NEW YORK, July 12, 2017 /PRNewswire/ — Use this report to:
– Learn about the important role that sensors play in Internet of Things (IoT) applications.
– Gain an insight in to the opportunities that the IoT provides for sensor manufacturers.
– Analyze the market for various sensor types including temperature, flow level, pressure, and position sensors.
– The global market for Internet of Things (IoT) sensors reached $7.3 billion in 2015. This market is expected to increase from nearly $10.6 billion in 2016 to nearly $47.8 billion in 2021 at a compound annual growth rate (CAGR) of 35.0% for 2016-2021.
– North American market for IoT sensors is expected to grow from $3.7 billion in 2016 to $18.0 billion at a CAGR of 37.2% from 2016 through 2021.
– Asia-Pacific market for IoT sensors is expected to grow from $3.0 billion in 2016 to $14.0 billion in 2021 at a CAGR of 36.1% from 2016 through 2021.
Introduction & Scope
The Internet of Things (IoT) is an exploding market opportunity for manufacturers of sensor products and the technologies required to make them. Sensors are often the critical end point or starting point for IoT communications. As such, the IoT sensor market is a subset of the $123.5-billion sensor market (2016), which is forecast to grow to $240.3 billion by 2022 at a CAGR of 11.8%. Specifically, sensors play a critical role in the IoT sensor market, wherein a single IoT sensor may be comprised of or rely on multiple sensors serving different functions or providing area coverage. Therefore, the IoT sensor market CAGR will more closely resemble the 49.3% growth rate of the IoT market as a whole.
New technology shaped by new requirements for IoT applications will create new product categories or bring new life to existing products through adaptations. These new requirements include: lower power and longer battery-life requirements, improved networking capability through embedded antennas, and the ability to process or store short bursts or long streams of real-time data. Techniques such as miniaturization and hybridization will come into play to drive these advances.
STUDY GOALS AND OBJECTIVES
The goal of this report is to spotlight the important role that sensors play in IoT applications as well as to document the opportunities that the IoT provides for sensor manufacturers. Opportunities are expressed in terms of potential revenue for the addressable market for IoT sensors by geographic region, application type, and sensor type. This report is a companion report to the IoT and sensor market research reports provided by BCC Research.
REASONS FOR DOING THE STUDY
The purpose of this study is to document a growing market opportunity with a high degree of granularity to enable manufacturers to determine the most effective research and development, product packaging, and marketing and sales strategies.
This report is intended to help the following:
Marketing l managers, to identify newer market opportunities and to develop targeted promotional plans for IoT sensors and related products.
– Research and development professionals, to stay on top of competitor initiatives, to explore demand for IoT sensors, and to develop new products suited for newer applications.
– Advertising agencies working with clients in the IoT sensor industry, to understand the products and to develop messages and images that will influence consumers to purchase these products.
– Business development executives, to understand the dynamics of the market and to identify possible new markets.
– Information and research center librarians, to provide market researchers and brand and product managers with the information they need to do their jobs more effectively.
SCOPE AND FORMAT
This report covers the global market for IoT sensors and provides regional analyses of North America, Latin America, Europe, the Middle East and Africa, and Asia-Pacific. Applications covered include agriculture and farming, environmental impact assessment, home automation, healthcare, industrial controls, logistics and retailing, security and emergency, water and waste management, and utility metering. Sensor types covered include temperature, flow level, pressure, and position sensors.
Both primary and secondary research methodologies were used in preparing this report. Initially, a comprehensive and exhaustive search of the literature on IoT sensors was conducted. These sources include relevant journals and related books, trade literature, marketing literature, other product/promotional literature, annual reports, analyst reports, and other publications. Subsequently, telephone interviews and email correspondence were conducted with marketing executives, product sales engineers, international sales managers, application engineers, and other personnel of IoT sensor companies. Other sources included academics, related suppliers, technical experts, and consulting companies.
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