Market Overview —
The IoT sensor market was valued at USD 9.6 billion in 2018, and it is expected to reach USD 34.4 billion by 2024, registering a CAGR of 24.05%, during the forecast period 2019 - 2024. There is a significant increase in the trend of automation. Since sensors play the most critical role in every aspect of automation, IoT sensor market will boost in the forecast period.
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- The emerging applications and business models, coupled with the falling device costs, have been instrumental in driving the adoption of IoT, and consequently the number of connected devices - connected cars, machines, meters, wearables, and consumer electronics.
- Industry 4.0 initiatives across regions like Europe, China, etc., are significant drivers of the IoT deployments, and therefore, the IoT sensors. According to Accenture, 60% of the manufacturing companies are already engaged in IoT projects, and more than 30% of them are at an early stage of deployment.
- Also, smart city initiatives are also instrumental in driving the demand for IoT sensors. Singapore has already implemented a sensor-based Elderly Monitoring System that helps office working family members to receive alerts when the health condition of their home living elderly parents or dependents deteriorates or exhibits abnormal behaviors.
- STANLEY Healthcare has outfitted over 5,000 hospital and healthcare systems with IoT solutions, to enhance business and improve many vital services provided at the facilities.
- Gowever, the major challenge will be the implementation time and costs. Since for an organization to adapt to IoT, it has to have smart devices, smart sensors embedded in, which will cost too much and difficult to implement.
Scope of the Report
Internet of things is a network of objects/devices, which are surrounded by sensors, network connectivity, and software to exchange and collect data. Their applications are in healthcare, automotive, consumer electronics, and others.
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Key Market Trends
Application in Automotive and Transport Will Drive IoT Sensor Market
- The automotive sector is steadily transitioning toward the autonomous era, owing to the recent business collaborations and joint ventures among automotive giants, cybersecurity providers, chip makers, and system integrators.
- The vehicle connectivity is expected to become indispensable in the future, for proper communication among vehicles for ‘decision-making’, proper assimilation, and comprehension of visual, geographical, audio, and other data.
- Companies, such as Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are increasingly investing to develop smart cars with rich features that deliver safer, convenient, and comfortable driving experiences. According to a NASDAQ, driverless cars are likely to dominate the market by 2030.
- Thus, connected cars are moving IoT sensors, that provide a vast amount of data about performance, maintenance, driver behavior, and more, transforming not only the way we drive, but also how we buy and maintain cars, and how automakers sell them.
North America to Account for a Significant Market Share
- North America held the largest market share, due to the presence of several established vendors of iris recognition in the region, and also due to the earliest adoption of IoT technology in various industries. most of the companies in this region are increasingly adopting IoT to keep a track of their offerings performance, thus, avoiding costly breakdowns or inefficient routine-maintenance shut-downs.
- For instance, in the United States, IoT consumer devices, like security cameras and other smart home devices, like smart thermostats are increasingly being deployed for a variety of reasons, such as increasing security and comfort, reducing energy consumption or technical assistance in old age.
- Many pharmaceutical companies are finding new applications within the healthcare sector and leveraging connected sensors to diagnose better, monitor, and manage patients and treatment in this region. for instance, Parexel International developed a new healthcare IoT sensor solution that collects and communicates data from patient wearables for more easily managed and monitored clinical trials.
- Companies, such as Airwire Technologies are working with IBM to implement its connected car and IoT services platform, to collect insights and act upon vehicle sensor data and the environment around it to establish a relationship with the driver, not just the vehicle. These factors are further expected to drive the adoption for IoT sensors in the region.
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The major players include Texas Instruments Inc., NXP Semiconductors NV, ABB Ltd., Honeywell International Inc, Omron Corporation, Sensata Technologies, Scheider Electric SE, STMicroelectronics NV, and among others. The market is fragmented with several sensor manufacturers and they strive to maintain comptitive edge in the market thereby intensifying the cometition in the market.
- November 2018 - Texas Instruments launched a new family of smart sensors for use in enterprise and industrial IoT deployments. Operating at a tuning frequency of 60 to 64 GHz and millimeter wave or Extremely High Frequency (EHF) bands, these sensors are can be effectively utilized in smart warehouses, perimeter security, industrial and manufacturing applications. In addition, these can be combined with on-chip and edge computing resources to develop real-time models and analytics based on the attributes of physical environments.
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