Internet of Things Sensors Market is Driven by Introduction of Smart Cities
Internet of Things (IoT) refers to the concept of connecting several devices to the internet which operated previously as stand-alone units without any interconnectivity. Sensors based on micro-electromechanical systems are being deployed widely for IoT applications. Increasing innovations in higher performance, lower cost, smaller, and more robust IoT sensors are continuing to spur the demand for these sensors and the systems in which they are deployed. The established MEMS-based IoT sensors are being adopted widely into diverse application areas. The major application areas these sensors include automotive, consumer electronics, industrial, retail, safe & security, healthcare, power & utilities and building & home automation among others.
Market Description of IoT Sensors:
The global IoT sensors market is primarily driven by factors such as growing demand for IoT sensors in the automotive industry and the booming Industrial Internet of Things (IoT) market. Increase in demand for consumer electronics and appliances and growing demand for smart devices is also fueling the growth of the market. The increasing use of internet in televisions, smartphones, laptops, and smart home appliances among others is the major driving factor for the growing demand of IoT sensors in consumer electronics. Moreover, government initiatives taken across various countries such as India, Japan, China and Italy among others for supporting the deployment of IoT technology is positively impacting the growth of the global market. For instance, government initiatives in India supporting the development of smart cities are strongly driving the market. Several government projects such as smart transportation, smart grids and smart meters among others are set to propel the growth of this market. Considering these positive factors, the demand for IoT sensors is set to rise during the forecast period from 2015 – 2023.
Based on types of IoT sensors, the global market can be segmented into accelerometers, gyroscopes, magnetometers, pressure sensors, temperature sensors, light sensors, others. Temperature sensors garnered the maximum revenue in 2014. Temperature sensors are used widely in industries such as consumer electronics, automotive and healthcare among others and have proved to be useful in catering to the increasing demand for advanced automation in these industries. Hence, growing demand for these sensors from industrial end-users along with the availability of a strong aftermarket is boosting the growth of this market globally.
IoT sensors market, by applications is segmented as consumer electronics, healthcare, automotive, industrial, building automation, retail and others. Consumer electronics was the largest contributor to the market in 2014 and accounted for a substantial share of the overall market. The increasing use of internet in televisions, smartphones, laptops, and other such devices is the major driving factor this segment. Further, growing demand for wearables such as fitness trackers, smart watches and smart glasses among others in fuelling the market growth of this application area.
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IoT sensors market has been classified geographically into North America, Europe, Asia Pacific and Rest of the World. North America acquired the largest share of the market in 2014 and was followed by Europe. These two regions held more than 60% of the global market conjointly, in 2014. Asia Pacific is projected to be the fastest growing region in this market during the forecast period. The steady development of the manufacturing sector in the developing countries of APAC is set to boost the growth of the IoT sensors market. RoW is also set to exhibit stable growth from 2015-2023, owing to the increasing proliferation of IoT sensors in smart devices and healthcare equipment.
Some of the major players in the IoT sensors market are: Infineon Technologies (Germany), STMicroelectronics N.V. (Switzerland), IBM (U.S.), Robert Bosch GmbH (Germany), Honeywell International Inc. (U.S.), Ericsson (Sweden), InvenSense Inc. (U.S.), Libelium (Spain), ARM Holdings Plc. (U.K.) and Digi International Inc. (U.S.) among others.