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IoT Sensors: 2018-2023 Global Market Analysis & Forecast by Sensor Type, Network Technology, Vertical, and Geography - ResearchAndMarkets.comThe "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 IoT sensors market is expected to be valued at USD 5.28 by 2018 and is projected to reach USD 22.48 billion by 2023, at a CAGR of 33.6% between 2018 and 2023. The growth of the IoT sensors market can be attributed to 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. However, the lack of common protocols and communication standards, shortage of technical know-how to use IoT devices, high power consumption by connected devices, and high latency and limited bandwidth issues will be the challenges for the market in future. The major growth opportunities for the market are supportive government initiatives and funding for IoT projects, emerging need for cross-domain collaborations, high adoption of IoT by small and medium-sized businesses, and benefits of implementation of a predictive maintenance program for IoT applications. Segment Performance Pressre sensors are expected to hold the largest size of the IoT sensors market by 2023. The market for pressure sensors is largely driven by the increased concerns regarding safety, comfort levels, and reduction in automobile emissions. The regulatory mandates requiring the compulsory installation of onboard diagnostics to reduce greenhouse gas emissions will further lead to the growth in the demand for pressure sensors. The IoT sensors market for gyroscopes is expected to 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. The industrial vertical is expected to hold the largest share of the IoT sensors market by 2018. 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 the 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 IoT sensors market for the industrial sector. Key Topics Covered 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview 6 Industry Trends 7 Market, By Sensor Type 8 Market, By Network Technology 9 Market, By Vertical 10 Geographic Analysis 11 Competitive Landscape 12 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/xccb3r/iot_sensors?w=4 View source version on businesswire.com: https://www.businesswire.com/news/home/20180814005447/en/ |
