Unleashing the Power of IoT Sensors: Sales Soar in the Connected World | Fact.MR Report

Global sales of IoT sensors is expected to procure US$ 27.4 Billion in 2022, up from US$ 21.8 Billion in 2021. The global IoT sensors market is expected to garner absolute dollar growth of US$ 146.3 Billion by 2032.

The projected Y-o-Y growth rate for 2021-2022 is 25.7%. The convergence of technology such as AI, ML, and connectivity is escalating growth across all spheres. Rising deployment of 5G and increased electronic content in automotive, EVs, and AVs, and the expansion of IoT equipment in smart homes are the emerging trends of the global IoT sensors market.

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Increasing demand for integration of Industrial IoT (IIoT) in sectors that demand sensor-based measurements for observations and decision support purposes to projected to drive the expansion of the IoT sensors market in the forecast period. Based on region, North America is expected to dominate the market in the forecast period. The U.S alone is anticipated to garner a revenue of US$ 33.8 Billion by 2032. The U.S is expected to emerge as the strongest player across the globe. This can be attributed to the presence of eminent players such as Honeywell. Besides, other cities like San Francisco pioneered smart parking systems that assist drivers to find parking among 8200 parking spots installed with sensors.

Further, Chicago has installed a various array of sensors to detect and respond to floods, or traffic. Moreover, New York, Chicago, and San Francisco are some of the cities in the U.S to embed sensor nodes into light poles for the urban environment, regulate air quality in congested areas, and institute predictive analytics.

Competitive Landscape

Key players in the global IoT sensors market are focusing on product development and carrying out various advanced research and development programs. Enterprises are making several efforts to collaborate with various technology providers to give innovative results. Recent key developments among players are:

• In February 2022, Siemens updated its NX Software under the Xcelerator portfolio, with attributes like intelligence-based design. This update allows the application to use AI and modern simulation technologies, offering efficient insights to the consumers.
• In January 2022, PTC disclosed an alliance with Schaeffler Group. It is a Germany-based manufacturer that implements an absolute IT landscape. The new partnership focuses to support Schaeffler’s initiatives for digital twin and visualization of 3D models.

Key Companies Profiled:

• Infineon Technologies (Germany)
• STMicroelectronics N.V. (Switzerland)
• IBM (U.S.)
• Robert Bosch GmbH (Germany)
• Honeywell International Inc. (U.S.)

Key Questions Covered in the IoT Sensors Market Report

• What is the projected value of the IoT Sensors factors Industry in 2022?
• At what rate will the global IoT Sensors factors market size grow until 2032?
• Which are the factors hampering the growth of IoT Sensors factors?
• Which region is expected to lead in the global IoT Sensors factors market By 2032?
• Which are the factors driving the IoT Sensors factors Industry during the forecast period?
• What is the expected market value of the IoT Sensors factors market during the forecast period?

Regional Analysis For IoT Sensors Market:

• APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
• North America (USA, Canada and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, United Arab Emirates, South Africa)

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