The Global IoT Sensors Market is Expected to Reach $22.48 Billion by 2023 with CAGR of 33.60%

DALLAS, TX / ACCESSWIRE / February 15, 2021 / According to new report added in Report Banana offerings, there are significant money making opportunities available in the IoT sensors market. Companies planning to enter this market need to prepare and differentiate to maximize their return on investment.

In terms of opportunities, the global IoT sensors market is expected to grow from $5.28 by 2018 and is projected to reach USD 22.48 billion by 2023; it is expected to grow at a CAGR of 33.60% during the forecast period. IoT sensors market for gyroscopes is expected to grow at highest CAGR during forecast period and pressure sensors to hold largest size of IoT sensors market by 2023.

The growth of the IoT sensors market can be attributed to the increased use of sensors in IoT devices and other applications owing to their reduction in size, plummeting costs, and technological advancements; introduction of 3 GPP Release 13 and Release 14 specifications; growth in internet penetration rate; high demand for connected and wearables devices; introduction of IPv6 creating larger address space; and importance of real-time computing for IoT applications.The major growth opportunities for the market are supportive government initiatives and funding for IoT projects, emerging need for cross-domain collaborations, high adoption of IoT by small and medium-sized businesses, and benefits of implementation of a predictive maintenance program for IoT applications.

Pressure sensors are expected to hold the largest size of the IoT sensors market by 2023. The market for pressure sensors is largely driven by the increased concerns regarding safety, comfort levels, and reduction in automobile emissions. The regulatory mandates requiring the compulsory installation of onboard diagnostics to reduce greenhouse gas emissions will further lead to the growth in the demand for pressure sensors.

The IoT sensors market for gyroscopes is expected to grow at the highest CAGR during the forecast period. The market is driven by the growing demand for equipment optimized with sensors for applications such as navigation and satellite positioning. Further, factors such as the huge demand for remotely operated vehicle guidance and the growing adoption of automation in industries and homes would also drive the market for gyroscopes.

Prominent players profiled in this report include Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK (Japan), Infineon Technologies (Germany), etc.

Significant Aspects of the Report and Main Highlights:

  • Changing business trends in the global IoT sensors market
  • Market segment analysis at different level such as type, network technology, and vertical across different regions
  • Historical and forecast size of the IoT sensors market in terms of revenue
  • Major drivers and opportunities pertaining to the IoT sensors market
  • Competitive landscape and player positioning analysis for the market
  • Key product offerings by major players and business strategies adopted
  • Key challenges faced by operating players in the market space
  • Analysis of major risks associated with the market operations

The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.

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