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IoT Sensor Market Size, Share, Development, Growth and Demand Forecast to 2023 : P&S Market Research

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Internet of Things (IoT) is internetworking of physical and virtual objects, which enables physical and virtual devices to relate to each other through cloud technology, to exchange data and information. Internet of Things devices are furnished with sensors that identify and acknowledge several types of input, including sound, pressure, position and motion, temperature and light from the physical environment. Miniaturization of devices and development of smarter and low-priced sensors are the major factors propelling the growth of the global IoT sensor market. Moreover, the escalating market for wearable devices and personalized technology are the major factors backing the growth of the IoT sensor market around the globe.

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North America contributed the largest revenue to the global IoT sensor market in 2015; however, Asia-Pacific is expected to register the highest growth in the global IoT sensor market, during the forecast period. Some of the factors such as accelerated research and development in the field of IoT sensors, in terms of advanced and better technologies, and raising interest for upgraded lifestyle in the region are spurring the growth of the regional IoT sensor market. Moreover, Asia-Pacific forms largest market for various sectors, including automotive, consumer electronics and healthcare.

Technological innovation in the automotive sector has been helping Asia-Pacific to grow at the fastest rate. China was the largest contributor to the Asia-Pacific IoT sensor market through electric motors used in automotive applications in terms of unit shipment and revenue. India is expeditiously evolving as a global sourcing pivot for automakers across the globe. The development of China as an international manufacturing pivot, and companionship of major consumer electronics companies in the region is also propelling the demand for IoT sensors in Asia-Pacific.

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The integration of IoT technologies in healthcare industry has significantly influenced healthcare solutions and has even enhanced readiness of operations in the region. It also helps healthcare industry to fight with several contagious diseases in the region. These factors are acting as drivers for the growth of the Asia-Pacific IoT sensor market. The integration of IT in healthcare is also expected to offer an opportunity to Asia-Pacific market for advanced healthcare in terms of decentralization, democratization and digitization of data and low-priced technologies through inventive attainment models.

Escalation in need for consumer electronics and flourishing demand for smart devices is adding to the growth of the global IoT sensor market. Smart devices account for an appreciable fraction of consumer electronics. Thus, increase in comprehensive sales of consumer electronics is spurring the growth of the IoT sensor market. Although some products such as smartphones are already being used extensively, smart home appliances, smart gas and electricity meters are expected to register increasing demand in near future.

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