Rising demand for Smart Devices Fuel the IoT Sensors Market – ZMR Blog
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Rising demand for Smart Devices Fuel the IoT Sensors Market

IoT sensors are the promising assortment of devices controlled by software and other devices to interpret with the machine. Deployment of IoTs sensors enables tracking performance of machine efficiency and permits to decrease the cost maintenance breakdowns or shutdowns owing predictive maintenance. These advanced IoT sensors play a significant role in overall IoT technology.

Zion Market Research has compiled a report that projects the IoT sensors market will grow to $27.38 billion by 2022, growing at a CAGR of 24% during 2017 and 2022.

Automotive and industrial are one of the key drivers of the IoT sensors and hold the largest demand for the same. These segments help to drive the growth of the IoT sensors market significantly. Moreover, constantly rising demand for smart devices such as Smart Phones and Smart TV is also anticipated to spur the growth of the global market. Manufacturers keenly focusing on the development to integrate the devices with the latest technology of automation and robotics is anticipated the push the momentum for the global IoT sensors market. The inclusion of smart water and electricity meters is one of the advancement based growth factor owing to bulk demand, resulting in the global IoT sensors market enhancement. A consolidated of these overall trends in the market based on technological advancement, demand, adoption, and deployment, the global IoT market is anticipated to witness the highest growth in the coming period. Only factors that might somewhere affect the momentum of the global IoT sensors market are the security and privacy.

In addition, government implementing various policies and regulations to motivate the development of “smart cities” is presenting some great growth prospects for IoT sensors market globally. Wide application of IoT sensors in products such as smart parking systems, smart meters, and, intelligent traffic management systems that are intended to be assembled in smart cities as per agenda is also motivating the growth of global IoT sensors market. Healthcare industry adopting smart systems for various operations is also offering potential opportunities for the market players.

The global IoT sensor market is broadly segmented based on the type this includes accelerometers, pressure sensors, light sensors, temperature sensors, gyroscopes, and others. Further, based on the application, the global IoT market can be bifurcated in consumer electronics, building automation, automotive, healthcare, and retail. Consumer electronics is considered as one of the leading segment that solely drives the demand of the IoT sensors. And this trend can be attributed to growing penetration of smart devices in the developing region.

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The Asia Pacific and North America offer great opportunities in the IoT market. While other regions such as Europe and the Middle East are expected to grasp the speed and spur in an accelerated way.

Key participants in IoT sensor market are Libelium, Infineon Technologies, ARM Holdings Plc., Ericsson Robert Bosch GmbH, InvenSense Inc, Honeywell International Inc., Digi International Inc, STMicroelectronics N.V, and many others.

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