IoT Sensors Market to Record Outstanding Growth by 2032
The value of the global IoT (Internet of Things) sensors market in 2021 was recorded at $21.8 billion. The market is expected to grow to a value of about $27.4 billion this year alone. There is a 25.7% projected year-on-year growth for the industry, as technologies like connectivity, machine learning and artificial intelligence are speeding up the process everywhere. Some of the trends that have emerged in the IoT sensors market globally include the implementation of 5G technology, widespread use of IoT devices in homes and more electronic content in AVs, EVs and the automotive industry.
Sectors are also contributing to demand in Industrial IoT (IIoT), particularly those that require observations based on sensors for making decisions. This is expected to lead to further expansion in the IoT sensors market globally from 2022 to 2032. During this forecast period, most of the demand is expected to come from North America. Forecasts indicate that the United States alone will be able to achieve record revenues of $33.8 billion in the IoT sensors market by the end of 2032, which means it will be the strongest player in the industry. It is primarily because some of the prominent players of the IoT sensors market are present in the US, such as Honeywell.
Furthermore, innovations have also been made in various US cities, such as that of San Francisco. The smart parking systems used in the city can come in handy for drivers and allow them to use sensors to find parking amongst the 8,200 spots that exist. In addition, a number of sensors have also been installed in the city of Chicago for flood detection and response, along with traffic monitoring. Sensors have also been embedded into light poles in the city of San Francisco, New York and Chicago for the purpose of regulating air quality and for analytics.
With such a large number of sensor applications, it is understandable why North America is going to be the most dominant player in the IoT sensor market in the future as well. Expansion of the industry has already begun because sensors, robots and field devices are already developed, or in development and numerous Smart City initiatives have also been launched. According to the statistics, the industry experienced a growth of about 23.9% from 2015 to 2021. The market for IoT sensors has gone up because of inexpensive devices and new business models and modern applications.
Therefore, the market has now become flooded with an array of connected equipment, which include consumer electronics, machines, connected cars and even meters. The fact that the price of IoT sensors has gone down is also expected to play a massive role in the growth of this space in the future. The reduction in sensor size has also added to the appeal and there is a great deal of demand seen in healthcare, consumer products as well as the automotive industry. Statistics show that the compounded annual growth rate of the IoT sensors market will be around 20.3% from 2022 to 2032.
