According to a new report, published by KBV research, 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.
The growing adoption of smart devices, such as smartphones, smart home gadgets, and wearable technology, has been a significant driver of demand for IoT sensors. These sensors are fundamental to the operation of smart devices, enabling them to connect, interact, and function seamlessly within a broader smart ecosystem. As consumers increasingly embrace technology that enhances convenience, efficiency, and personalization in their daily lives, the reliance on IoT sensors has surged, fueling growth in this market.
The Wireless segment is registering a CAGR of 28.3 % during the forecast period. This strong performance can be attributed to the widespread adoption of wireless technologies, which offer greater flexibility, ease of installation, and scalability compared to their wired counterparts. Wireless IoT sensors are favored in applications where mobility and remote monitoring are crucial, such as in smart homes, healthcare, and industrial automation.
The Consumer Electronics segment led the Global IoT Sensors Market by End Use in 2023; thereby, achieving a market value of $44 billion by 2031. This segment's dominance is driven by the proliferation of smart devices, including smartphones, wearable technology, smart home devices, and personal health gadgets.
The Pressure Sensor segment is growing at a CAGR of 25.4 % during the forecast period. Pressure sensors are widely used in automotive, healthcare, and industrial applications where monitoring and controlling pressure levels is critical. In automotive systems, for example, pressure sensors are essential for monitoring tire pressure, engine performance, and braking systems.
Full Report: https://www.kbvresearch.com/iot-sensors-market/
The North America region dominated the Global IoT Sensors Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $65 billion by 2031. The Europe region is anticipated to grow at a CAGR of 27.4% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 28.7% during (2024 - 2031).
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