The global electronics and semiconductors industry has witnessed significant technological developments in recent years. One breakthrough has been the development of IoT sensors. The immense popularity of the concept of the internet of everything and the rapid adoption of connected devices has widely taken over the electronics and semiconductors industry. Recent innovations in the machine to machine communications have further expanded the use of networked devices across different industry verticals. Sensors have long been used in the industry to collect data from the surrounding environment. With the introduction of the internet of things, their applications have become more convenient and user-friendly.
The growth of the IoT sensors industry is dependent on the success of embedded systems, connectivity, and smart devices. It is estimated that by 2027, there would be more than 25 billion IoT devices. The rapid development of smart cities and the advent of the industrial revolution, industry 4.0, reflect a promising future for the IoT sensor market. Rising demand for IoT solutions across different industries, coupled with consumers' desire for automation and connected devices, are major factors boosting the demand for IoT sensors. Leading manufacturers are focusing on producing sensors for use in smart applications to magnify the user experience.
The IoT sensors have been serving as the backbone for industrial automation. Industry 4.0 is on the rise, and IoT sensors are revolutionizing the way industries operate. For instance, IoT sensors in the manufacturing sector are being utilized to reduce manufacturing and maintenance costs. These sensors also help in reducing energy consumption and material wastage.
Sensors are being deployed in the automotive industry for parking assistance and vehicle safety, such as in anti-lock braking systems and airbags. In consumer electronics, these sensors find applications in smartphones and home appliances for proximity, temperature, and pressure sensing in refrigerators, smart TVs, and air conditioners. With such a broad range of applications, the global IoT sensors market is set for robust growth. Connected devices such as connected cars, meters, machines, wearable, and other consumer electronics are likely to enjoy greater success in the coming years. IoT sensors in agriculture and IoT sensors for healthcare would open up lucrative opportunities for the market players in the coming years.
Several companies are considering product launches and hence are actively contributing to the market growth. OMRON Corporation recently launched a total of 2,512 models of its DC 3-Wire E2E NEXT Series Proximity Sensors. These sensors, equipped with IoT features, reduce risks of sudden facility stoppages and detect signs that warn of such stoppages while notifying users via the network.
North America currently holds a significant market share owing to the active adoption of technologies in the region and the presence of established players. Deployment of security cameras, smart thermostats, and other smart home devices is prevalent across the United States. Besides, the healthcare sector is witnessing a new era as many pharmaceutical companies are utilizing IoT sensors for improved monitoring, management, and treatment of patients.
On the other hand, the government in emerging nations like India is investing in the development of smart cities and digitalization of economies, subsequently resulting in the phenomenal growth of data traffic over the internet. Additionally, the increasing disposable income of consumers is encouraging them to spend in intelligent home automation systems and AI-driven consumer gadgets.
The demand for IoT sensors is expected to soar over the next decade and is estimated to reach US$ 65.79 Bn by 2027 from US$ 9.46 Bn in 2018. Growth in developed countries is anticipated to be flamboyant, while developing countries would grow steadily in the coming years.
A sharp focus on innovations and growth of machine to machine communications would continue to expand the scope of the internet of things and subsequently boost the growth of the IoT sensors market across the globe benefitting the market players profoundly in terms of revenue.
Somya Jain is a writer, blogger, and technology enthusiast. She holds a bachelor degree in Carpet & Textile Technology and currently works as a Content Writer at The Insight Partners. She has avid interest in writing news articles across different verticals.