Ever-improving electronics in automotive, IoT equipment, smart homes, and more, are welcoming new and future opportunities in the global IoT sensors market.
Industry 4.0 initiatives across various regions, such as China and Europe are the most important key drivers of IoT implementation, and they are thereby benefitting the market in the forecast period. According to Accenture, 60% of the manufacturing organisations are already involved in IoT projects, and more than 30% are at a nascent stage.
Also, with rising urbanisation and population, several countries across the world are implementing smart city projects. Connected devices like smart meters, smart lights, sensors, and others are helping to enhance the efficiency of infrastructure and other services.
Key takeaways from the IoT sensors market study
- The global IoT sensors market is to secure $173.7 billion by 2032
- The IoT sensors industry is to exhibit a CAGR of 20.3% from 2022 to 2032
- The accelerometers segment is to experience a 20.7% growth rate during the forecast period
- The consumer electronics segment is to exhibit a CAGR of 21.4% from 2022-to 2032
- The UK market is to value US$ 10 Billion
- Market in India to expand at 30.3% CAGR from 2022-2032
- Growth rate of China is projected at 22.2% from 2022 to 2032
As Fact.MR reports: “Favourable initiatives by governments such as smart city projects, across the globe are supporting the growth of IoT-based equipment. Governments are seeking innovation in areas such as energy conservation, smart traffic management, security system improvements, and others. Such actions are likely to offer various remunerative opportunities to the market in the forecast period.”
Key players in the global IoT sensors market are focusing on product development and carrying out various advanced research and development programs. Enterprises are making several efforts to collaborate with various technology providers to give innovative results. Recent key developments among players are:
- In February 2022, Siemens updated its NX Software under the Xcelerator portfolio, with attributes like intelligence-based design. This update allows the application to use AI and modern simulation technologies, offering efficient insights to the consumers.
- In January 2022, PTC disclosed an alliance with Schaeffler Group. It is a Germany-based manufacturer that implements an absolute IT landscape. The new partnership focuses to support Schaeffler’s initiatives for digital twin and visualisation of 3D models.
To learn more, click here to see the original report by Fact.MR.
You can also comment below or check out our sister publication: Electronic Specifier!