IoT Sensors Market – Analysis and Forecast To 2024 | Sensirion, Analog Devices, Te Connectivity

IoT is the software of devices, buildings, physical objects and other, that produces trillions of data through connecting various sensors and devices with the Internet via mixed access networks through technologies. The global IoT sensors market is growing at a significant rate, due to augmented usage of sensors in IoT devices and other applications, and growth in internet penetration rate. Different sensor type contributed to the IoT sensors market size. The market has witnessed high demand for pressure sensors in the coming years due to augmented concerns involving safety, decrease in automobile emissions and comfort levels.

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The consumer segment is further subdivided into home automation, wearable electronics and smart city. In addition the commercial segment is further subdivided into retail, financial institutes, aerospace and defence, logistics & supply chain, corporate offices, and entertainment. Moreover, the industrial segment is further sub divided into transportation, smart agriculture, energy, healthcare and industrial automation.

Data security issues, shortage of technicians, lack of common protocols and communication standards, high power consumption by connected devices and high expectancy and restricted bandwidth issues are the major challenges for the growth of IoT sensors market.

Globally industry players are leveraging market growth through launching new products. The high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Geographically, North America the largest IoT sensors market due to mounting implementation of wireless sensors. In addition, mounting internet usage in technologically advancing economies and augmented usage of IoT sensor devices in various industries such as healthcare, oil & gas, automotive, consumer electronics, transportation and retail are some of the factors driving the growth of the North American market.

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Key players in the IoT sensors market are catering the demand by collaborating, and acquiring with small players and investing in technologically advanced products portfolio across the globe. In April 2018, Sensirion introduced SGPC3, the ultra-lower gas sensor which manages indoor air quality detecting for mobile and battery-driven applications. Texas Instruments, Sensirion, Analog Devices, Te Connectivity, Bosch Sensortec, TDK (Invensense), Broadcom (Avago), STMicroelectronics and Omron are the key players offering IoT sensors.

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