Modern technology has changed the lifestyle of people and is still evolving. Internet of Things (IoT) emerged as a boon for the technological and virtual world, by connecting the electronic devices across the globe to send and receive data. The latest development in this industry is sensors in Internet of Things (IoT), which are co-efficient and eco-friendly in nature. Internet of Things (IoT) is a swiftly growing industry and has a potential to become huge in the future.
Since its inception, Internet of Things (IoT) has gained immense popularity in the developed regions and has had a huge impact on the sensor market which has led to an increased use of sensors in IoT. Sensors are contributing in the field of modern technology to a large extent, as they help in monitoring our surroundings in an efficient manner. Sensors are now available for all major application fields. Various sensors have been used within industries to send out emergency signals or alert during any mishap. Some of these sensors are- temperature, humidity and vibration sensors.
The sensors in Internet of Things (IoT) devices are expanding. The global sensors in IoT devices market was estimated to reach at $10,596.39 million in 2015, and is expected to rise at a significant level by 2022 at a CAGR of 26.91% from 2015-2022. The widespread internet connectivity, increasing adoption of mobile technology and constantly falling average selling price of sensors in IoT devices are some of the factors responsible for the growth of sensors in IoT devices market. Support from the government for the adoption of sensor in IoT devices is an additional advantage for the growth of this market.
During the development of sensors in Internet of Thing (IoT) market, many major companies contributed greatly to the development by promoting partnerships, collaborations, mergers and acquisitions etc. In 2014 and 2015, CISCO delved into many partnerships, collaborations, mergers and acquisition which made it the first ranked among others. CISCO Systems manages to be at the top of the market because of its diversification of products, highest revenue generation, and widespread geographical presence across the globe.
Different types of sensors are being used extensively in Internet of Things (IoT) and pressure sensors accounted for maximum share, of 31.27%, in 2015. The price of pressure sensors are continuously falling and thus, it has increased the demand for the same. Healthcare sector is widely utilising pressure sensors because of growing need of advanced medical facilities to the patients all across the globe. Retails is using sensors to minimize the cost of production and labour, as well as to detect theft with the help of visual based sensors. In transportation sector, sensors have proved to be a blessing as it helps in monitoring the condition of agro based products and makes the delivery to the end users easier, with minimal wastage.
The sensors in Internet of Things (IoT) market is currently dominated by North America and Asia Pacific region. Both the regions are expected to grow at the highest rate from 2015 to 2022. The U.S is leading the market in North America and accounted for a market share of 68.59% in 2015. BIS Research has done an extensive report on ‘Global Sensors in Internet of Things Market’. The report provides an in-depth analysis of the key development strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry. For further queries, please write to us at [email protected] or call us at: +1 650 228 0182.