IoT Sensor Market by Type (Temperature, Pressure, Humidity, Flow, Accelerometer, Others); by Network Technology (Wired, Wireless, Others); by End User (Healthcare, Automotive and Transportation, Manufacturing/Industrial, Others); and by Region (North America, Europe, Asia Pacific, Latin America, MEA) - Global Forecasts 2022 to 2027

The global IoT Sensor market gathered revenue around USD 10.5 billion in 2021 and market is set to grow USD 55.2 billion by the end of 2027 and is estimated to expand at a modest CAGR of 29.2% during the prediction period 2022 to 2027.

A sensor is a device that detects external information, replacing it with a signal that humans and machines can understand. They play an important role in developing IoT solutions. Sensors collect all the necessary information such as equipment and environment data, so they are applicable in a wide range of fields such as medical care, nursing care, agriculture, disaster prevention, industrial, logistics, transportation, tourism, and regional businesses.

Global IoT Sensor Market Dynamics:

The IoT sensor market is driven by various factors such as the growing use of IoT sensors in various sectors, particularly in the automotive and industrial sectors and the growing demand for smart TVs in the consumer electronics market. Furthermore, various IoT sensor applications, including sensing temperature, light, sound, pressure, and motion are considered as other driving factors influencing growth in the global market. IoT sensors are in high demand due to the rise in the use of smartphones and related devices. It is both a consequence and impetus of the cutting-edge technologies underlying the IoT solutions. For instance, in 2020, Amazon announced the availability of several new devices and provided more information on their low-power wide-area network, Sidewalk. Amidst the rush of news, Amazon's Ring security division announced a mailbox sensor. The Ring sensor uses a proprietary 900 MHz radio to connect to Ring's Wi-Fi bridge device, which then alerts a user's phone or Alexa when the sensor is triggered.

The report also provides an in-depth analysis of IoT sensor market dynamics such as drivers, restraints, opportunities, and challenges:

Drivers

• Reduction of sensor cost and size, and technological advancements enabling the use of sensors for IoT applications
• Increase in internet penetration
• Demand for connected and wearable devices

Restraints

• Lack of data security

Opportunities

• Increased IoT funding from government programs
• Wide adoption of IoT by SMBs

Challenges

• High power consumption and high bandwidth constraints

Report Coverage

Based on the type, the pressure sensor is expected to hold the largest market share during the forecast period owing to the increased concerns regarding safety, comfort levels, and reduction in automobile emissions

Based on the type, the IoT sensor market has been segmented into temperature, pressure, humidity, flow, accelerometer, and others. The pressure sensor is expected to hold the largest market share during the forecast period owing to the increased concerns regarding safety, comfort levels, and reduction in automobile emissions. Moreover, the application of pressure sensors in autonomous cars would offer several growth opportunities for players in the IoT sensor industry.

Based on the network technology, wireless network technology is expected to dominate the IoT sensor market during the forecast period due to the growing demand for wireless data from mobile devices, connected cars, and smart grids, among others

Based on network technology, the IoT sensor market has been segmented into wired, wireless, and others. The wireless network technology is expected to dominate the IoT sensor market during the forecast period owing to the growing demand for wireless data from mobile devices, connected cars, and smart grids, among others. Further, the proliferation of mobile devices and the rapidly increasing adoption of the Bring-Your-Own-Device (BYOD) concept as well as IoT within enterprises is expected to drive the growth of the market for wireless network technology.

Based on region, North America is expected to dominate the IoT sensor market during the forecast period

During the forecast period, the U.S. is expected to account for the maximum demand of IoT sensors due to growing technological advancements and IoT sensor adoption in various industries, health care, transport, and automotive applications that drive the growth of the IoT sensor market in the region. Due to the proximity of several established IRIS recognition vendors in the region, and various industries adopting IoT technology, the North American region is expected to dominate the market. Most leading companies in this region are increasingly utilizing IoT to monitor their offerings, thus avoiding costly breakdowns or inefficient maintenance shutdowns.

Some of the prominent players in the IoT Sensor Market include:

• TE Connectivity
• Texas Instruments Incorporated
• NXP Semiconductors
• Broadcom
• Bosch Sensortec GmbH
• STMicroelectronics
• Infineon Technologies AG
• TDK Corporation
• OMRON Corporation
• Analog Devices, Inc.
• Silicon Laboratories
• Libelium Comunicaciones Distribuidas S.L.
• Murata Manufacturing Co., Ltd.
• GENERAL ELECTRIC
• Monnit Corporation

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

By Type

• Temperature
• Pressure
• Humidity
• Flow
• Accelerometer
• Others

By Network Technology

• Wired
• Wireless
• Others

By End User

• Healthcare
• Automotive and Transportation
• Manufacturing/Industrial
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

COVID-19 Impact on the IoT Sensor Market Analysis:

The COVID-19 outbreak and spread throughout the world has negatively impacted the IoT sensor market. Due to the spread of the virus in different parts of the world, global sales of IoT sensors declined by 10-15% in the fiscal year 2020. Among the factors that hindered the IoT sensor market measured a critical decline in the number of new industrial projects, temporary closures of production facilities, and a reduction in crude oil prices. Short-term supply chain disruptions also affected market growth in key regions such as North America and Asia Pacific regions. Due to the COVID-19, several manufacturing facilities around the world were forced to shut down temporarily. IoT sensors used in commercial applications declined further in the fiscal year 2027.

*Note: A detailed analysis is specific to the market will be provided in the report

The report also provides an in-depth analysis of key trends in the IoT Sensor market:

• Automotive companies, cybersecurity vendors, chip makers, and systems integrators are rapidly transitioning into an autonomous era through recent business collaborations and joint ventures
• Vehicle connectivity is expected to be essential in the future, as vehicles will need to communicate properly among themselves, to properly assimilate and comprehend visual, geographical, audio, and other data.

The report also provides an in-depth analysis of recent news developments and investments:

• In February 2021, Flusso partnered with Pelion, the connected device service provider. This partnership helps companies to accelerate the development and roll-out of connected flow sensing products and systems based on its unique FLS110 flow sensor.
• In July 2020, Texas Instruments launched the industry’s first zero-drift Hall-effect cutting-edge sensors. The TMCS1100 and TMCS1101 allow the lowest drift and maximum accuracy over time and temperature while offering reliable 3-kV RMS isolation, which is particularly important for AC or DC high-voltage systems, including industrial motor drives, solar inverters, energy storage equipment, and power supplies.

Key Points Covered in IoT Sensor Market Study:

• Growth of IoT Sensor in 2022
• Market Estimates and Forecasts (2017-2027)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for IoT Sensor and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  IoT Sensor Consumption Analysis
•  IoT Sensor Production Analysis
•  IoT Sensor and Management