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Anonymous
Asked: January 25, 20202020-01-25T00:19:40+00:00 2020-01-25T00:19:40+00:00In: Information Technology

What is the global IoT sensors market size?

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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.

IoTmarket sizesensors
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    1. Lansford Level 2
      2020-01-27T00:35:16+00:00Added an answer on January 27, 2020 at
      This answer was edited.

      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:

      • The rapid adoption of IoT devices in almost every industry.
      • Prices of the sensors are quite low
      • Demand is high
      • Increase in the number of connected devices such as machines, consumer electronics, wearable devices, smart meters, smart homes and smart cities initiatives around the world,
      • The rapid rise of demand in the healthcare sector
      • Autonomous technology

      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

      • Analog Devices Incorporation
      • Arm Holdings
      • Broadcom Limited
      • Invensense
      • Infineon Technologies
      • Konux
      • NXP Semiconductors
      • Omron
      • Robert Bosch
      • Smartthings, Inc.
      • Texas Instruments
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    2. Randal Level 2
      2020-01-27T00:42:32+00:00Added an answer on January 27, 2020 at

      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.

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