June 29, 2020
According to the research report titled ‘Global IoT Smart Sensors Market Size study with COVID-19 Impact, by Type (Pressure Sensor, Environmental Sensor, Optical Sensor, Chemical Sensor, Motion Sensor and Others), by Application (Smart Home & Wearables, Smart Energy, Smart Security, Manufacturing, Transportation & Logistics, Healthcare and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global IoT smart sensors market is expected to register substantial growth by the year 2026.
For the record, smart sensor is a device which uses a built-in computing resource to perform predetermined functions based on input from physical environment and processes the data before transferring it.
Rising adoption of IoT sensors in applications such as detection, safety, security and tracking across various industry verticals such as consumables, electronics, mining, development of smart cities and automotive among others is a major factor driving the market growth. Smart sensors provide high scalability, better performance as well as reliability and are cost effective in nature. They are widely adopted in IoT (Internet of Things) to transfer data through available networks.
Moreover, growing demand for sensors in IoT devices, rising penetration of internet services and shifting preference for connected & wearable devices are further aiding the market expansion. Increasing business-centric activities such as strategic alliances and development of innovative products are also stimulating the industry outlook. In November 2019, for instance, Honeywell Inc. introduced its smart home security system having outdoor and indoor sensors as well as motion viewers that notify users if windows and doors are opened.
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Shutdown of manufacturing processes along with disruption in supply chain and distribution channels owing to emergence of COVID-19 pandemic may adversely impact the sales of IoT smart sensors in the forthcoming years. Additionally, rising concerns regarding data security may also act as restraining factor to the overall market growth.
As per type, global IoT smart sensors industry is bifurcated into motion sensor, chemical sensor, optical sensor, environmental sensor, pressure sensor and others. Elaborating on the application scope, the market is split into healthcare, transportation & logistics, manufacturing, smart security, smart energy, smart home & wearables and others.
Highlighting the geographical landscape, North America IoT smart sensors market is predicted to generate substantial revenues in the forthcoming years. Alternatively, Asia-Pacific market is anticipated to showcase robust growth during the projected timespan.
The major companies in global IoT smart sensors industry are ABB Group, Silicon Laboratories Inc., InvenSense Inc., Texas Instruments (TI), Panasonic Corp., Analog Devices Inc., Infineon Technologies AG, NXP Semiconductors N.V., Honeywell International Inc. and Robert Bosch GmbH (Bosch) among others.