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Global Market for IoT Sensors to Reach $48.0 Billion by 2023
August 23, 2018 | Globe NewswireEstimated reading time: 1 minute
Due to the ability to embed into almost any environment and their role as a critical end-point or starting point for IoT communications, the global market for sensors used with the Internet of Things is seeing explosive growth, according to a new report from BCC Research.
In 2017, the global market for sensors used within the Internet of Things was worth $10.5 billion. BCC Research estimates that it will reach $48.0 billion by 2023, indicating a compound annual growth rate (CAGR) of 27.8%, as discussed in the report Sensors for the Internet of Things (IoT): Global Markets.
Sensors are often the critical end-point or starting point for IoT communications. As such, the IoT sensor market is a subset of the $135.5 billion sensor market (2017), which is forecast to reach $283.4 billion by 2023 at a CAGR of 13.2%.
Research Highlights
- The Asia-Pacific region is forecast to produce the most revenue by 2023 at $18.7 billion, while also having a CAGR of 30.2%.
- There are few limitations to this market; however, manufacturing capacity and the lack of sufficient computing power are still notable obstacles.
- New requirements for these sensors include lower power and longer battery-life requirements, improved networking capability through embedded antennas, the ability to process or store short bursts or long streams of real-time data, wireless connectivity using Bluetooth Low Energy (BLE) and Wi-Fi, and protection of user privacy.
“New technology shaped by new requirements for IoT applications will create new product categories or bring new life to existing products through adaptations,” the report notes. “Techniques such as plug-and-play, miniaturization and hybridization will come into play to drive technological advances.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets.
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