IoT Sensors Market Expected to Reach $141.80 Billion By 2030
“The IoT sensors market is expected to grow at a significant rate during the forecast period, owing to
growth in use of IoT sensors in automotive and industrial sectors and high demand for connected and
wearable devices. Moreover, surge in demand for IoT sensors in development of smart cities notably
contribute toward growth of the IoT sensors market.”
According to Avinash Savekar,
Semiconductor and Electronics
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KEY FINDINGS OF THE STUDY
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In 2020, the pressure sensor segment accounted for the maximum revenue, and is projected to
grow at a CAGR of 26.50%% during the forecast period.
Wired segment accounted for more than 60.0% of the IoT sensors market share in 2020.
The agriculture segment is anticipated to witness highest growth rate during the forecast period.
Germany was the major shareholder in the Europe IoT sensors market, accounting for
approximately 36.0% share in 2020.
Major key players profiled cover in Report:
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Texas Instruments
TE Connectivity
STMicroelectronics
NXP Semiconductor
Infineon Technologies
Honeywell
Market dynamics
Drivers
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Increasing use of sensors in IoT applications
High demand for connected and wearable’s devices
Growing usage of IoT sensor in automotive and industrial sector
Restraints
• Data privacy and security related concern
Opportunities
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Surging demand for IoT sensors in development of smart cities
⦁ Report Overview:
https://www.alliedmarketresearch.com/iot-sensors-market-A13095
Analyst Review:
According to insights of CXOs of leading companies, the IoT sensors market exhibits substantial scope for
growth globally. Currently, it is in continuous growing stage, owing to increase in demand for IoT sensors,
owing to their wide use in automotive and industrial sectors. Surge in penetration of Internet of Things
and Industry 4.0, increase in industrial automation, and promising government initiatives toward usage
of sensors drive the IoT sensors market growth.
Incorporation of sensors into any device increases its functionality, accuracy, and efficiency, which boosts
their demand in the IoT sensors market. Moreover, IoT sensors are used to keep a track of various
parameters such as temperature, pressure, flow, and level to control devices. This is attributed to the fact
that sensors measure and feed their values to a centralized unit, which controls these parameters
automatically.
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