IoT Sensor Market

IoT Sensor Market Outlook (2024 to 2034)

The global IoT sensor market, as revealed in the recently updated Fact.MR research report, is expected to reach a size of US$ 33 billion in 2024. The market has been forecast to accelerate at a CAGR of 18.6% and reach a value of US$ 181.7 billion by the end of 2034.

The convergence of several technologies, such as ML, AI, and others, is positively influencing global IoT sensor market trends. Increasing deployment of 5G networks and growing demand for EVs are contributing to the rising sales of IoT sensors. A noteworthy increase in the deployment of IoT equipment in smart homes is also creating remunerative opportunities for market players.

Increasing smart city initiatives, the advent of Industry 4.0, and the development of sensors, robots, and field devices are fortifying market growth. There is accelerating demand for integrating IIoT (industrial IoT) devices in several sectors, such as home automation, which is demanding sensor-based measurements for decision support and observation purposes.

The growing use of IoT sensors in home automation is attributed to their key use in automating and controlling security systems, appliances, heating, and lighting for energy efficiency and improving convenience. In the healthcare sector, these sensors find application in tracking medication adherence, enabling patient remote monitoring, minimizing healthcare expenditure, and enhancing overall patient outcomes. Moreover, in industrial settings, they are used for predictive maintenance requirements, monitoring equipment performance, and optimizing production processes, thereby leading to reduced downtime and increased efficiency.

• East Asia is estimated to hold 25% of the global IoT sensor market share by the end of 2034.
• Sales of IoT sensors in South Korea are projected to climb at a CAGR of 20.6% from 2024 to 2034.
• Worldwide demand for IoT sensors for use in consumer electronics is evaluated to accelerate at a CAGR of 17.7% and reach a market value of US$ 47.24 billion by 2034-end.

Report Attribute	Detail
IoT Sensor Market Size (2024E)	US$ 33 Billion
Forecasted Market Value (2034F)	US$ 181.7 Billion
Global Market Growth Rate (2024 to 2034)	18.6% CAGR
Market Share of Gyroscopes (2034F)	28%
North America Market Share (2034F)	35%
Japan Market Growth Rate (2024 to 2034)	20.3% CAGR
Key Companies Profiled	Infineon Technologies; Honeywell International Inc.; STMicroelectronics N.V.; Qualcomm Technologies; IBM; Siemens; PTC; General Electric Company; Sensata Technologies, Inc.; Robert Bosch GmbH; XP Semiconductors; TE Connectivity; Moxa Inc.; TE Connectivity; Sierra Wireless, Inc.

Why are we Seeing Rapid Global IoT Sensor Market Growth?

“Transportation and Automotive Industries Playing Salient Role”

Several automotive market players, such as Mercedes-Benz, Toyota, Volkswagen, and Volvo, are aggressively investing in the development of smart cars with fine specifications. They are offering a more comfortable and safer driving experience to consumers. IoT has been introduced in automotive and transportation for preventive maintenance, connected mobility, and real-time data access.

Modern fleet management, Car2Car connectivity, and smart cities are creating lucrative opportunities for market players. This is leading to a rising preference for smart sensor technology, thereby resulting in increased demand for IoT sensors. IoT enables several transportation companies to map profitable routes and enhance fuel use. Logistics enterprises are capable of tracking and tracing their products with the use of IoT devices in traffic congestion systems within motor vehicles.

What Challenges are IoT Sensor Manufacturers Facing?

“Issues Related to Data Privacy and Security”

Despite several benefits and potential of IoT devices, there are certain concerns related to the data privacy of IoT sensors. IoT-enabled sensors and devices generate a significant amount of data and offer more chances for entry points for malware. Privacy intervention results in rising dependency on connected devices, thereby reflecting vulnerabilities of connected equipment.

How are New IoT Sensor Companies Strategizing?

“Leveraging High Dependency of Industry 4.0 on AI and IoT”

Industry 4.0 is highly dependent on artificial intelligence and the Internet of Things. Cloud infrastructure and big data analytics are also important technologies, which are opening ways for the application of IoT sensors. Growing acceptance of IoT as an effective technology within more organizations and premises is widening opportunities for new market players trying to enter this competitive landscape.

Country-wise Insights

A recently updated industry analysis by Fact.MR, a market research and competitive intelligence provider, mentions that North America is expected to account for a 35% global market share by the end of 2034. A well-developed technological infrastructure, a robust communication network, and internet penetration are generating demand for IoT sensors. A strong foundation in the region is facilitating the seamless integration and deployment of IoT sensors.

Why is the IoT Sensor Market Flourishing in the United States?

