The global market for sensors for the transportation and warehousing industries are set to grow by 30 per cent, according to a report by Persistence Market Research.
Surpassing the market value of $16 billion in 2018, the global sales of internet of things sensors is poised for a whopping 24 per cent annual growth during the course of next decade.
Industry’s shift from legacy systems to advanced IoT enabled systems for utmost reliability and accuracy of data is creating potential growth opportunities for the IoT sensors market.
Smart city initiatives, fueling the demand for smart lighting, smart meters, smart parking, smart payment systems, connected vehicles, and smart waste management practices will remain among the key factors propelling the growth of IoT sensors market.
A new study report forecasts an impressive growth outlook for the global IoT sensors market during 2019-2029.
Other key findings of the Global Market Study on IoT Sensors, according to PMR, include:
- As compared to other developing regions, sales of IoT Sensors are anticipated to be higher in the countries of East Asia
- In terms of value, the connected cars application segment is identified as the fastest growing segment in the forecast period of 2019-2029
- Lack of IoT data security and increasing data and bandwidth connectivity issues are key challenges for manufacturers in the IoT sensors market
Manufacturers in the IoT sensors market should be eying profits in the healthcare sector. Spectacular growth in demand for wearable electronics such as hearing aids will present promising opportunities to IoT sensors market players over the following years.
Who is winning in IoT sensors market?
The IoT Sensors market is highly fragmented with presence of many large and mid-sized regional players.
PMR says the key players in the IoT sensors market focus on innovation and geographic expansion through partnerships, collaborations, and acquisitions of local and regional players in order to enhance their geographic footprint and product portfolio.
In June 2019, Infineon Technologies, a Germany-based semiconductor manufacturer, announced the acquisition of Cypress Semiconductors to enhance its product portfolio and expand into the automotive, industrial, and IoT hardware markets.
Some of the key players in the IoT Sensors market include:
- Bosch Sensortec;
- Texas Instruments;
- TDK (Invensense);
- TE Connectivity;
- Broadcom (Avago);
- NXP Semiconductors;
- Infineon Technology;
- Analog Devices;
- Honeywell International;
- General Electric;
- SmartThings; and
- Murata Manufacturing.