Innovation in Automotive Industry Leads to Unprecedented Uptake of IoT Sensors

Estimated reading time: 2 minutes

The competitive landscape of the global (Internet of Things) IoT sensors market is defined as a fragmented one. The presence of too many players such as IBM, Honeywell International Inc., ARM Holdings Plc., and Robert Bosch has made the business environment dynamic. The majority of the players operating in the global market are focusing towards developing highly receptive, intelligent, and technologically advanced IoT sensors to make a mark in the global market. “Strategic partnerships and collaborations will be the priority of several large players in the coming years,” observes the lead author of this research report. This move is backed with an intention to expand the existing product portfolio and win a wider consumer base, observes Transparency Market Research. 

Innovative Approaches by Automotive Sector to Design Safer Cars to Boost Demand for IoT Sensors 

IoT sensors are extensively used in automobiles for designing vehicles that deliver a high level of reliability, accuracy, and safety. The various types of sensors used in vehicles are air pressure sensors, vehicle speed sensors, fire detection sensors, and sensors for determining accurate steering angles. The automobile manufacturers are gradually shifting their focus towards developing “connected cars” that establish a connection with other vehicles, smartphones, and other devices to understand the real-time data pertaining to the vehicles. This move comes as automobile makers are trying to understand dangerous driving patterns such as sharp turns, sudden acceleration, braking, and drifting to design safer vehicles. Thus, increasing investments in research and development of such vehicles and the sensors they may require are expected to boost the demand for IoT sensors in the coming years. 

The unending demand for smarter electronics with each passing year has been pivotal to the growing demand for IoT sensors. Growing number of younger people splurging on portable, mobile devices are adding to the increasing sales of IoT sensors market, reports TMR research report. As these sensors are the very essence of smart devices and consumer electronics and appliances the demand for these will keep the sentiment in the global IoT sensors market upbeat. 

Lack of Security Standards to Protect Information Overshadows Market Growth 

The bright future of the global IoT sensors market is being overshadowed as doubts pertaining to lack of security to safeguard information are being raised. The lack of standardization to protect the information collected through various sensors is exposing users to cyber attack. However, if IoT sensor developers are to work on this drawback and determine a foolproof way of securing the authentication, authorization, and identification of users, the market could have a wide range of growth opportunities. 

Growth of North America IoT Sensors Market Attributed to Increased R&D Activities in U.S. 

According to the research report, the opportunity in the global IoT sensors market is anticipated to be worth US$34.75 bn by 2023 as compared to US$4.90 bn in 2014. Between the forecast period of 2015 and 2023, the global market is expected to progress at a CAGR of 24.5%. Consumer electronics is projected to be the leading application segment in the global market as the opportunity in this segment reaches US$7.6 bn by the end of 2023. Analysts predict that North America will the dominant regional segment as it expands at a CAGR of 23.8%. The robust pace of research and development activities in the U.S. will be the key driving factor for the North America IoT sensors market.