Global IoT Sensor Market Report 2022: Increasing Demand for Connected Devices Bolsters Sector
The “Global IoT Sensor Market By Sensor Type), By Application, By Network Type, By Region, Competition Forecast & Opportunities, 2027” report has been added to ResearchAndMarkets.com’s offering.
Global IoT sensor market was valued at USD 19.11 billion in 2021 and is expected to project a robust growth during the forecast period, registering a CAGR of 25.32% due to high adoption rate of IoT sensor across various industries.
IoT sensor is a device which provides an output with respect to a specific physical quantity. IoT sensors are used to measure various physical quantities such as temperature, pressure, humidity, soil moisture, heartbeat, and many more by converting signals from one energy domain to the electrical domain. They are used across various industries, including industrial automation, aerospace & defense, education, entertainment, smart cities, smart buildings, etc.
Increasing Demand for Connected Devices
Owing to the increasing penetration of urbanization, the demand for connected devices has increased globally. Smart wearable devices such as smart watches, fitness bands, GPS tracking bands, trackers, etc. are used to collect and analyze the data which helps in making smart decisions. Additionally, connected devices are used in various sectors, such as defense, lifestyle, fitness, sports and others for military command and control, to improve athletic performance, to monitor progression, etc. Moreover, increasing consumer awareness and higher adoption of connected devices in healthcare is likely to propel the global IoT sensor market.
Increasing adoption rate of IoT in Healthcare
The increasing adoption of IoT technology and solutions in the healthcare sector is expected to drive the global IoT sensor market. Most healthcare organizations are shifting to IoT solutions because of the benefits they provide, such as IoT devices like sensors used to monitor the patient’s heartbeat, hygiene monitoring, glucose monitoring, and assisting in driving important insights related to various healthcare disorders. Sensors are also used to track the real-time location of medical equipment such as defibrillators, wheelchairs, oxygen pumps, nebulizers, and other monitoring equipment, in addition to monitoring patients’ health. Furthermore, cloud computing integration with IoT is expected to boost the global IoT sensor market.
The Emergence of Smart Cities
The emergence of the smart city and the home automation have been gaining immense popularity worldwide. Smart homes make operations such as allowing users to schedule, monitor and remotely control home temperatures quickly and easily with the help of IoT sensors and networked and voice-recognition devices. Additionally, building automation increases the operational efficiency of buildings, leading to fewer emissions from building operations. There are various factors instrumental in giving traction to the smart city concept. On the one hand, individuals and businesses have been increasingly relying on the Internet of Things (IoT) and connected devices to perform the daily functions in their homes.
On the other hand, governments worldwide have been pressing on the concept of green and energy-efficient cities, which are likely to contribute to fulfilling commitments such as reduction of carbon footprint and net zero emissions from buildings by 2050. For instance, 28 cities, mostly in North America and Europe such as Portland, London, Los Angeles, to name a few, have signed up for the ‘Net Zero Carbon Buildings Commitment’ led by the ‘World Green Building Council.’ Such factors are expected to boost demand for various connected devices essential for building automation, thus benefitting the global IoT sensor market.