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In the healthcare field, IoT sensors are transforming patient care and management. Such sensors can allow real-time monitoring of vital signs, allowing medical professionals immediate access to critical data. In addition to improving patient outcomes, continuous monitoring capability also reduces the burden on health facilities. In the area of manufacturing, for instance, IoT sensors can optimize production processes via predictive maintenance and efficient use of resources. Realtime data collection and analysis means that problems can be identified before they spin out of control, reducing downtime while boosting overall efficiency.
Another area feeling a revolutionary effect is agriculture from IoT sensors. These sensors make precision farming possible. Farmers can now precisely monitor soil conditions, crop health and environmental factors. This based-on data approach increases crop yield, reduces resource loss and promotes environmentally sustainable agriculture. In transportation, IoT sensors are often used to optimize logistics operations, monitor vehicles and engaged in predictive maintenance. These functions are all necessary. It not only helps improve the safety and reliability of transportation systems, but also lowers fuel consumption as well as environmental degradation.
The arrival of 5G technology has further strengthened the current market trend, pointing toward greater connectivity. 5G networks provide both higher speed and more reliable communication between IoT devices. This opens up new possibilities for first-in applications, as the following example illustrates: 5G has high bandwidth and low latency, so it makes real-time data processing possible. This enhances the performance of IoT sensors in areas such as smart cities, autonomous vehicles or immersive technologies (such as augmented reality).
Researchers are watching the development of demand for Internet of Things (IoT) sensors, which will expand along with intelligent solutions and roles that technology plays. As progress in sensor technology continues and IoT applications are extended into new domains, greater innovation as well as market expansion is expected to follow. The origin of the first year covers just how much influence connected devices can have on industries and daily lives.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | The governments of many countries are supporting IoT innovations |
| Market Dynamics | Continuous Increase of sensors used in IoT-driven applications |
IoT Sensor Market Highlights:
Global IoT Sensor Market Overview
The IoT Sensor Market Size was valued at USD 51.6 Billion in 2023. The IoT Sensor industry is projected to grow from USD 53.1 Billion in 2024 to USD 150.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.10% during the forecast period (2024 - 2032). An IoT sensor is a device that is connected to the Internet of Things (IoT) and is used to gather data or monitor physical or environmental conditions. The sensor collects data, which is then transmitted to an IoT platform or gateway for analysis, storage, and potentially, triggering an action.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
IoT Sensor Market Trends
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Rising usage of sensors in IoT applications
Microelectromechanical systems (MEMS) technology and the fast reduction in sensor size have led to the widespread use of sensors in consumer, medical, and automotive devices. This has significantly contributed to the expansion of the sensors market. Smaller sensors have been increasingly incorporated into gadgets like smartphones, drones, wearables, and robotics during the past five years.
IoT Sensor Market Segment Insights
IoT Sensor Type Insights
The market segmentation, based on type, includes Proximity, Acoustic, Temperature, Pressure, Flow, Humidity, Inertial, Image, Motion, CO2, Gyroscope, Occupancy, and Magnetometer. The Pressure segment will dominate the market. Pressure sensors are widely used in a variety of applications such as HVAC systems, industrial automation, and consumer electronics. The increasing demand for these sensors in smart homes and building automation systems, along with their ability to provide real-time data, is expected to drive the growth of the pressure sensor segment in the market.
IoT Sensor Vertical Insights
Based on Vertical, the market segmentation includes Consumers, Industrial, and Commercial. The Industrial sector is anticipated to dominate the market over the forecast period. The increasing demand for IoT sensors in various industrial applications, such as process control, asset tracking, and predictive maintenance, is expected to drive the growth of the industrial segment.
Figure 2: IoT Sensor Market, by Vertical, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
IoT Sensor Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is a major player in the market and is expected to continue to dominate the market in the coming years. The region has a large number of manufacturers of IoT sensors and also a high demand for IoT solutions in countries such as China, South Korea, and Japan. The growth of the IoT industry in the Asia Pacific region is driven by factors such as the increasing adoption of connected devices, the growth of smart cities, and the increasing use of IoT sensors in various industries such as healthcare, manufacturing, and transportation.
Figure 3: IOT SENSOR MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
IoT Sensor Key Market Players & Competitive Insights
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development such as new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the IoT Sensor industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the IoT Sensor industry to benefit customers and expand the market sector. Major market players, including Texas Instruments, TE Connectivity, Bosch Sensortec, Honeywell, and others, are attempting to increase market demand by funding R&D initiatives.
Texas Instruments (TI) creates, produces, tests, and sells analog and embedded processing chips. It is divided into two sections: analog and embedded processing. Power, signal chain, and high-volume product lines are all part of the Analog category. The Embedded Processing section includes microcontrollers, microcontrollers with integrated wireless capabilities, stand-alone wireless connection solutions, digital signal processors (DSPs), and applications processors.
