electronics industries and have proved to be useful in catering to the increasing demand for advanced automation in these industries. Hence, the market for these sensors from various industrial end-users is expected to grow at the fastest rate.

Healthcare, automotive, consumer electronics, building automation, industrial, retail and others are the key applications for the global IoT sensor market.

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In 2014, consumer electronics segment dominated the global IoT sensor market. The increasing use of internet in televisions, smartphones, laptops, and other devices is the major driving factor this segment.

The global IoT sensors market is primarily driven by growing demand from automotive industry and the booming Industrial Internet of Things (IoT) market across the globe. Increase in demand for consumer electronics and appliances and growing demand for smart devices is likely to accelerate the demand for IoT sensors. However, privacy and security issues may impede the growth of the market. Moreover, stringent government regulations and policies across the globe are encouraging the development of smart cities is likely to offer new opportunities to the major participants of the market.

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Based on regional segmentation, North America dominated the global IoT sensors market and accounted for largest share of the IoT sensors market in 2014. North America followed by Europe and Asia Pacific. In 2014, North America and Europe both region are accounted for over the 58% share of the total market. Asia pacific is the fastest growing market for IoT sensors in the years to come.

Some of the key participants in the global IoT sensors market Robert Bosch GmbH, Infineon Technologies, InvenSense Inc., Libelium, ARM Holdings Plc., Digi International Inc., STMicroelectronics N.V., Honeywell International Inc., and Ericsson.