New York, March 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "IOT Sensors Global Market Report 2022" - https://www.reportlinker.com/p06247508/?utm_source=GNW
The global IOT sensors market is expected grow from $5.79 billion in 2021 to $6.20 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.11 billion in 2026 at a CAGR of 6.9%.
The IoT sensors market consists of sales of IoT sensors and related services that are used in healthcare, automotive, transportation, manufacturing and other industrial sectors. The internet of things, or IoT, is a collection of interconnected smart devices, mechanical and digital machines, objects, animals or people supplied with unique identifiers (UIDs) and the ability to transmit data across a network without needing human-to-human or human-to-computer interaction.
The main type of IOT sensors are temperature sensors, pressure sensors, humidity sensors, flow sensors, accelerometers, magnetometers, gyroscopes, inertial sensors, image sensors and others.Temperature sensors help in monitoring the temperature of a ship to log it automatically.
The IOT sensors are applied across various areas such as building automation, industrial application, automotive application, healthcare application, retailing & logistics application, security application, agriculture application, other applications and used in healthcare, automotive and transportation, manufacturing/ industrial, others.
Asia Pacific was the largest region in the IoT sensors market in 2021.North America was the second-largest region in the IoT sensors market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The application of IoT in automotive and transport sectors is a key factor driving the growth of the IoT sensors market.The introduction of IoT in the automotive industry has opened up new opportunities for carmakers and consumers worldwide.
With industrial and commercial use, IoT has become a popular hotspot for varied multifunctional applications in the automotive sector.IoT offers enhanced communication, control, and data delivery at any transportation point.
For instance, the companies like Mercedes-Benz, Volkswagen, Volvo, Toyota and Google Inc. are increasingly investing in developing smart cars with rich features that offer healthier, more convenient and more enjoyable driving experiences. The driverless vehicles are likely to dominate the industry by 2030 according to NASDAQ estimates. Therefore, the application of IoT in automotive and transport industries is expected to drive the growth of the IoT sensors market.
The data security concerns are a key factor hampering the growth of the IoT sensors market.The rate of data intrusions is also increasingly growing with the rising technology.
IoT systems are being newly built, and safety requirements are lacking, this serves as a major obstacle to the growth of the market for IoT sensors, since enterprise data protection is of great importance when designing analytical solutions for many vertical applications.For instance, a group of researchers from Ruhr University Bochum in Germany identified a security problem in the common messaging apps WhatsApp which could allow hackers to spy on private group chats.
According to Forbes, in 2021, 97% of the firms are impacted by a cybersecurity breach in their supply chain and 93% of them suffered a direct cybersecurity breach. Therefore, the data security concerns are expected to limit the growth of the IoT sensors market.
The artificial intelligence is a key trend in the IoT sensors market.Artificial intelligence is the basic ingredient required to process the huge amount of data gathered these days, and to maximize its value for the company.
AI will assist IoT data analysis in the following areas, such as data accuracy in time series, predictive and advanced analytics, data preparation, geospatial and location real-time (logistic data).In 2020, based on their AI capabilities, the major cloud vendors, including Amazon, Microsoft and Google, are increasingly looking to succeed.
Various companies hope to expand their market share with AI algorithms capable of exploiting machine learning and deep learning, allowing businesses to derive more value from their ever-increasing data volumes.
In August 2019, Vodacom, a South Africa based company, cellular and accessory provider for individual and business customers looking for quick and fast service acquired IoT.nxt for an undisclosed amount. This deal will significantly accelerate Vodacom’s Internet of Things (IoT) strategy and transform its dedicated IoT business unit. IoT.nxt, also a South Africa based company, focuses on delivering innovative software and hardware solutions for the Internet of Things (IoT).
The countries covered in the IoT sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06247508/?utm_source=GNW
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