IoT sensors market: Increasing demand for smart appliances gives information to customers and provides additional intelligent features that increasing demand for the market
The IoT sensor market is thriving with different types of sensors connected with devices and people that enables a two-way communication process between man and machine. There are different end-use industries where IoT sensors are deployed to facilitate this two way communication and for gathering data. In the automotive market, sensors are deployed for the purpose of escalating the safety of the vehicles and for anti-lock braking systems, air bags and even for assistance in parking of vehicles. In the manufacturing sector, IoT sensors are employed to reduce the cost of manufacturing and the cost of maintenance. The overall worth of IoT sensors market was at USD 5.28 billion in 2018 and is estimated to grow by USD 22.48 billion by 2023 at the CAGR of about 33.66%.
Market drivers and restraints:
Rising demand for smart appliances gives information to customers and provides additional intelligent features that rising demand for IoT sensors market. The rising involvement of domestic abd multinational players fuels the IoT infrastructure that has propelled the market growth of IoT sensors. Rising adoption of bring your own device concept and acceptance of IoT sensors within enterprises dominates the market escalating growth and development in the future years.
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Report segmented as:
• Aerospace and defense
• Financial institutes
• Corporate offices and energy
• Industrial automation
On the basis of geography, the global IoT sensors market is segmented into regions namely, North America, Europe, Latin America, Asia Pacific and Middle East and Africa. North America dominates the market. Asia Pacific is estimated to record high revenue for the market.
Important market players:
The major players operating in the global market are Stmicroelectronics N.V., Texas Instruments Incorporated, Te Connectivity Ltd., Broadcom Limited (Avago), NXP Semiconductors N.V., Robert Bosch GmbH, Invensense, Inc., Infineon Technologies AG, Analog Devices, Inc., Arm Holdings PLC., Mirada Medical Limited, Sciencesoft USA Corporation, Siemens Healthineers, Toshiba Medical Systems Corporation and Xinapse Systems Ltd.
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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