TE Connection is a manufacturer and seller of connectivity and sensor products. Its business is divided into three divisions: Transportation Solutions, Industrial Solutions, and Communications Solutions. The Transportation Solutions sector services the automotive, commercial transportation, and sensing markets by supplying terminals and connection systems and components, sensors, relays, antennas, application tools, and wire and heat shrink tubing. The Industrial Solutions category serves the aerospace, defense, oil & gas, industrial equipment, medical, and energy industries by providing solutions that connect and transfer power, data, and signals. The Communications Solutions division provides electronic components for the data, devices, and appliances industries.
Key Companies in the IoT Sensor market include
- Texas Instruments
- TE Connectivity
- Silicon Laboratories
- Libelium
- Murata Manufacturing
- General Electric
- Monnit
- Bosch Sensortec
- Smart Things
- Honeywell
IoT Sensor Industry Development
February 2024: OMAC, an influential industry association for machine automation and control, collaborated with ei3 to issue a publication titled “Wired for Success: Strategic Insights into the Deployment of Ethernet Networks in Manufacturing.” The guide will be unveiled at the highly respected 28th Annual ARC Industry Leadership Forum.
January 2024: Honeywell and NXP Semiconductors N.V. combined their resources in January 2024 to enhance energy management in commercial buildings. Their partnership exclusively targets pressure sensing enhancement and guaranteed secured control.
January 2024: Nozomi Networks launched in January 2024 its IoT security sensor called Guardian Air in Australia via a partnership with partners CyberCX and The Missing Link.
July 2023: Bosch Sensortec and HopeRun Software signed a contract outlining their shared desire to cooperate and develop together. Sebastien Therond, Head of Business Strategy and Portfolio Management at Bosch Sensortec, and Liu Yang, Vice President of HopeRun, both attended the signing event. Through the launch of two development boards, the HH-SCDAYU200 and Neptune 100B, the partnership seeks to simplify the practical deployment of AIoT applications.
June 2023: STMicroelectronics released the first MEMS pressure sensor that is waterproof for industrial IoT applications in June 2023. This was intended to have a lifespan of ten years, thus making it suitable for use in manufacturing.
May 2023: STMicroelectronics introduced to the market this May 2023 the industry’s first ever water/liquid resistant absolute pressure MEMS sensor with its stated ten-year lifespan especially aimed towards industry use.
April 2023: Texas Instruments developed SimpleLink series Wi-Fi 6 companion ICs (integrated circuits) as early as April 2023 to assist designers in implementing strong, secure, cost-effective Wi-Fi connections. These ICs are designed for applications requiring reliable performance under high-density or hot environments operating up to 105 degrees Celsius.
March 2023: two new integrated circuit families, the xG27 family of Bluetooth systems on chips (SoCs) and the BB50 microcontroller unit (MCU), have been introduced by Silicon Labs, a pioneer in safe, intelligent wireless technology for a more connected world. These new families are intended for the lowest form factor IoT devices.
February 2023: Qualcomm expanded its range of services in February 2023 so as to streamline and accelerate IoT implementation across industries. Qualcomm Aware is meant for excellence in asset management, particularly for assets that require precise timely decisions on critical matters. This involves combining cutting-edge silicon technology, an extensive developer-oriented cloud platform, and an ecosystem composed of hardware and software partners.
February 2023: Henkel developed an innovative Sensor Experience Kit specifically for IoT development across various sectors during February 2023. Henkel Qhesive Solutions Sensor INKxperience Kit combines four separate printed electronics technologies together with pre-designed hardware and software, allowing for prototyping and conceptualizing engineering projects.
January 2023: Texas Instruments announced a partnership with TDK to develop the world's first sensor module with embedded edge AI and wireless mesh networking, the i3 Micro Module.
October 2022: For instance, in October 2022, Infineon Technologies AG unveiled its XENSIV connected sensor kit (CSK), the latest IoT sensor platform designed for fast prototyping and creation of IoT solutions tailored to specific needs.
April 2022: Arm Limited introduced two new solutions - Arm Cortex-M85 and Cortex-A in April 2022 aimed at enhancing customer offerings. These product launches will attract new customers and add to the company’s revenue growth acceleration.
IoT Sensor Market Segmentation
IoT Sensor Type Outlook
- Proximity
- Acoustic
- Temperature
- Pressure
- Flow
- Humidity
- Inertial
- Image
- Motion
- CO2
- Gyroscope
- Occupancy
- Magnetometer
IoT Sensor Vertical Outlook
- Consumers
- Industrial
- Commercial
IoT Sensor Regional Outlook
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North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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