MarketsandMarkets’ report, “IoT Sensors Market by Sensor Type, Network Technology, Vertical, and Geography - Global Forecast to 2023”, indicates the market to be valued at $5.28 billion by 2018 and is projected to reach $22.48 billion by 2023, at a CAGR of 33.60%. The report points to several factors that are driving the market. These include:
- use of sensors in IoT devices and other applications
- plummeting costs
- technological advancements
- introduction of 3 GPP Release 13 and Release 14 specifications
- growth in internet penetration rate
- high demand for connected and wearables devices
- introduction of IPv6 creating larger address space
- importance of real-time computing for IoT applications.
Report Takeaways
- Pressure sensors to hold largest share of IoT sensors market during forecast period
- Wireless network technologies to hold larger share of IoT sensors market during forecast period
- IoT sensors market for consumer vertical to grow at highest CAGR during forecast period
- North America to hold largest share of IoT sensors market by 2018
- The companies profiled in this report are Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK (Japan), Infineon Technologies (Germany), Analog Devices (US), Omron (Japan), Sensirion (Switzerland), Honeywell (US), Siemens (Germany), General Electric (US), SmartThings (US), Monnit (US), Murata Manufacturing (Japan), Sensata Technologies (US), Silicon Laboratories (US), and Libelium (Spain).
Sensing a need for more IoT sensor market data? Browse the “IoT Sensors Market - Global Forecast to 2023” report.
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