“Presence of Leading Companies in the Country”

Attribute	United States
Market Value (2024E)	US$ 9 Billion
Growth Rate (2024 to 2034)	17.3% CAGR
Projected Value (2034F)	US$ 44.5 Billion

The United States is forecast to occupy a 70% market share in North America by 2034. Presence of some of the prominent market players in the country, such as Honeywell International Inc. and others, contributes to the stronghold of the United States in the region. In addition, the incorporation of IoT sensors in smart parking systems is assisting drivers in finding parking at designated spots, which are installed with these sensors. The contribution of these sensors to instituting predictive analytics and regulating air quality in targeted congested areas is also contributing to market expansion.

What is the Sales Outlook for IoT Sensors in China?

“Rising Government Initiatives Promoting Smart Manufacturing Practices”

Attribute	China
Market Value (2024E)	US$ 3.6 Billion
Growth Rate (2024 to 2034)	19.8% CAGR
Projected Value (2034F)	US$ 21.6 Billion

China is analyzed to possess a share of 47.5% of East Asian market revenue by the end of 2034. The government in China is promoting practices for smart manufacturing with the adoption of industrial IoT. Factories need diverse sensors catering to specific requirements, such as temperature and vibration sensors for image and LiDAR sensors and process monitoring for machine vision applications and robotics.

Why is Japan a Key Market in This Business Space?

“High Popularity of IoT Sensors in Manufacturing and Healthcare Sectors”

Attribute	Japan
Market Value (2024E)	US$ 2.1 Billion
Growth Rate (2024 to 2034)	20.3% CAGR
Projected Value (2034F)	US$ 13.4 Billion

Japan is calculated to capture 29.4% of the market share in East Asia by 2034. The country is investing significantly in the manufacturing and healthcare sectors, which is stimulating demand for IoT sensors. Their increased demand is due to their assistance in optimized operations, enhanced user experience, and improved decision-making.

Category-wise Insights

According to the recently updated analysis by Fact.MR, the implementation of IoT in consumer electronics helps enhance the consumer experience with improved everyday lives while ensuring easy access to smart devices, such as wearables, smartphones, and others. The assistance of IoT sensors in ensuring comfort, convenience, and energy efficiency makes them a popular choice for consumer electronics.

Why are Gyroscopes Required in Several End-use Industries?

“Popularity of Gyroscopes in Navigation Systems for Offering Direction and Orientation Information”

Attribute	Gyroscopes
Segment Value (2024E)	US$ 8.6 Billion
Growth Rate (2024 to 2034)	19.5% CAGR
Projected Value (2034F)	US$ 50.9 Billion

Gyroscopes are projected to hold a share of 28% of global market revenue by the end of 2034. A rising demand for gyroscopes is attributed to their use in detecting and measuring acceleration, shock, tilt, rotation, vibration, and several degrees of freedom motions. Their utilization in automotive, marine, wearables, aviation, and medical is generating lucrative opportunities for market players. The usefulness of gyroscope sensors in condition monitoring, navigation, and geoengineering is contributing to increased demand.

Why Should IoT Sensor Producers Target the Consumer Electronics Industry?

“Pivotal Role of IoT Sensors in Innovations of New Consumer Electronics”

Attribute	Consumer Electronics
Segment Value (2024E)	US$ 9.24 Billion
Growth Rate (2024 to 2034)	17.7% CAGR
Projected Value (2034F)	US$ 47.24 Billion

Consumer electronics are estimated to contribute 26% share of global market revenue by 2034. Constant innovations are taking place in consumer electronics, which are generating demand for IoT sensors as a pivotal part of these devices for their effective functioning. With the use of IoT sensors, the landscape of consumer electronics is offering a degree of interactivity and personalization, which was previously inconceivable.

Competitive Landscape

Some of the key players in the IoT sensor market, which are profiled in this Fact.MR research report, are focusing on carrying out several advanced R&D programs and on product development. Several enterprises are making efforts to collaborate with technology providers to offer innovative results.

For instance:

• NXP Semiconductors entered into a collaboration with Arm in April 2024 for the development of a low-power sensor hub, particularly designed for use in wearables. This emphasizes an increased focus on efficient and miniaturized sensors for wearable devices.
• Siemens, in February 2022, updated its NX software under the portfolio of Xcelerator, with attributes such as intelligence-based designs. This will allow the application of modern simulation and AI technologies, providing effective insights to consumers.
• PTC, in January 2022, entered into a collaboration with Schaeffler Group. This Germany-based manufacturer is implementing an absolute IT landscape. The aim of this partnership is to support the initiatives of Schaeffler for the visualization of 3D models and digital twins.

Fact.MR provides detailed information about the price points of key providers of IoT sensors positioned across the world, sales growth, production capacity, and speculative technological expansion in this recently updated market report.

Segmentation of IoT Sensor Market Research

• By Type :

  • Accelerometers
  • Gyroscopes
  • Magnetometers
  • Pressure Sensors
  • Others

• By Application :

  • Consumer Electronics
  • Healthcare
  • Automotive
  • Industrial Building
  • Automation
  • Others

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • MEA