IoT Sensor Market Grow at 18.6% CAGR as Demand Surges Across Consumer Electronics, Healthcare, and Automotive Sectors

IoT Sensors Playing Key Role in Wearable and Connected Devices for Offering Valuable Insights: Fact.MR Report

The global IoT Sensor Market is approximated to reach a value of US$ 33 billion in 2024, as mentioned in the recently updated study by Fact.MR, a market research and competitive intelligence provider. Revenue from the sales of IoT sensors is forecasted to reach US$ 181.7 billion by the end of 2034.

Rapidly rising popularity of communication devices and systems operating through IoT (Internet of Things) sensors are contributing to global market growth. Increased preference for IoT sensors in these connected devices, such as fitness trackers, industrial equipment, and home appliances, is owing to their features of gathering information and providing valuable insights as well as control functions.

With constant market evolution and the availability of new business possibilities, several initiatives are being taken in the form of venture capital investments, government grants, crowdfunding, and corporate funding. IoT sensor technologies are being adopted with the assistance of financial aid for creating new business opportunities. Further, extensive application of IoT sensors in several fields such as nursing care, logistics, medical care, transportation, disaster prevention & management, tourism, and agriculture is generating lucrative opportunities for market players.

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Leading Players Driving Innovation in the IoT Sensor Market:

The Key Players in the Infant IoT Sensor Industry include Infineon Technologies; Honeywell International Inc.; STMicroelectronics N.V.; Qualcomm Technologies; IBM; Siemens; PTC; General Electric Company; Sensata Technologies, Inc.; Robert Bosch GmbH; XP Semiconductors; TE Connectivity; Moxa Inc.; TE Connectivity; Sierra Wireless, Inc.

IoT Sensor Industry News & Trends:

In April 2024, NXP Semiconductors launched a partnership with Arm to develop a low-power sensor hub specifically for wearable technology. This highlights a greater emphasis on effective and compact sensors for wearable technology.

In February 2022, Siemens added features including intelligence-based designs to its NX software, which was part of the Xcelerator portfolio. This will enable the use of contemporary AI and simulation technologies, giving customers useful insights.

In January 2022, PTC and Schaeffler Group launched a partnership. A complete IT landscape is being implemented by this manufacturer situated in Germany. Supporting Schaeffler's efforts to visualize 3D models and digital twins is the goal of this collaboration.

Key Takeaway from IoT Sensor Market Study:

The global IoT sensor market has been projected to rise at a CAGR of 18.6% from 2024 to 2034. North America is forecasted to account for 35% of the global market share by the end of 2034.

Demand for IoT sensors in Japan is evaluated to accelerate at a CAGR of 20.3% from 2024 to 2034. Sales of IoT sensors in South Korea are analyzed to climb at 20.6% CAGR through 2034.

Gyroscopes are calculated to hold 28% of the global market share by 2034-end. Global demand for IoT sensors for use in consumer electronics is approximated to accelerate at 17.7% CAGR and reach a market value of US$ 47.24 billion by 2034.

“Companies should leverage the benefits of cross-domain collaboration and adoption of new business models such as Industry 4.0, robotics, and others,”says Fact.MR analyst.

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Growing Usefulness of Gyroscopes for Navigation and Geoengineering

Global demand for gyroscopes is approximated to accelerate at a CAGR of 19.5% and reach a market valuation of US$ 50.9 billion by the end of 2034. Increasing global requirements for gyroscopes are owing to their widespread application in detecting as well as measuring acceleration, tilt, shock, vibration, rotation, and several degrees of motion. Further, their increased use in marine, automotive, aviation, wearables, and medical is generating remunerative opportunities for market players. Their increased usefulness in navigation and geoengineering is opening more doors for suppliers around the world.

More Valuable Insightson Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the IoT sensor market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on type (accelerometers, gyroscopes, magnetometers, pressure sensors, others) and application (consumer electronics, healthcare, automotive, industrial building, automation, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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