IoT Sensors Market - Global Forecast to 2023: Introduction of 3 GPP Release 13 and Release 14 Specifications

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Feb 19, 2019, 09:15 ET

DUBLIN, Feb. 19, 2019 /PRNewswire/ -- The "IoT Sensors Market by Sensor Type, Network Technology, Vertical, and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The global market is expected to reach USD 22.48 billion by 2023 from USD 5.28 billion by 2018, at a CAGR of 33.60% during the forecast period.

Some of the major factors driving the growth of the IoT sensors market include the increased use of sensors in IoT devices and other applications owing to their reduction in size, plummeting costs, and technological advancements; introduction of 3 GPP Release 13 and Release 14 specifications; growth in internet penetration rate; high demand for connected and wearables devices; introduction of IPv6 creating larger address space; and importance of real-time computing for IoT applications.

The IoT sensors market for gyroscopes is expected grow at the highest CAGR during the forecast period. The market is driven by the growing demand for equipment optimized with sensors for applications such as navigation and satellite positioning. Further, factors such as the huge demand for remotely operated vehicle guidance, and the growing adoption of automation in industries and homes would also drive the market for gyroscopes.

Wireless network technologies are expected to hold a larger share of the IoT sensors market by 2018. The growing demand for wireless data from mobiles devices, connected cars, and smart grids, among others, are creating the need for more robust internet connection. Moreover, the factors such as the growing adoption of cloud platforms, and lower installation and maintenance costs compared to wired devices are also likely to propel the adoption of wireless network technologies.

The industrial vertical is expected to hold the largest share of the IoT sensors market during the forecast period. The emerging areas of applications such as infotainment and telematics in the automotive industry and increasing preference for carrying out complex industrial processes with ease are likely to drive the market for industrial IoT sensors. Further, the factors such as the need to implement predictive maintenance techniques in industrial equipment to monitor their working and to avoid unscheduled downtimes in the production cycle are fueling the growth of the market for industrial vertical.

IoT Sensors Market

Among the 4 major regions, North America is expected to hold the largest share of the global IoT sensors market by 2018. The increasing use of internet in technologically advancing economies as well as the growing adoption of wireless sensors and networks across major applications such as industrial, automotive and transportation, healthcare, oil & gas, and consumer electronics have resulted in the growth of the sensors market in this region.

The market in APAC is expected to grow at the highest CAGR from 2018 to 2023 and will overtake the market in North America by 2023, owing to the growing penetration of the internet across commercial as well as residential spaces, wide consumer base, increasing disposable income, and improving IT infrastructure.

The data security concerns are the major restraint for the market growth. Irrespective of the huge potential of IoT, the data privacy and security are the major concern associated with it. IoT is a completely data-driven concept. IoT-enabled devices and sensors generate a huge volume of data per second. Companies and organizations use various sensors to monitor this data and also make decisions based on this data.

As they depend more on the machine-generated data for real-time business processes, it is necessary to ensure the authenticity of the data and security, resilience, and reliability of these devices collecting data. As IoT connects numerous devices, it provides more decentralized entry points for malware. The poorly secured IoT devices are susceptible to cyber-attacks, as these can be used as entry points to cause harm to other devices in the network.

Market Dynamics

Drivers

Increased Use of Sensors in IoT Devices and Other Applications Owing to Their Reduction in Size, Plummeting Costs, and Technological Advancements
Introduction of 3 GPP Release 13 and Release 14 Specifications
Growth in Internet Penetration Rate
High Demand for Connected and Wearables Devices
Introduction of Ipv6 Creating Larger Address Space
Importance of Real-Time Computing for IoT Applications

Restraints

Data Security Concerns

Opportunities

Supportive Government Initiatives and Funding for IoT Projects
Benefits of Implementation of A Predictive Maintenance Program for IoT Applications
Emerging Need for Cross-Domain Collaborations
High Adoption of IoT By Small and Medium-Sized Businesses

Challenges

Lack of Common Protocols and Communication Standards
Shortage of Technical Know-How to Use IoT Devices
High Power Consumption By Connected Devices
High Latency and Limited Bandwidth Issues

Companies Mentioned

Analog Devices
Bosch Sensortec
Broadcom (Avago)
General Electric
Honeywell
Infineon Technologies
Libelium
Monnit
Murata Manufacturing
NXP Semiconductors
Omron
Sensata Technologies
Sensirion
Siemens
Silicon Laboratories
Smartthings
Stmicroelectronics
TDK (Invensense)
Te Connectivity
Texas Instruments

For more information about this report visit https://www.researchandmarkets.com/research/ss9s8q/iot_sensors?w=5

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