According to
the report, global IoT sensors market was valued at around USD 7.51 billion in
2016 and is expected to reach approximately USD 27.38 billion in 2022, growing
at a CAGR of slightly above 24% between 2017 and 2022.
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IoT is a
network that is embedded with sensors, network connectivity, electronics and
software enabling physical objects to collect and exchange the data. Sensors in
IoTplay vital role for measuring the physical quality of objects and enumerate
it into a value which is further read by another device or user. IoT devices
are equipped with different sensors which are capable of registering changes in
pressure, motion, temperature, light, and sound. In the physical world, a
number of objects can now communicate with each other through embedded IoT
sensors, and actuators.
Increasing
usage of IoT sensor in the automotive sector and booming industrial IoT sensor
are major factors which driving the growth of IoT sensor market. Further,
rising demand of smart TV in consumer electronics sector is escalating the
demand of IoT sensor market. Increasing
adoption of smartphones and related product are the impelling demand of IoT
sensor market. Furthermore, stringent government regulation and policies for
developing smart cities is likely to offer new opportunities for IoT sensor
market. However, privacy and security issues are restraining the market growth
of IoT sensors.
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IoT sensor
market is segmented on the basis of type, application, and region. Types of the
IoT sensor include temperature, accelerometer pressure sensor, gyroscope,
magnetometer, light sensor and other. Pressure sensors and temperature sensors
are expected to hold the major share of IoTsensor market over the forecast
period. Temperature sensors are used for healthcare, automotive, and consumer
electronics industries and have proved to be useful in catering growing demand
for advanced automation in these sectors.The pressure sensor is also used in a
variety of application including environmental monitoring devices, air sampling
healthcare, remote sensing, air speed, industrial automation and leak
detection. Healthcare, retail, building automation, consumer electronics and
industrial are different application areas of IoT sensor market. Among this
application, automotive and consumer electronics sectors dominated the IoT
sensor market in 2016.
North
America held the largest share of IoT sensor market and expected to accelerate
the demand of this market.North America followed by Europe held the largest
share in 2016. IoT sensors are increasingly being demanded in Asia Pacific due
to the growing demand from the automotive sector.
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Key
participants in IoT sensor market are Infineon Technologies, InvenSense Inc.,
Libelium, ARM Holdings Plc., Robert Bosch GmbH, Digi International Inc.,
Honeywell International Inc., STMicroelectronics N.V. andEricsson among others.
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