According to Persistence Market Research, the IoT sensor market is estimated to reach $9.98 bn by 2026. In comparison, the market was valued at $3.35 bn at the end of 2017.
The report they also released talks about how IoT sensors are gaining considerable traction, as various industries are starting to deploy them, including the mobile and manufacturing industries which serve as just a couple of examples. Since it’s possible to streamline processes, reduce costs, and monitor the production machines thanks to said technology, this is self-explanatory.
IoT sensors also have their place in smart cities, where it’s possible to use them for the purposes of monitoring energy consumption and traffic management. The technology is also seeing some use in the healthcare industry, where they are applied in the form of implantable sensors. Of course, they have also found their way into refrigerators, TVs, air conditioners and the like.
The report states that the pressure sensor sub-segment is the largest by value. This segment alone is estimated to reach $3.15 bn in value by the end of 2026. In second place, we have the temperature sensor, which is estimated to reach $2.6 bn in value by the end of 2026. As for the fastest-growing segment, the consumer IoT sub-segment is anticipated to have a growing rate of 15.8% during the above-mentioned period, and is likely to be valued at $4.85 bn.
The report identified North America as the leader in the global IoT sensor market.