The Internet of Things (IoT) is the network of devices, vehicles, buildings and other items embedded with sensors, electronics, software, and network connectivity that enable these physical objects to gather and exchange data. IoT devices are equipped with sensors which are capable of registering changes in pressure, temperature, motion, light, and sound. Generally, IoT is expected to offer advanced connectivity of devices, systems, and services that goes beyond machine-to-machine (M2M) communications and covers a variety of protocols, domains, and application. IoT Sensors is mainly used as building automation, automotive, consumer electronics, industrial, retail, safe & security, healthcare, power & utilities and building & home automation.
According to the report, global demand for IoT sensors market was valued at USD 4.9 billion in 2014 and is expected to generate revenue of USD 17.81 billion by end of 2020, growing at a CAGR of 24.00%between 2015 and 2020. Zion Market Research has published a new report titled “IoT Sensors (Pressure Sensors, Temperature Sensors, Accelerometers, Gyroscopes, Magnetometers, Light Sensors, Others) Market for Healthcare, Automotive, Consumer Electronics, Building Automation, Industrial, Retail, and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020.”
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The major driving factor for the global IoT sensors market is rapidly improving the automotive industry and the booming Industrial Internet of Things (IoT) market across the globe. Another key driving factor is Increase in demand for consumer electronics and appliances and growing demand for smart devices. Moreover, vast usage of IoT sensor in consumer electronics industry such as road construction, mining application, industrial and televisions, smartphones, laptops, smart home appliances and others is the key driving factor for the growing demand of this market. However, privacy and security issues are expected to become major restraint for this market.
IoT sensors market can be segmented based on types such as Pressure Sensors, temperature sensors, accelerometers, gyroscopes, magnetometers, light sensors, others. IoT sensors market is dominated by temperature sensors segment and accounted for the largest share of the global IoT sensors market in 2014.
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Temperature sensors are widely used in consumer electronics, automotive and healthcare among others industries and have proved to be useful in catering to the increasing demand for advanced automation in these industries. Hence, the market for these sensors from various industrial end-users is expected to grow at the fastest rate.
The global IoT sensors market on the basis of the application is segmented as healthcare, automotive, consumer electronics, building automation, industrial, retail and others. The consumer electronics was the largest application segment among the other segment in 2014. The increasing use of internet in televisions, smartphones, laptops, and other devices is the major driving factor of this segment. In addition, consumer electronics followed by automotive, building automation, industrial, is expected to the fastest growing applications of IoT sensor.
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Global IOT sensor market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Geographically, the global IoT sensors market was dominated by North America region and accounted for largest share of the IoT sensors market in 2014. North America followed by Europe in 2014 and both regions held more than the 58% share of the total market. Asia Pacific is the fastest growing market for IoT sensors in the next few years. Growing demand for IoT sensors for use in a range of smart consumer products and healthcare industry has been completely supporting the growth of this market.
Some of the key participants in the global IoT sensors market Robert Bosch GmbH, Infineon Technologies, InvenSense Inc., Libelium, ARM Holdings Plc., Digi International Inc., STMicroelectronics N.V., Honeywell International Inc., and Ericsson.