IoT Sensors Market: Growth, Trends, and Future Prospects

IoT sensors market is expected to grow from USD 16.0 billion in 2024 to USD 70.1 billion by 2029; it is expected to grow at a CAGR of 34.4% during 2024 to 2029.

The Internet of Things (IoT) sensors market has experienced rapid growth, driven by the increasing adoption of IoT technologies across various industries. IoT sensors are essential components that collect data from the physical environment, enabling devices to communicate and perform intelligent actions. These sensors are used in various applications, such as smart homes, healthcare, manufacturing, transportation, and agriculture, among others.

Internet of Things (IoT) Sensors Market Overview

The IoT sensors market is poised to expand significantly in the coming years, with estimates suggesting a compound annual growth rate (CAGR) of over 20% from 2023 to 2030. This growth is fueled by the proliferation of connected devices, advancements in wireless communication technologies, and the need for real-time data analytics.

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Key Drivers

1. Increased Adoption of Smart Devices: The rising number of smart devices, including smartphones, wearables, and home automation systems, has led to an increased demand for IoT sensors. These sensors enable devices to monitor and control various functions, enhancing user experience and convenience.
2. Industrial IoT (IIoT): The industrial sector is one of the largest consumers of IoT sensors. IIoT applications, such as predictive maintenance, asset tracking, and energy management, rely heavily on sensors to improve operational efficiency and reduce costs. The growing trend of Industry 4.0 and smart manufacturing is further propelling the demand for IoT sensors in this sector.
3. Healthcare Innovations: The healthcare industry is leveraging IoT sensors for remote patient monitoring, wearable health devices, and smart diagnostics. These sensors enable continuous monitoring of vital signs, leading to better patient outcomes and more efficient healthcare delivery.
4. Advancements in Wireless Communication: The development of low-power wide-area networks (LPWANs) and 5G technology has enhanced the connectivity and efficiency of IoT devices. These advancements have made it easier to deploy IoT sensors in remote or hard-to-reach areas, further expanding their use cases.

1 INTRODUCTION (Page No. — 31)

1.1 STUDY OBJECTIVES

1.2 MARKET DEFINITION

1.3 STUDY SCOPE

1.3.1 MARKETS COVERED

FIGURE 1 MARKET SEGMENTATION

1.3.2 REGIONAL SCOPE

1.3.3 YEARS CONSIDERED

1.4 INCLUSIONS AND EXCLUSIONS

1.5 CURRENCY CONSIDERED 34

1.6 STAKEHOLDERS 34

1.7 SUMMARY OF CHANGES 35

2 RESEARCH METHODOLOGY (Page No. — 36)

2.1 RESEARCH DATA

FIGURE 2 RESEARCH PROCESS FLOW

FIGURE 3 RESEARCH DESIGN

2.1.1 SECONDARY AND PRIMARY RESEARCH

2.1.1.1 Key industry insights

2.1.2 SECONDARY DATA

2.1.2.1 List of key secondary sources

2.1.2.2 Key data from secondary sources

2.1.3 PRIMARY DATA

2.1.3.1 Breakdown of primary interviews

2.1.3.2 Key data from primary sources

2.2 MARKET SIZE ESTIMATION

2.2.1 BOTTOM-UP APPROACH

2.2.1.1 Approach to arrive at market size using bottom-up analysis (demand side)

FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH

2.2.2 TOP-DOWN APPROACH

2.2.2.1 Approach to arrive at market size using top-down analysis (supply side)

FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH

2.3 DATA TRIANGULATION

FIGURE 6 DATA TRIANGULATION

2.4 RESEARCH ASSUMPTIONS

2.5 RESEARCH LIMITATIONS

2.6 RISK ASSESSMENT

2.7 RECESSION IMPACT ANALYSIS

FIGURE 7 IMPACT OF RECESSION ON IOT SENSORS MARKET, 2020–2029 (USD MILLION)

2.7.1 PARAMETERS TO ANALYZE RECESSION IMPACT