Sensors in Internet of Things (IoT) is the one of most recent developments in the field of modern technology due to their efficient and eco-friendly features. . The Internet of Things (IoT) sensors industry is a fast growing industry, with an enormous scope for future developments. Widespread use of Internet of Things (IoT) devices in developed regions has had a tremendous impact on the sensor market, thus increasing the usage of sensors in Internet of Things (IoT) market to a large extent since its inception. Sensors help in monitoring our surroundings in a highly efficient manner. . Modern sensor technology is emerging to a great extent which further expands the technological base and creates a major impact on the daily life. Through sensors, the compiled data gets transmitted to the computer. With the help of modern computer software, the compiled data transforms into several type of formats including tables, graphs or pictography. Today, sensors are available for almost all major application fields and are contributing to a large extent in the field of technology. Within industries, various sensors including temperature, humidity, and vibration sensors have been used in order to send out an alert whenever danger or mishap is about to happen.
The global sensors market in Internet of Things (IoT) devices was estimated at $10,596.39 million in 2015 and is expected to reach at a significant level by 2022 registering a CAGR of 26.91% from 2015 to 2022. The factors driving the growth of the Internet of Things (IoT) sensors market include: widespread internet connectivity, rapid adoption of mobile technology and constantly falling average selling price (ASP) of sensors in Internet of Things (IoT) devices. Additionally, increasing support of government for the adoption of sensors in Internet of Things (IoT) devices is also aiding the growth of the global Internet of Things (IoT) sensors market.
Global Sensors Market in Internet of Things (IoT) Devices Market Size, (2015-2022)
Source: Secondary research, expert interviews, and reportsandmarkets Analysis
Global sensors market in Internet of Things (IoT) devices has shown a dynamic growth rate in the forecast period. Over the years many major market players have contributed a great deal in terms of partnerships, collaborations, mergers & acquisitions etc. CISCO Systems is first in ranking in terms of maximum number of partnerships, collaborations, mergers & acquisitions being made by it in 2014 & 2015. A similar trend was being followed by STMicroelectronics, Intel Corporation, ARM Holdings and Invensense among others. CISCO Systems manages to be at the top of the market because of its diversification of products, highest revenue generation, and widespread geographical presence across the globe among others.
In terms of percentage share of different types of sensors being extensively used in Internet of Things (IoT) connected devices, pressure sensors accounted for maximum in 2015 of 31.27%. The reason for the same is the fact that pressure sensors are showing the highest demand among all the verticals because of continuous falling price. Healthcare sector is utilising the pressure sensors on a large scale because of growing need of advanced medical facilities to the patients all across the globe. Retail is using a considerable amount of sensors in order to minimize the cost of production and labor cost. Moreover, with the usage of sensors, it becomes easy to detect theft with the help of visual based sensors. In transportation industry, sensors have proved to be a boon. Previously, when sensors were not used in transportation sector, it was very difficult for the companies to continuously monitor the condition of agro based products. However, with the usage of various sensors in transportation, it is now very safe and easy to deliver the products to the end users with the minimal wastage.
The market is dominated by North America and the APAC which are expected to grow at the highest rate in the forecast period. The dominance of North America in the Internet of Things (IoT) sensors market over other regions is due to heavy demand for new infrastructure, strong economic growth driven mainly by China, and increasing affordability of Internet of Things (IoT) sensors in the region. The US is the leader of the North American Internet of Things (IoT) sensors market, and accounted for a market share of around 68.59% in 2015.