In the highly dynamic and fragmented arena of the global IoT sensors market, the leading players are aligning their strategies with rapid advancements in IoT technology, observes Transparency Market Research (TMR) in a new study. The key players in the market are Infineon Technologies, Robert Bosch GmBH, ARM Holdings Plc., IBM, and Honeywell International Inc.
The valuation of the global IoT sensors market was US$6.0 bn in 2015 and is poised to rise to US$34.75 bn by 2023, expanding at a tremendous CAGR of 24.5% from 2016 to 2023. Geographically, North America will continue to dominate the market by revenue until 2020. However, Europe is expected to surpass North America in 2021. The presence of conducive government regulations and increasing emphasis on the internet of things (IoT) are translating into high demand for IoT sensors in the Europe region. Asia Pacific is estimated to rise at a CAGR of 25.4% during the forecast period.
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Increasing Demand for Wearables to Contribute to Growth of Consumer Electronics Segment
On the basis of application, the consumer electronics segment will continue to dominate the market until 2023, representing 21.9% of the overall market revenue. The growth of this segment can be attributed to the increasing adoption of IoT sensors in the manufacturing of consumer electronics such as home appliances, smart TV sets, and washing machines. Rising usage of internet in televisions and smart devices and the growing demand for wearables such as fitness trackers and smartglasses are fuelling the growth of the segment. However, due to the increasing demand for real-time data streaming and better transportation systems that improve safety, the automotive segment is likely to expand at a noteworthy CAGR during the same period.
Rising Adoption of IoT Sensors in Automotive Sector to Drive Growth Prospects
Use of IoT is being accelerated with innovations in cloud and mobile devices coupled with advancements in predicted analysis and big data. “It is becoming more practical and affordable to use this technology with the miniaturization of sensors and reduction in their price,” says a TMR analyst. IoT sensors are extensively used in the automotive and consumer electronics sectors for a high degree of safety, reliability, and accuracy. Currently, the automotive industry is investing heavily in R&D activities for developing connected cars. Therefore, the increasing demand for these sensors in the automotive and consumer electronics industries is propelling the growth of the global IoT sensors market. Furthermore, since IoT sensors are at the core of smart devices, the growing demand for these devices has been resulting in the increasing penetration of IoT sensors.
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Increasing Risk of Cyber Attacks Due to Lack of Standardization to Limit Widespread Adoption
Due to lack of standardization, data security of users is being compromised and they are left open to cyber-attacks. The potential security threats in IoT majorly arises from IoT sensors and devices and the network level. The lack of security makes it easier for intruders to access and misuse personal data and information of consumers. This factor is limiting the widespread adoption of these sensors, thereby hampering the growth of the global IoT market. However, increasing funding and stringent government regulations for the development of smart cities is expected to impart significant momentum to the market in the near future. Moreover, technological advancements in the medical industry are likely to create substantial growth opportunities for the market.