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At first, sensors were used in analogue devices, such as meters, and showed results according to the data received by the sensor. But with the revolution in digital technology, sensors also become smart, and now they are used almost in every digital device, such as IoT, mobile phone, security cameras, and vehicles.
Analysis of IoT sensors market
The global IoT sensors market size is calculated at around US$ 15.3 billion in 2019 and is expected to reach US$ 45 billion by 2026.
IoT sensors market size
Most people confuse IoT device with IoT sensor. IoT sensor is a standalone sensor that is used in IoT devices, whereas an IoT device is a smart device which is comprised of one or many sensors working according to the data received through the sensors.
As IoT devices have to form connectivity with the network for data transfer, so in most advanced IoT devices, smart sensors are used, which has the ability to form connections with other devices and network.
Some of the factors behind the growth of IoT sensors include:
Regional IoT sensors market
North America has the largest market share compared to other regions due to the rapid adoption of IoT devices in the region in various places such as homes, factories, warehouses, and vehicles. A huge investment has also been going on across various industries on R&D.
GE invested about US$ 1.2 billion in its new standalone company, which was launched in Dec 2018. The company is only focused on the development of industrial IoT, which will, in turn, increase the GE IoT market value.
The partnership between AirWire Technologies and IBM, made in Jan 2018, under which both will work for the implementation of connected car and IoT services platform for the development of connected vehicles. In November 2018 AirWire announced its connected car app with the help of IBM Garage.
IoT sensors companies
Some of the key players in the IoT sensor industry include
Owing to Industry 4.0, all the industries are going to use smart devices rather than human efforts to make the processings smart and help increase revenue. This will indeed help IoT sensors.