IoT Sensors Market

Global IoT Sensors Market Size, Share & Trends Analysis Report By Network Technology, By End Use (Consumer Electronics, Automotive, Industrial, Healthcare, Food & Beverage, Aerospace & Defense, and Others), By Type, By Regional Outlook and Forecast, 2024 - 2031

Report Id: KBV-24260 Publication Date: September-2024 Number of Pages: 415
2023
USD 25.9 Billion
2031
USD 177.7 Billion
CAGR
27.9%
Historical Data
2020 to 2022

“Global IoT Sensors Market to reach a market value of USD 177.7 Billion by 2031 growing at a CAGR of 27.9%”

Analysis of Market Size & Trends

The Global IoT Sensors Market size is expected to reach $177.7 billion by 2031, rising at a market growth of 27.9% CAGR during the forecast period.

Europe is known for its strong industrial base, particularly in automotive manufacturing, aerospace, and advanced manufacturing, where these sensors play a crucial role in enhancing productivity and efficiency. The European Union's commitment to Industry 4.0 and its emphasis on sustainability and energy efficiency have driven the adoption of IoT technologies across the region. Consequently, the European region would acquire nearly 30% of the total market share by 2031.

IoT Sensors Market Size - Global Opportunities and Trends Analysis Report 2020-2031

The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, in February, 2024, NXP Semiconductors N.V. announced a partnership with SECO, a semiconductor company, to optimize SECO’s Clea AIaaS Platform for industrial and IoT applications. Under the partnership, Clea would integrate with NXP’s MCX and i.MX portfolios, supported by NXP’s eIQ machine learning environment. This partnership would simplify AI deployment and accelerate product development for edge devices. Moreover, in January, 2024, NXP Semiconductors N.V. signed an agreement with Honeywell, an American technology company, to enhance building energy efficiency through smart automation. By integrating NXP’s neural network-enabled processors with Honeywell’s building management systems, the two companies would improve energy consumption and sustainability using AI, machine learning, and real-time data analytics.

KBV Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the KBV Cardinal matrix; Siemens AG and General Electric Company are the forerunners in the Market. Companies such as Texas Instruments, Inc., Honeywell International, Inc. and STMicroelectronics N.V. are some of the key innovators in Market. In January, 2023, Texas Instruments, Inc. teamed up with TDK, a wireless connectivity solutions provider, to launch the i3 Micro Module, the first module combining edge AI and wireless mesh connectivity. The module integrates TI's SimpleLink platform and TDK's MEMS accelerometer, enabling real-time monitoring and predictive maintenance for smart factories by simplifying sensor deployment and data aggregation processes.

IoT Sensors Market - Competitive Landscape and Trends by Forecast 2031

Market Growth Factors

The emergence of advanced wireless communication technologies, particularly 5G, has significantly transformed the connectivity landscape for these sensors. Furthermore, 5G’s ability to support higher bandwidths and a denser array of connected devices drives IoT adoption across healthcare, manufacturing, and agriculture industries. Hence, advancements in wireless communication are a foundational force behind the market's robust growth trajectory.

Smart city initiatives are designed to enhance urban living by leveraging technology to improve infrastructure, optimize resources, and ensure better public services. These smart city projects are being implemented in developed and developing nations, with government initiatives and private sector collaborations accelerating their progress. Thus, these global efforts underscore the growing demand for these sensors.

Market Restraining Factors

The high initial costs associated with deploying IoT solutions are a significant barrier to widespread adoption, particularly for small- and medium-sized enterprises (SMEs). Upgrading network infrastructure is another major cost factor. These sensors require reliable, high-speed connectivity to function effectively, which often necessitates significant investment in network upgrades. Hence, the high initial deployment costs continue to hamper the growth of the market.

IoT Sensors Market Share 2023

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships, Collaborations & Agreements.

Driving and Restraining Factors
IoT Sensors Market
  • Advancements in wireless communication technologies
  • Growth of smart cities across the globe
  • Proliferation of connected vehicles
  • High initial costs of deployment
  • Data privacy and security concerns
  • Declining costs of IoT sensors
  • Expanding use of edge computing
  • Limited connectivity in remote areas
  • Data overload and management challenges

Network Technology Outlook

Based on network technology, the market is bifurcated into wireless and wired. The wired segment procured 36% revenue share in the market in 2023. Wired sensors are preferred in environments where reliability, data security, and consistent power supply remain paramount. Industries such as manufacturing, utilities, and large-scale industrial operations often rely on wired sensors due to their stable and interference-free connections, critical for real-time data transmission and control.

