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Redding, California - January 8, 2024

IoT Sensors Market to be Worth $71.6 Billion by 2031

IoT Sensors Market Size, Share, Forecast, & Trends Analysis by Offering (Image Sensors, RFID Sensors, Biosensors, Humidity Sensors, Optical Sensors, Others), Technology (Wired, Wireless), Sector (Manufacturing, Retail, Consumer Electronics, Others), and Geography - Global Forecast to 2031


Meticulous Research®—a leading global market research company, published a research report titled, ‘IoT Sensors Market by Offering (Image Sensors, RFID Sensors, Biosensors, Humidity Sensors, Optical Sensors, Others), Technology (Wired, Wireless), Sector (Manufacturing, Retail, Consumer Electronics, Others), & Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research®, in terms of value, the IoT sensors market is projected to reach $71.6 billion by 2031, at a CAGR of 23.9% during the forecast period. Also, in terms of volume, the IoT sensors market is projected to reach 5,93,79,81,126 units by 2031, at a CAGR of 25.2% during the forecast period. The growth of the IoT sensors market is driven by the increasing investments in Industry 4.0 technologies, government initiatives supporting the adoption of IoT devices, and the increasing integration of IoT sensors into connected and wearable devices. However, data security and privacy concerns restrain the growth of this market.

The growing use of IoT sensors for predictive maintenance and the proliferation of smart cities are expected to create growth opportunities for the players operating in the IoT sensors market. However, the high initial investment required for IoT ecosystem implementation is a major challenge for market growth. Additionally, the rising adoption of industrial robots and increasing integration of artificial intelligence into IoT sensors are key trends in the market.

Meticulous Research® has segmented this market based on offering, technology, sector, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the IoT sensors market is segmented into humidity sensors, temperature sensors, proximity sensors, pressure sensors, image sensors, gas sensors, level sensors, accelerometer sensors, flow sensors, biosensors, RFID sensors, optical sensors, and other IoT sensors. In 2024, the image sensors segment is expected to account for the largest share of the IoT sensors market. The large market share of this segment is attributed to the rising demand for image sensors in mobile devices and increasing developments by market players in this market. Image sensors offer several advantages, such as increased sensitivity, reduced dark noise resulting in higher image fidelity, enhanced pixel well depth, and lower power consumption, among other benefits. Moreover, these sensors are utilized in both analog and digital electronic imaging devices, including digital cameras, camera modules, mobile phones, optical mouse devices, medical imaging equipment, night vision devices like thermal imaging systems, as well as applications in radar, sonar, and various other imaging and sensing technologies. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on technology, the IoT sensors market is segmented into wired technology and wireless technology. In 2024, the wireless technology segment is expected to account for the larger share of the IoT sensors market. The large market share of this segment is attributed to the increasing use of wireless sensor networks for various applications and the increasing adoption of IoT devices across various sectors. The demand for wireless IoT sensors is increasing as they require less maintenance and power. Additionally, these sensors can run IoT applications for an extended period without requiring battery replacement or recharging. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on sector, the IoT sensors market is segmented into agriculture, manufacturing, retail, energy & utilities, oil & gas, transportation & logistics, healthcare, consumer electronics, and other sectors. In 2024, the manufacturing segment is expected to account for the largest share of the IoT sensors market. The large market share of this segment is attributed to the supportive government initiatives aimed at promoting the adoption of IoT devices in manufacturing, the rising adoption of smart manufacturing across developing countries, and the increasing number of smart factories. Integrating sensor technologies with IoT devices enables manufacturers to optimize production. IoT technology ensures the security, efficient movement, and precise control of materials and end products throughout the entire manufacturing, distribution, warehousing, and storage process.

However, the healthcare segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing developments by market players, increasing integration of IoT sensors in medical equipment, and growing demand for IoT devices for patient monitoring applications. The technology benefits multiple healthcare stakeholders and makes telemedicine, patient monitoring, medication management, and imaging more effective. IoT sensors are integrated with medical equipment to collect, share, and analyze data to measure the probable outcome of the preventive treatment.

Based on geography, the IoT sensors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the IoT sensors market. The large market share of this segment is attributed to the surging demand for smart sensor-enabled wearable devices, growing technological advancements in industrial sensors, increasing adoption of industrial robots, the advent of Industry 4.0, and increasing adoption of IoT devices in the manufacturing and healthcare industries. The Asia-Pacific region presents several opportunities for adopting IoT sensors due to the presence of a massive manufacturing sector. Japan, China, India, Singapore, and South Korea are investing a significant portion of their GDP into the healthcare and manufacturing sectors, which is driving the market growth. Moreover, this region is also projected to register the highest CAGR during the forecast period.

Key Players

The key players operating in the IoT sensors market are Texas Instruments Incorporated (U.S.), TE Connectivity Ltd. (Switzerland), STMicroelectronics N.V. (Switzerland), OMRON Corporation (Japan), Honeywell International Inc. (U.S.), Murata Manufacturing Co., Ltd. (Japan), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), Broadcom Inc. (U.S.), and TDK Corporation (Japan).

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Key Questions Answered in the Report:

  • Which are the high-growth market segments in terms of offering, technology, sector, and geography?
  • What is the historical market for IoT sensors across the globe?
  • What are the market forecasts and estimates for the period 2024–2031?
  • What are the major drivers, restraints, and opportunities in the IoT sensors market?
  • Which are the major players in the IoT sensors market, and what market share do they hold?
  • How is the competitive landscape?
  • What are the recent developments in the IoT sensors market?
  • What are the different strategies adopted by the major players in this market?
  • What are the geographic trends and high-growth countries?
  • Which are the local emerging players in the IoT sensors market, and how do they compete with the other players?

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IoT Sensors Market - Global Opportunity Analysis And Industry Forecast (2024-2031)
Report ID: MRICT - 1041055 Pages: 388 Formats*:PDF Category: Information and Communications Technology
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