Internet of Things (IoT) refers to a network that is implanted with network connectivity, electronics, sensors, and software aiding the gathering and exchanging of data via physical objects. With IoT becoming ubiquitous, sensors are emerging as a potential solution for determining the physical qualities of objects and converting it into a measurable value which can be later used by another user or device. Internet of Things systems are equipped with sensors that can register changes in sound, light, motion, temperature, and pressure. With IoT sensors, tags, and actuators now embedded in objects, communication has become more hassle-free.
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The global IoT sensors market is likely to witness extensive growth over the next couple of years owing to the growing market for wearable and smart devices and the development of advanced, smarter, inexpensive, and smaller sensors. Mounting need for real time applications, deployment of Ipv6, and supportive initiatives by governments are further expected to fuel the deployment of IoT sensors IoT owing to the development of the healthcare infrastructure across the globe. However, complex architecture and bandwidth related limitations can hamper the growth of the market.
The global IoT sensors market is expected to expand at an outstanding 24.5% CAGR from 2015 to 2023. The market is expected to touch a valuation of US$34.75 bn by the end of 2023 from a valuation of US$4.90 bn in 2014.
Consumer Electronics to Emerge as Key Revenue Contributor
Based on application, the global market for IoT sensors has been classified into retail, building automation, industrial, automotive, healthcare, and consumer electronics. Amidst these, in 2014, the consumer electronics segment dominated the market and emerged as the prime revenue contributor for the global IoT sensors market. The rising adoption of IoT sensors in the consumer electronics sector can be attributed to the trend of hassle-free connection for consumer electronics such as smart TV and smart home appliances. The deployment of IoT is increasing in the entertainment electronics segment as it enables flexible use of media. The flourishing market for consumer electronics in the Middle East and Africa and India due to the rising demand for feasible consumer electronics is another prime reason behind the rising deployment of Internet of Things in the consumer electronics segment. As a result of this, players can seek promising opportunities for growth from this segment.
North America to Emerge as Leading Adopter of Internet of Things
Geographically, the global IoT sensors market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. In 2014, North America occupied the leading share and was closely trailed by Europe. Collectively these two regions accounted for over 60% in the global IoT sensors market in 2014. However, Asia Pacific is expected to register strong growth over the forthcoming years. The growth of the IoT sensors market in these regions can be attributed to the mounting demand for IoT sensors from the healthcare and consumer goods industries. Governments of developing countries such as China, India, and South Korea are promoting private and public partnerships to expand cloud services through the development of data centers and Internet of Things.
Some of the key players operating in the global IoT sensors market are STMicroelectronics N.V. (Switzerland), Infineon Technologies (Germany), IBM (U.S.), Honeywell International Inc. (U.S.), Robert Bosch GmbH (Germany), Ericsson (Sweden), Libelium (Spain), Digi International Inc. (U.S.), InvenSense Inc. (U.S.), and ARM Holdings Plc. (U.K.) among others.