Major players in the IoT sensors market are Texas Instruments, TE Connectivity, NXP Semiconductors, STMicroelectronics, TDK Corporation, Infineon Technologies, Omron, Honeywell, Sensata Technologies, and Broadcom.
The Global
IOT Sensors Market is expected to grow from USD 10.08 billion in 2019
and to USD 10.38 billion in 2020 at a growth rate of 3.03%. The slow growth in
2020 is mainly due to the economic slowdown across countries owing to the
COVID-19 outbreak and the measures to contain it. The market is then expected
to grow and reach USD 19.51 billion in 2023 at CAGR of 23.39%.
The IoT sensors market consists of sales of IoT sensors and related services that are used in healthcare, automotive, transportation, manufacturing and other industrial sectors. The internet of things, or IoT, is a collection of interconnected smart devices, mechanical and digital machines, objects, animals or people supplied with unique identifiers (UIDs) and the ability to transmit data across a network without needing human-to-human or human-to-computer interaction.
North America was the largest
region in the IoT sensors market in 2019. Asia Pacific was the fastest growing
region in the IoT sensors market in the forecast period.
In August 2019, Vodacom, a South
Africa based company, cellular and accessory provider for individual and
business customers looking for quick and fast service acquired IoT.nxt for an undisclosed
amount. This deal will significantly accelerate Vodacom's Internet of Things
(IoT) strategy and transform its dedicated IoT business unit. IoT.nxt, also a
South Africa based company, focuses on delivering innovative software and
hardware solutions for the Internet of Things (IoT).
The data security concerns are a
key factor hampering the growth of the IoT sensors market. The rate of data
intrusions is also increasingly growing with the rising technology. IoT systems
are being newly built, and safety requirements are lacking, this serves as a
major obstacle to the growth of the market for IoT sensors, since enterprise
data protection is of great importance when designing analytical solutions for
many vertical applications. For instance, in 2018, a group of researchers from
Ruhr University Bochum in Germany identified a security problem in the common
messaging apps WhatsApp which could allow hackers to spy on private group
chats. Ransomware and denial-of-service attacks (DoS attacks) will continue to
rise and was among the most common cybersecurity threats in 2018, according to
senior security researcher Kyle Wilhoit. Therefore, the data security concerns
are expected to limit the growth of the IoT sensors market.
The artificial intelligence is a
key trend in the IoT sensors market. Artificial intelligence is the basic
ingredient required to process the huge amount of data gathered these days, and
to maximize its value for the company. AI will assist IoT data analysis in the
following areas, such as data accuracy in time series, predictive and advanced
analytics, data preparation, geospatial and location real-time (logistic data).
In 2020, based on their AI capabilities, the major cloud vendors, including
Amazon, Microsoft and Google, are increasingly looking to succeed. Various
companies hope to expand their market share with AI algorithms capable of
exploiting machine learning and deep learning, allowing businesses to derive
more value from their ever-increasing data volumes.
The application of IoT in automotive
and transport sectors is a key factor driving the growth of the IoT sensors
market. The introduction of IoT in the automotive industry has opened up new
opportunities for carmakers and consumers worldwide. With industrial and
commercial use, IoT has become a popular hotspot for varied multifunctional
applications in the automotive sector. IoT offers enhanced communication,
control, and data delivery at any transportation point. For instance, the
companies like Mercedes-Benz, Volkswagen, Volvo, Toyota and Google Inc. are
increasingly investing in developing smart cars with rich features that offer
healthier, more convenient and more enjoyable driving experiences. The
driverless vehicles are likely to dominate the industry by 2030 according to
NASDAQ estimates. Therefore, the application of IoT in automotive and transport
industries is expected to drive the growth of the IoT sensors market.
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Related Reports:-
Global
IoT Sensors Market Status and Future Forecast 2015-2025
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