According to BlueWeave Consulting, The Global IoT Sensors Market is expected to grow with a significant rate during the forecast period 2019-2025 owing to the increasing demand of IoT sensors in automotive industry, for the purpose of increasing the safety of the vehicle, anti-lock braking systems, and air bags and even for assistance in parking of vehicles.
Moreover, the major factor driving the market growth is the rise in internet users along with high demand for connected and wearable devices which are demanding real-time computing for IoT applications. Furthermore, increasing demand for IoT sensors in the healthcare industry for biosensors and implantable sensors which reduce the cost of healthcare and provide access to better facilities is accelerating the growth of IoT Sensors market.
In addition, the rise in demand for consumer electronics such as smart devices such as Smart TV, Smart Phones, smart electricity, and water meters, coupled with in-built Internet-based application is further impelling the global IoT market over forecast growth. Also, rising demand of IoT sensors in manufacturing industries the manufacturing sector, for minimizing the cost of manufacturing and the cost of maintenance coupled with used to reduce the consumption of energy and wastage of materials will contribute to IoT Sensors market growth during the forecast period.
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Gyroscope product type of IoT Sensors market is projected to be the leading segment of the overall market during the forecast period
On the basis of Product type, the IoT Sensors market has been segmented into Pressure, Temperature, Humidity, Magnetometer, Gyroscope, Accelerometer, Image and Inertial. Gyroscope dominates the global IoT Sensors owing to demand for navigation routing application in the automotive industry and consumer electronics. Temperature sensors will influence by growing its usage in manufacturing industries to monitor the temperature of machines and in the agriculture sector to monitor the temperature of the soil, water, and plants.
Wireless technology is expected to the leading segment of the overall IoT Sensors market during the forecast period
On the basis of Network Technology, the IoT Sensors market has been segmented into Wired and Wireless. Wireless technology dominates the global IoT Sensors owing to the increasing demand of wireless network in the automotive industry for the safety of vehicles, help in route and positioning. Wired technology will trigger by its uses in the healthcare industry for high-speed access, comfortable and security purposes.
Utilities are projected to lead the industry for utilizing the applications of the IoT Sensors during the forecast period
On the basis of application, the Global IoT Sensors market has been segmented into Consumer, Commercial, and Industrial. By application type, the Industrial segment will lead the market owing to the growing need of internet-based network in the automotive industry for security and high performance. Consumer segment will drive by rapid urbanization coupled with the demand of IoT based devices and home appliances.
North America accounts for lion’s share of the Global IoT Sensors market during the anticipated period.
On the basis of region, the IoT Sensors market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the world IoT Sensors market over the forecast period owing to the increasing demand for IoT sensors in the automotive and manufacturing industry coupled with the government’s initiatives for energy-efficient vehicles. The Asia Pacific is projected to be the fastest growing market throughout the forecast period due to the increase in income in levels and the rapid pace of industrialization coupled with the demand of IoT based consumer devices and home appliances.
Global IoT Sensors Market Competitive Landscape
Companies such as Texas Instruments, TE Connectivity, Broadcom, NXP Semiconductors, STMicroelectronics, Bosch Sensortec, TDK, Infineon Technologies, Analog Devices, Omron, Sensirion , Honeywell , Siemens , General Electric , SmartThings, Monnit , Murata Manufacturing, Sensata Technologies, Silicon Laboratories , Robert Bosch GmbH, Invensense, Inc., and Libelium are the key players in manufacturing of IoT Sensors.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Global IoT Sensors Market size & forecast. The report promises to provide state-of-the-art technology of IoT Sensors production and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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