End Use Outlook

Based on end use, the market is segmented into consumer electronics, automotive, industrial, healthcare, food & beverage, aerospace & defense, and others. The automotive segment recorded a 21% revenue share in the market in 2023. The increasing integration of advanced driver-assistance systems (ADAS) connected vehicle technologies, and autonomous driving features in modern vehicles has increased demand for these sensors.

IoT Sensors Market Share and Industry Analysis Report 2023

Type Outlook

On the basis of type, the market is divided into pressure sensor, temperature sensor, proximity sensor, image sensor, optical sensor, gyroscope sensor, humidity sensor, accelerometer sensor, and others. The temperature sensor segment procured 18% revenue share in the market in 2023. Temperature sensors are crucial in various applications, including consumer electronics, industrial automation, and healthcare.

Free Valuable Insights: Global IoT Sensors Market size to reach USD 177.7 Billion by 2031

By Regional Analysis

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed a 38% revenue share in the market in 2023. The strong presence of key industry participants, high adoption rates of IoT solutions, and the region's advanced technological infrastructure are all contributing factors to its dominance.

Market Competition and Attributes

IoT Sensors Market Competition and Attributes

The market is highly competitive, featuring numerous key players and new entrants. Leading companies leverage advanced technology and innovation to capture market share. Competition intensifies as firms focus on developing cost-effective, high-performance sensors with enhanced connectivity and integration capabilities, driving rapid advancements in IoT applications.

IoT Sensors Market Report Coverage
Report Attribute Details
Market size value in 2023 USD 25.9 Billion
Market size forecast in 2031 USD 177.7 Billion
Base Year 2023
Historical Period 2020 to 2022
Forecast Period 2024 to 2031
Revenue Growth Rate CAGR of 27.9% from 2024 to 2031
Number of Pages 415
Number of Tables 663
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives
Segments covered Network Technology, Type, End-use, Region
Country scope
  • North America (US, Canada, Mexico, and Rest of North America)
  • Europe (Germany, UK, France, Russia, Spain, Italy, and Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific)
  • LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA)
Companies Included STMicroelectronics N.V., NXP Semiconductors N.V., Honeywell International, Inc., Siemens AG, Robert Bosch GmbH, Infineon Technologies AG, ABB Group, General Electric Company, Texas Instruments, Inc. and Sensirion AG
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Recent Strategies Deployed in the Market

  • May-2024: Infineon Technologies AG released OPTIGA Authenticate NBT, high-performance NFC I2C bridge tag designed for single-tap authentication and secure IoT device configuration. Certified as a Type 4 Tag by the NFC Forum, it supports both symmetric and asymmetric cryptography, offering fast, secure data exchange and versatility for various applications.
  • Dec-2023: STMicroelectronics introduced a compact global-shutter image sensor, VD55G1, ideal for AR/VR, robotics, and smart-home devices. Measuring 2.7mm x 2.2mm with 800x700 resolution, it offers low power consumption, high image clarity, and innovative features like native background removal and autonomous 'always-on' mode, enhancing smart computer vision applications.
  • Nov-2023: Infineon Technologies AG took over GaN Systems, a Taiwanese semiconductor company. The acquisition enhances Infineon's position in power components for automotive, motor control, and green industrial applications.
  • Sep-2023: Robert Bosch GmbH took over TSI Semiconductors, a semiconductor company. This acquisition enhances Bosch's semiconductor capabilities and strengthens its local and global manufacturing network.
  • Jun-2023: ABB Group acquired Eve Systems, a smart home products manufacturer. This acquisition enhances ABB's position in the smart home market by integrating Eve's expertise in Matter and Thread technology.

List of Key Companies Profiled

  • STMicroelectronics N.V.
  • NXP Semiconductors N.V.
  • Honeywell International, Inc.
  • Siemens AG
  • Robert Bosch GmbH
  • Infineon Technologies AG
  • ABB Group
  • General Electric Company
  • Texas Instruments, Inc.
  • Sensirion AG

IoT Sensors Market Report Segmentation

By Network Technology

  • Wireless
    • Bluetooth
      • Bluetooth Smart
      • Bluetooth Smart/Ant+
      • Bluetooth 5
    • Wi-Fi
    • Zigbee
    • Z-Wave
    • NFC
    • RFID
    • Others
  • Wired

By End Use

  • Consumer Electronics
  • Automotive
  • Industrial
  • Healthcare
  • Food & Beverage
  • Aerospace & Defense
  • Others

By Type

  • Pressure Sensor
  • Temperature Sensor
  • Proximity Sensor
  • Image Sensor
  • Optical Sensor
  • Gyroscope Sensor
  • Humidity Sensor
  • Accelerometer Sensor
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA
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