The demand for connected and wearable devices strengthens the IOT Sensors Market

 Liam Jacob

Global IOT Sensors Market Overview

The IoT sensors market was valued at USD 14.1 billion in 2018 and is expected to reach USD 48.0 billion by 2023, at a CAGR of 27.8% during the forecast period.

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The Internet of Things (IoT) is a wide technology category that includes connected devices working together as a system to deliver data within an application. The data is associated with an analytics or decision support engine enabling an actionable outcome. Hence, the IoT is a two-way system, in which the data collected from the system at different points is sent to an aggregation platform, where enabling of applications and transmission of data back to the device endpoints takes place. In healthcare market, there is an increasing demand for analysis, aggregation, data collection, and two-way feedback to assist in increasing provider productivity and to improve quality of care. This ability can also help in cost savings from the substitution of a digital system for manual systems to collect and analyze healthcare data. These applications in healthcare can take the form of patient monitoring, diagnostic assessment and therapeutic medication delivery and often play a role in treatment.

Drivers and Restraints:

Main factors that drive the growth and advancement of the IoT sensors market include heavy use of sensors in IoT devices and other applications owing to their reduction in costs, technological advancements, size, and introduction of 3 GPP Release 13 and Release 14 specifications; rise in internet penetration rate; growing demand for connected and wearable devices; introduction of IPv6 creating larger address space; and need of real-time computing for IoT applications. The IOT market is also driven by regulatory requirements in many countries, the digital interconnection between systems and establishing unified electronic healthcare records that are being aimed at cost savings and the quality of care. As the regulatory environment advocates for the use of sensors as part of a system, many initiatives are underway to standardize their deployment. An important issue with sensors in healthcare environments is their conflict with radio frequency signals from different healthcare devices if they are not deployed in a correct way. Previously, many healthcare devices have not worked well with each other. There are many interoperability initiatives to solve this issue.

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Geographic Segmentation:

Geographically, North America is accounting for the largest share of the IoT sensors market in 2018. The growing internet usage in technologically advancing economies, as well as the rising adoption of wireless sensors and networks across main applications such as healthcare, oil & gas, automotive and transportation, industrial, and consumer electronics, propel the growth of the IoT sensors market around the world.

The key players in the market are Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK (Japan), Infineon Technologies (Germany), Analog Devices (US), Omron (Japan), Sensirion (Switzerland), Honeywell (US), Siemens (Germany), General Electric (US), SmartThings (US), Monnit (US), Murata Manufacturing (Japan), Sensata Technologies (US), Silicon Laboratories (US), and Libelium (Spain).

Scope of the report:

The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.

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The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.

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