Internet of Things (IoT) is internetworking of physical and virtual objects, which enables physical and virtual devices to relate to each other through cloud technology, to exchange data and information. Internet of Things devices are furnished with sensors that identify and acknowledge several types of input, including sound, pressure, position and motion, temperature and light from the physical environment. Miniaturization of devices and development of smarter and low-priced sensors are the major factors propelling the growth of the global IoT sensor market. Moreover, the escalating market for wearable devices and personalized technology are the major factors backing the growth of the IoT sensor market around the globe.
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North America contributed the largest revenue to the global IoT sensor market in 2015; however, Asia-Pacific is expected to register the highest growth in the global IoT sensor market, during the forecast period. Some of the factors such as accelerated research and development in the field of IoT sensors, in terms of advanced and better technologies, and raising interest for upgraded lifestyle in the region are spurring the growth of the regional IoT sensor market. Moreover, Asia-Pacific forms largest market for various sectors, including automotive, consumer electronics and healthcare.
Technological innovation in the automotive sector has been helping Asia-Pacific to grow at the fastest rate. China was the largest contributor to the Asia-Pacific IoT sensor market through electric motors used in automotive applications in terms of unit shipment and revenue. India is expeditiously evolving as a global sourcing pivot for automakers across the globe. The development of China as an international manufacturing pivot, and companionship of major consumer electronics companies in the region is also propelling the demand for IoT sensors in Asia-Pacific.
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Escalation in need for consumer electronics and flourishing demand for smart devices is adding to the growth of the global IoT sensor market. Smart devices account for an appreciable fraction of consumer electronics. Thus, increase in comprehensive sales of consumer electronics is spurring the growth of the IoT sensor market. Although some products such as smartphones are already being used extensively, smart home appliances, smart gas and electricity meters are expected to register increasing demand in near future.
Between wired and wireless technology, wireless network technology has been the larger contributor to the global IoT sensor market. Expanded accessibility is one of the major reasons behind endorsement of wireless technology. Implementation of wireless network technology only requires introductory expenditure. The running and maintenance cost of these networks is minimal. Additionally, wireless networks offer ease to relocate a connecting device without any supplementary cost of rewiring. On the other hand, it is too complex to relocate a connected device in wired network technology and it also incurs additional cost of rewiring. Some other factors influencing the expansion of wireless technology market are uninterrupted increase in the internet users globally, which is likely to bolster the overall market growth for IoT sensor.
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