In its report “IoT Sensors Market Research Report,” Market Research Engine expects the global IoT sensors market to grow from $10.08 billion in 2019 to $10.38 billion in 2020 at a growth rate of a mere 3.03%. The slow growth in 2020 is attributed to the economic slowdown worldwide from the COVID-19 outbreak. Expecting a return to pre-COVID-19 reality, the report projects the market to grow and reach $19.51 billion in 2023 at a compound annual growth rate (CAGR) of 23.39%.
The report classifies the internet of things (IoT) sensors market as consisting of sales of IoT sensors as well as related services. Both aspects occur in healthcare, automotive, transportation, manufacturing and other industrial sectors. The interconnected smart devices that collectively comprise the IoT, include mechanical and digital machines, objects, animals or people supplied with unique identifiers (UIDs). All of these “things” have the ability to transmit data across a network without human-to-human or human-to-computer interaction.
Sensor types in the IoT Sensors Market analysis include:
- Inertial Sensors
- Image Sensors
- Touch Sensors
- Temperature Sensors
- Pressure Sensors
- Humidity Sensors
- Flow Sensors
The report finds that artificial intelligence (AI) is a key trend in the IoT sensors market, saying, “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.”
A variety of wireless and wired network technologies in five regions (North America, South America, Europe, Asia Pacific (APAC) and other) are addressed in the report as well as analysis of key vertical markets and major sensor suppliers.