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Rising deployment of 5G is to Boost Internet of Things (IoT) Sensors Market by 20.3% CAGR by 2032Expansion of IoT equipment in Smart Homes and Surge in Electronic Content in Automotive, EVs and AVs are Expected to Offer US$ 173.3 Billion Market Opportunity in 2032 NEW YORK, July 25, 2022 /PRNewswire/ -- The global IoT Sensors market stood at US$ 27.4 Billion in 2022 and is expected to reach US$ 173.7 Billion by the end of 2032. The market is anticipated to grow at a CAGR of 20.3% in the forecast period from 2022 to 2032. Surge in demand for integration of Industrial IoT in sectors that demand sensor based measurements for observations is projected to drive the expansion of Internet of Things (IoT) sensors during the forecast period. Besides this, various recent initiatives such as Smart City plans and the emergence of Industry 4.0 is anticipated to support the growth of the market. Due to these initiatives, market witnessed a CAGR of 23.9% from 2015 to 2021. Moreover, Industry 4.0 initiatives across various regions such as China and Europe are expected to benefit the market during the forecast period. For instance, 60% of the manufacturing operations are interconnected with IoT sensors in prominent companies such as Accenture. Rapid adoption of IoT sensors in industrial sector is stimulating the growth of the market. For Critical Insights on this Market, Get A Sample Report! https://www.factmr.com/connectus/sample?flag=S&rep_id=7283 In addition to this, US is expected to emerge as an attractive region for the market. Presence of various prominent players such as Honeywell in the US widens the opportunity for IoT sensors in the region. Also, cities such as San Francisco have launched smart parking systems that further support the growth of IoT sensors market. Key Takeaways:
Growth Drivers:
Get Customization on this Report for Specific Research Solutions https://www.factmr.com/connectus/sample?flag=RC&rep_id=7283 Competitive Landscape: Key players in the global IoT Sensors market are focusing on research and development. Also, these players are collaborating with various technology providers to establish their foothold in the market. For instance,
Key Companies Profiled by Fact.MR
More Valuable Insights on IoT Sensors Market In its recent study, Fact.MR reveals factors influencing the growth in the global IoT Sensors Market during the assessment period. The study also offers compelling insights into prominent drivers creating growth opportunities in the IoT Sensors Market through detailed segmentation as follows: By Type:
By Application:
By Region:
Interested to Procure The Data? Inquire here https://www.factmr.com/connectus/sample?flag=EB&rep_id=7538 Key Questions Covered in the IoT Sensors Market Report
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