APAC expected to grow at the highest rate during the forecast period
The IoT sensors market is expected to reach USD 38.41 Billion by 2022, growing at a CAGR of 42.08% between 2016 and 2022, as per the market research report.
The major factors driving the growth of the IoT sensors market include –
- Development of cheaper, smarter and smaller sensors
- Growing market for smart devices and wearables
- Need for real-time computing of applications
- Increase in demand for IoT sensors in various applications
- Supportive government initiatives
- Deployment of IPv6
- Role of sensor fusion concept in IoT sensors market
In this study, the APAC market has been divided into India, China, Japan, South Korea, Australia, and Rest of APAC. Moreover, the Asia-Pacific region is one of the potential markets for the industrial and consumer IoT verticals as countries such as China, India, and Australia among others are actively trying to strengthen the IoT platform.
According to the research report, the consumer IoT vertical has been segmented into home automation, smart city, and wearable electronics.
The market for pressure sensors is expected to hold major share during the forecast period. This is mainly because their wide usage in a variety of application from medical applications, smart cities, wearable, environmental monitoring devices, remote sensing, industrial automation to consumer electronics need constant tracking and analyzing devices.