IoT Sensors Market to Garner $141.80 Billion, Globally, By 2030 at 28.1% CAGR: Allied Market Research

Major Determinants of the Market Growth Rise in use of sensors in IoT applications, surge in use of IoT sensors in automotive and industrial sectors, and high demand for connected and wearable devices have boosted the growth of the global IoT sensors market. However, data privacy and security related concerns hinder the market growth. On the contrary, increase in demand for IoT sensors in development of smart cities is expected to open new opportunities for the market players in the...

Major Determinants of the Market Growth

Rise in use of sensors in IoT applications, surge in use of IoT sensors in automotive and industrial sectors, and high demand for connected and wearable devices have boosted the growth of the global IoT sensors market. However, data privacy and security related concerns hinder the market growth. On the contrary, increase in demand for IoT sensors in development of smart cities is expected to open new opportunities for the market players in the future.

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COVID-19 Scenario:

The Gas Sensor to Manifest the Highest CAGR through 2030

By type, the gas sensor segment is expected to register the highest CAGR of 36.4% during the forecast period, as smart sensors can automatically act to avoid damages from leakages. However, the pressure sensor segment held the lion's share in 2020, accounting for nearly one-fifth of the IoT sensors market, due to government regulations mandating use of pressure sensors in several IoT industrial applications.

The Wired Segment Held the Lion's Share

By network technology, the wired segment dominated the market in 2020, contributing to more than half of the IoT sensors market, due to their reliability and less possibility of dropped connections. However, the wireless segment is expected to register the highest CAGR of 29.2% during the forecast period, owing to rise in launch of wireless IoT sensors and their scalability.

Asia-Pacific, Followed By North America, to Contribute the Highest Revenue By 2030

By region, the IoT sensors market across Asia-Pacific held the largest share in 2020, accounting for nearly half of the market. Moreover, the region is projected to portray the highest CAGR of 29.1% during the forecast period, due to rapid industrialization and rise in population across the region. On the other hand, North America held the second-largest share in 2020, contributing to more than one-fourth of the market.

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Major Market Players

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