Favorable Initiatives By Governments Such As Smart City Projects, Across The Globe Are Supporting The Growth Of Iot-Based Equipment. Governments Are Seeking Innovation In Areas Such As Energy Conservation, Smart Traffic Management, Security System Improvements, And Others. Such Actions Are Likely To Offer Various Remunerative Opportunities to the Market in the Forecast Period
United States, Rockville MD, June 24, 2022 (GLOBE NEWSWIRE) -- The global IoT sensors market is expected to garner US$ 27.4 Billion in 2022 against US$ 21.8 Billion in 2021. Convergence of technology like ML, AI, and connectivity is escalating expansion across various verticals. Increasing deployment of 5G, rising electronic content in automotive, EVs, and AVs, and the growth of IoT equipment in smart homes are emerging opportunities in the global IoT sensors market.
Industry 4.0 initiatives across various regions such as; China and Europe are the most important key drivers of IoT implementation, thereby, benefitting the market in the forecast period. According to Accenture, 60% of the manufacturing organizations are already involved in IoT projects, and more than 30% are at a nascent stage.
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Also, with rising urbanization and population, several countries across the world are implementing Smart City projects. Connected devices like smart meters, smart lights, sensors, and others are helping to enhance the efficiency of infrastructure and other services.
Why is Demand for IoT Growing across the U.S?
Presence of Established Players in the Region to Act as the Most Salient Factor in Boosting the Market
As per the analysis, the market in North America is expected to lead the global market for IoT sensors. In the region, the U.S is projected to be the most lucrative region during the forecast period, garnering US$ 33.8 Billion, while expanding at a CAGR of 20.9% from 2022-to 2032.
The growth of the region can be attributed to the presence of established players such as; Honeywell, Verizon, Microsoft Corporation, and Google, among others. Players are making massive investments in strengthening their IoT infrastructure. For instance, in 2019, Honeywell launched a new industrial IoT analytics platform known as Honeywell Forge that would collect operational data, optimize, and analyze it.
In another instance, in November 2020, Honeywell and Nozomi Networks announced a cybersecurity partnership to offer more comprehensive, end-to-end cybersecurity for Operational Technology (OT) environments. Owing to such initiatives by eminent players in the region, the market in the U.S is likely to expand manifold in the coming years.
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Key Segments Covered in the IoT Sensors Industry Survey
IoT Sensors Market by Type :
IoT Pressure Sensors
IoT Temperature Sensors
IoT Light Sensors
Other IoT Sensor Types
IoT Sensors Market by Application :
Consumer Electronics IoT Sensors
Healthcare IoT Sensors
Automotive IoT Sensors
Industrial application IoT Sensors
Building Automation IoT Sensors
Retail IoT Sensors
IoT Sensors Market by Region :
IoT Sensors in North America
IoT Sensors in Europe
IoT Sensors in APAC
IoT Sensors in RoW
Key players in the global IoT sensors market are focusing on product development and carrying out various advanced research and development programs. Enterprises are making several efforts to collaborate with various technology providers to give innovative results. Recent key developments among players are:
In February 2022, Siemens updated its NX Software under the Xcelerator portfolio, with attributes like intelligence-based design. This update allows the application to use AI and modern simulation technologies, offering efficient insights to the consumers.
In January 2022, PTC disclosed an alliance with Schaeffler Group. It is a Germany-based manufacturer that implements an absolute IT landscape. The new partnership focuses to support Schaeffler’s initiatives for digital twin and visualization of 3D models.
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Key players in the IoT Sensors Market
Infineon Technologies (Germany)
STMicroelectronics N.V. (Switzerland)
Robert Bosch GmbH (Germany)
Honeywell International Inc. (U.S.)
Key Takeaways from IoT Sensors Market Study
The global IoT sensors market to secure US$ 173.7 Billion by 2032
The IoT sensors industry to exhibit a CAGR of 20.3% from 2022-to 2032
The accelerometers segment to experience a 20.7% growth rate during the forecast period
The consumer electronics segment to exhibit a CAGR of 21.4% from 2022-to 2032
The U.K market to value US$ 10 Billion
Market in India to expand at 30.3% CAGR from 2022-2032
Market in the U.S to value US$ 33.8 Billion by 2032
Growth rate of China is projected at 22.2% from 2022-to 2032
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