IoT Sensor Market Research Report- Forecast till 2023
Market Highlights
The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Furthermore, a precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
The global IoT sensor market is creating a strong base and is ready to expand at a whopping CAGR of 42% during the forecast period 2017-2023. The market is also likely to reach a valuation of USD 40 Billion by 2023, reveal Market Research Future in its in-depth study conducted.
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Regional Analysis
The regional study of Asia Pacific, North America, Europe, and the Rest of the World has been performed. As per the analysis, North America is estimated to acquire the largest market share. On the other hand, the APAC region is likely to expand at the fastest pace during the assessment period. Most of the established companies are based out of North America, which is one of the most significant factors leading to market expansion. Besides, there has been an early and rapid IoT adoption, and individuals are well aware of the advantages of IoT. The APAC region is estimated to build the frontline of IoT with the fast adoption of IoT in the region. Besides, the region is being backed by the favorable initiatives taken by the government of several countries. The research reveals that Europe is estimated to acquire profitable market share due to rapid adoption and high responsiveness of IoT in Europe. The market is established to expand exponentially during the tenure of assessment.
The outbreak of COVID-19 is likely to change the market dynamics of several regions. Several regions have been affected due to the observation of nationwide lockdown in various countries.
Segmentation:
The IoT sensor market has been segmented by the elements of component, type, network technology, and vertical.
In terms of type segment: Proximity sensor, acoustic sensor, temperature sensor, pressure sensor, flow sensor, humidity sensor, inertial sensor. As an add on, touch sensor, image sensor, motion sensor, occupancy sensor, CO2 sensor, accelerometer, magnetometer, gyroscope, and others are also the segments. Among these, the pressure sensor market is likely to occupy the largest market share of the IoT sensor market owing to the mounting applications of IoT sensors in various sectors like healthcare, industrial automation, transportation, and consumer electronics.
In terms of component: It is segmented into the hardware platform. Among this, the elements of Energy Management, Lighting Control Systems, Fire Protection Systems, Security & Access Control Systems, and Consumer Devices are the sub-segments.
In terms of Network Technology: LonWorks, Ethernet, Modbus, KNX, and Digital Addressable Lighting Interface are the segments.
Key Players
The established market competitors of the worldwide IoT sensor market are International Business Machines Corporation (IBM), (U.S), AT & T Inc. (U.S), Amazon Web Services (U.S), Cisco System Inc. (U.S), Oracle Corporation (U.S), Google Inc. (U.S), Hitachi Data Systems (U.S.), Dell Inc. (U.S), Huawei Technologies Co. Ltd. (China), and Microsoft Corporation (U.S).
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