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IoT Sensor Market At The CAGR Of 26% Over The Forecast Period


IoT sensor market consists of different type of sensors, which collect data from the surrounding environment like sound, pressure, temperature, and light. There are mainly two important objects in IoT sensor first is virtual and second is physical, in virtual internet is included and in physical various type of sensors and actuators are included. Both objects are interrelated by cloud technology to exchange the data and information. Physical objects such as sensors and actuators collect the data from environment interpret them and send to the cloud. Once the data gets to the cloud, the software performs some kind of work on it and that information is delivered to end-user.

IoT sensor market report is segmented on the basis of sensor type, networking technology, by vertical and by region. Based upon the type, the global IoT sensor market is a classified pressure sensor, temperature sensor, proximity sensor and others. Based upon by networking technology is classified into wired and wireless technology. Based upon by vertical classified in to consumer IoT, commercial IoT, and industrial IoT.

The cost of IoT sensors is dropping fast and expansion of Internet connectivity is key driving factor which helps to grow IOT Sensor Market.

In 2004 average cost of sensors was USD 1.30 and in year 2020, it is expected to come down to USD 0.38, now we can collect more data with decreasing cost of sensors. Uses of sensors in IoT is increased with technological advancement. Drastic reduction in price and cost of sensors and technological advancements in several framework aspects are driving growth of the IoT market. Expansion of internet is another driving factor of this market. However, several networking, software and power issues are hampering the growth of IoT sensor market. In networking, protocols play a critical role for connection, data transformation and communication; as it can reduce the service integration time and cost. The current Internet is using TCP protocol for transmission which is not feasible for the IoT due to limitations. There are a lot of existing protocols depending upon different criteria for mobile networking but all are not practicable for IoT. So, there is need of protocol for processing of data. Wireless sensor has four main component sensing unit, processing unit, transmitting and receiving unit and power unit. Highly accurate sensor module consumes more power so need to battery replacement over their lifetimes. So, Low power wireless sensor is one of the future opportunities to IoT sensor market.

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North America is expected to Dominated the IoT sensor Market

North America is expected to hold large number of shares of IoT sensor market in 2019 with market share of around 35%. Increasing usages of internet and growing adoption of wireless sensors is fostering the growth of IoT sensor market. Europe is second region, with the sales market share of approximately 33% in 2018. This region is anticipated to grow at significant CAGR of around 26% during forecast period and North America at a CAGR of 33% between the forecast period of 2019 and 2025.

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