Growing adoption of sensor-based IoT solutions in healthcare coupled with a growing trend towards automation
— Emerging research
VANCOUVER, BC, CANADA, June 15, 2022 /EINPresswire.com/ — The global Internet of Things (IoT) sensors market is expected to reach a market size of USD 204.74 billion at a steady CAGR 30.8% in 2028, according to the latest analysis from Emergen Research. This steady growth in market revenue can be attributed to the growing penetration of internet and wearable medical devices and the growing trend of smart factories and automation of various manufacturing processes. The adoption of IoT-enabled sensors and devices to enable more flexible manufacturing processes and improve productivity has increased.
The growing need to monitor, control and improve operational efficiency has also driven the growing adoption of sensors in IoT devices in the manufacturing and automotive industries. Smart city initiatives in developing countries are also contributing to the growing demand for sensors in Internet of Things devices, and the trend is expected to continue during the forecast period. Manufacturing industries are increasingly adopting sensors in IoT devices for employee safety and well-being, cost-effective process workflows, and better space utilization. Technological advancements in sensors, field devices, and robots are expected to drive the deployment of sensors in an increasing range of IoT devices and are also expected to support market growth over the forecast period.
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Leading competitors of the Sensors in Internet of Things (IoT) Devices Market profiled in the report include:
Bosch Sensortec GmbH
Honeywell International Inc.
In October 2020, Cisco Systems announced the launch of two new cloud-managed IoT sensor solutions, namely Meraki MT sensors and Industrial Asset Vision sensors. IoT sensor solutions are expected to help companies simplify the monitoring of facilities and assets in their organizations, from outdoor operating (OT) technology to the interior spaces of large-scale IT closets.
The manufacturing segment accounted for the largest market share in 2020. Manufacturers across various industries are adopting IoT solutions with more emphasis on sensors, robotics, centralized tracking, cloud, and quality inspection to implement smart manufacturing, which is expected to drive demand for sensors. for such solutions and applications.
Revenue from the pressure sensor segment is expected to grow at a rapid CAGR of 31.5% during the forecast period. The ability of pressure sensors to detect fluctuations or drops in pressure is boosting their use in various processes in manufacturing facilities.
The wireless segment accounted for a significantly high revenue share in the sensor market in the Internet of Things (IoT) devices market in 2020. Wireless sensor networks are effective in harsh or hostile environments, offer an easily scalable solution and enable remote data collection and transmission, which are factors driving the demand for wireless sensor networks.
North America accounted for the largest revenue share of the global sensor market in the Internet of Things (IoT) devices market in 2020, driving the growth of the market during the forecast period.
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Emergen Research has segmented the global market for sensors in Internet of Things (IoT) devices based on application, sensor type, network technology, and region:
Application Outlook (Revenue, USD Billion; 2021-2028)
Sensor Type Outlook (Revenue, USD Billion; 2021-2028)
Network Technology Outlook (Revenue, USD Billion; 2021-2028)
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Regional Outlook (Revenue, USD Billion; 2021-2028)
The rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
Key report objectives:
Analyze and estimate the market size and share of Sensors in Internet of Things (IoT) Devices for the projected period of 2020-2028
In-depth analysis of major market players by SWOT analysis and Porter’s Five Forces analysis to give a clear understanding of the competitive landscape
Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Sensors in Internet of Things (IoT) Devices Market
Analysis of growth prospects for stakeholders and investors through the study of growth segments
Strategic recommendations to established players and new entrants to capitalize on emerging growth opportunities
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