Development of economic, developed and compact sensors, as well as increasing demand for smart devices, wearables, and real-time computing of applications will result in the IoT sensors market hiking to USD 38.41 billion by 2022 from USD 3.34 billion in 2015, says a new report from ReportBuyer.
The IoT sensor market will grow at a CAGR of 42.08 percent, during the period between 2016 and 2022.
The market is also propelled by supportive government initiatives, deployment of IPv6, and role of sensor fusion concept in IoT sensors market.
Gyroscope usage has hiked in various industries such as automotive, industrial, healthcare and consumer electronics sectors. Gyroscope is a reliable sensor technology providing accurate information about the product, and is an important tool in portable instruments allowing the motion of the device to be tracked independently of GPS or other external location measurements.
Asia-Pacific is expected to be the fastest growing market for IoT sensors, which can be segregated into India, China, Japan, South Korea, Australia, and the rest of APAC.
Asia-Pacific region, becoming a global focal point for large investments and business expansion opportunities, is a major market in various sectors like consumer electronics devices & appliances, automobiles and healthcare, among others.
In the current market scenario, MEMS-based sensors like accelerometers, magnetometers, gyroscopes, and inertial sensors are going through increasing demand for smart applications such as smart city, automotive, and healthcare among others.
In the automobile sector, this region has grabbed a share of more than 50 percent of the universal passenger car production (2015).
China, considered to be the major market for IoT sensors, has consumer electronics, automotive, and healthcare being the major industries contributing to its growth. The market for IoT sensor will hold major share in China.
All software platforms on the market are aimed at cutting cost and development time for IoT solutions with the provision of standardized components that can be applied across many industry verticals to integrate devices, networks and applications.
Also, the current IoT platforms have overlapping functionality or other unique features. Hence, there is a need for machine-to-machine (M2M) deployments as customized solutions deployed within single industry verticals, or by one company, to enhance present business operations.
Integration of sensors, devices and information systems across industry verticals and organisations to transform operations and enable new business models, are the focus of IoT at present.
In the IoT martket, sensors have bagged nearly 80 percent of the investment due to demand from IoT technologies, with North America topping the charts.
Meanwhile a new report from Lux Research finds that North America has more than 340 companies amounting to about 80 percent or $3.4 billion of the total investment in sensor technologies since 2006.
The net investment in innovative sensors has tripled between 2006 and 2015, to become $486 million in 2015, added Lux research.
Also, Samsung is investing $13 billion, Sony $4 billion, and Panasonic $780 million for sensor development while IBM is investing $3 billion in sensor data. Ford has set up a research and development center on sensors for transportation.