IOT Sensors Global Market Report 2024

The iot sensors market size has grown exponentially in recent years. It will grow from $9.6 billion in 2023 to $12.37 billion in 2024 at a compound annual growth rate (CAGR) of 28.8%. The growth observed during the historical period can be attributed to several key factors, including advancements in connectivity, the utilization of data analytics and big data, efforts to reduce costs, the development of smart cities and infrastructure, and the expansion of Industrial Internet of Things (IIoT) initiatives. These factors collectively contributed to the growth in this period.

The iot sensors market size is expected to see exponential growth in the next few years. It will grow to $27.38 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%. The anticipated growth in the forecast period can be attributed to several key factors, including the widespread adoption of 5G connectivity, the integration of edge computing, advancements in Artificial Intelligence (AI) and machine learning, a heightened focus on security and privacy, and the implementation of energy harvesting methods. Notable trends expected to shape this period include miniaturization of sensors, the integration of multiple sensors for enhanced capabilities, the development of comprehensive IoT sensor ecosystems, increased use of sensors for environmental and sustainability monitoring, and the growing prominence of sensors in healthcare and wearable applications.

propelling the IoT sensors market. The integration of IoT in the automotive industry has ushered in new opportunities for both manufacturers and consumers globally. IoT has emerged as a prominent platform for multifaceted applications in the automotive sector, presenting enhanced communication, control, and efficient data delivery across transportation networks. Major industry players such as Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are investing increasingly in the development of smart cars, offering advanced features that promise healthier, more convenient, and enjoyable driving experiences. According to NASDAQ projections, driverless vehicles are anticipated to dominate the industry by 2030, underscoring the significance of IoT in the automotive and transport sectors in driving the growth of the IoT sensors market.

There are several types of IoT sensors, including temperature sensors, pressure sensors, humidity sensors, flow sensors, accelerometers, magnetometers, gyroscopes, inertial sensors, image sensors, and others. For instance, temperature sensors are used to monitor and automatically log the temperature of a ship. IoT sensors are employed across a wide range of areas, such as building automation, industrial applications, automotive applications, healthcare applications, retail and logistics applications, security applications, agriculture applications, and various other fields. These sensors are notably utilized in healthcare, automotive and transportation, manufacturing and industrial processes, and other applications.

The IoT sensors market research report is one of a series of new reports that provides IoT sensors market statistics, including IoT sensors industry global market size, regional shares, competitors with a IoT sensors market share, detailed IoT sensors market segments, market trends and opportunities, and any further data you may need to thrive in the IoT sensors industry. This IoT sensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The amplified use of IoT devices is foreseen to significantly contribute to the expansion of the IoT sensors market. IoT devices, encompassing non-standard computing hardware like sensors, actuators, and machines, form wireless connections to networks, allowing data transmission over the internet or other networks. Integral to IoT devices, IoT sensors play a critical role in capturing data by detecting environmental changes. For instance, according to IoT Analytics GmbH, global IoT connections saw an 18% surge in 2022, amounting to a total of 14.3 billion active IoT devices. Hence, the escalating use of IoT devices will be a driving force behind the growth of the IoT sensors market.

Data security concerns pose a significant impediment to the growth of the IoT sensors market. As technology advances, the frequency of data intrusions has increased. Newly established IoT systems often lack proper safety requirements, hindering market growth. Enterprise data protection is crucial in the development of analytical solutions for numerous vertical applications. For example, researchers from Ruhr University Bochum identified a security issue in WhatsApp that could allow hackers to eavesdrop on private group chats. Forbes reported that in 2021, 97% of firms faced a cybersecurity breach within their supply chain, with 93% experiencing a direct cybersecurity breach. This emphasizes the importance of addressing data security concerns, anticipated to curtail the expansion of the IoT sensors market.

Artificial intelligence (AI) emerges as a pivotal trend in the IoT sensors market. AI plays a fundamental role in processing the vast amounts of data collected today, maximizing its value for companies. AI is pivotal in enhancing IoT data analysis across various domains, including time series accuracy, predictive and advanced analytics, data preparation, and geospatial and real-time location logistics. As an example, in December 2021, Zyter, Inc., a US-based digital health and IoT-enabling company, unveiled Zyter Smart Agriculture, a novel IoT technology utilizing the Zyter SmartSpacesTM platform. This solution leverages IoT sensor data and AI technologies to provide farmers and agronomists with a comprehensive virtual view of the farm ecosystem, automating and optimizing fundamental crop management practices for sustainable precision agriculture. Zyter Smart Agriculture employs an IoT sensor network, embedded in the ground and strategically placed around the farm, to collect data on soil and atmospheric conditions.

Major corporations in the IoT sensors market are focusing on innovation to introduce new products like the New Bluetooth SoC and MCU, aimed at augmenting their market profitability. These Bluetooth SoCs and MCUs are tailored for the tiniest IoT devices, with dimensions ranging from as small as 2 mm² to 5 mm². As an illustration, in March 2023, Silicon Labs, a US-based semiconductor manufacturer, announced the release of the New Bluetooth SoC and MCU. The xG27 SoC family includes the BG27 and the BG27+ integrated circuits. Simultaneously, the BB50 MCU is an 8-bit microcontroller.

In July 2021, Taoglas, an Ireland-based provider of advanced antennas and next-generation IoT solutions, acquired Smartsensor Technologies for an undisclosed amount. This strategic acquisition significantly broadens Taoglas' industrial and enterprise-level IoT services, accelerating their connected smart services growth objectives. Smartsensor Technologies is an Australia-based comprehensive Internet of Things company specializing in IoT solutions.

Major companies operating in the iot sensors market include Texas Instruments, TE Connectivity, NXP Semiconductors, STMicroelectronics, TDK Corporation, Honeywell, Sensata Technologies, Broadcom, Bosch Sensortec, Analog Devices, Siemens, General Electric, Robert Bosch GmbH, Monnit, Murata Manufacturing, Sensirion, Silicon Laboratories, Asea Brown Boveri Limited, Schneider Electric SE, Qualcomm Technologies, Inc., International Business Machines, CANON MEDICAL SYSTEMS CORPORATION, Skyworks Solution Inc., Sierra Wireless, Moxa Inc, SmartThings, Libelium, Infineon Technologies, Parametric Technology Corporation, Intel, Omron, Cisco, Oracle, MongoDB, GE Digital, ARM IoT Security Company, Vention, Altoros, Oxagile, Innowise Group, Style Lab IoT Software Company, HQ Software Industrial IoT Company, ScienceSoft, DICEUS, Huawei

Asia-Pacific was the largest region in the IoT sensors market in 2023. North America was the second-largest region in the IoT sensors market. The regions covered in the iot sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the iot sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The internet of things (IoT) sensors market consists of sales of temperature sensors, pressure sensors, humidity sensors, flow sensors, accelerometers, magnetometers, gyroscopes, and other internet of things (IoT) sensors. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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