The global IoT Sensors market is anticipated to grow from USD 7.8 billion in 2020 to USD 30.5 billion by 2027, expanding at a CAGR of 27.2% from 2021 to 2027.

The global IoT sensors market is anticipated to grow at a CAGR of 27.2% during the forecast period 2021-2027. The rising adoption of connected devices, rising demand for electronics wearables, development in technologies, the significance of real-time computing applications are fuelling the growth of the IoT sensors market globally. IoT sensors have extensive applicability in devices used for automotive, industrial sectors, and consumer electronics.

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The COVID-19 outbreak has impacted the global IoT sensor market. Owing the decline in the number of new industrial projects, temporary shutdown of production units, decrease in crude oil prices are the factors that have hindered the growth of the global IoT sensors market.

Pressure sensors are anticipated to be the largest in the IoT sensor market owing to the rising need for safety, comfort, and reduction in automobile emissions. Moreover, mandatory regulations regarding installing onboard diagnostics to reduce greenhouse gas emissions will create opportunities for growth in the pressure sensor market.

Smart city initiatives, development in field devices, sensors, robots, and supportive government initiatives for funding IoT projects are opportunities in the global IoT sensor market.

North America dominates the IoT sensors market owing to the rising technological development in the region and rising adoption of wireless sensors and networks across industries, healthcare, transportation, and the automotive sector.

The prominent players in the IoT Sensor industry include Texas Instruments, Sensirion, Analog Devices, Te Connectivity, Bosch Sensortec, TDK (Invensense), Broadcom (Avago), STMicroelectronics, and Omron.

Source: VynZ Research