2024 Global Current Sensor Market Report

Estimated reading time: 2 minutes

The report evaluates the connected device market segment including consumer, enterprise, and industrial devices with associated connected device market sizing from 2019 to 2024.

The number, type, and purpose of connected devices is rapidly expanding as the internet of things (IoT) evolves beyond the current state of limited applications, many of which remain isolated and purpose-built for a given use case, industry vertical, and company. Over the course of the next four to six years, many IoT applications will become increasingly interconnected.

Some of these applications will be enhanced through communication with a smart device, which is a connected device that benefits embedded intelligence. In contrast, an IoT Device need not be smart, and in fact, many are relatively unintelligent devices that are typically single-purpose and rely upon intelligence to be provided elsewhere for data processing, analytics, analysis, and dispersal of actionable information, typically via a cloud services model.

It is important to note that cloud services may be either centralized or distributed via multi-access edge computing (MEC) infrastructure. MEC will also facilitate an entirely new class of low-power devices that rely upon MEC equipment for processing. Stated differently, some IoT devices will be very light-weight computationally speaking, relying upon edge computing nodes for most of their computation needs.

Another driver for the expansion of connected devices is the Mobile Edge Computing market, will facilitate an entirely new class of low-power devices that rely upon MEC equipment for processing. Stated differently, some IoT devices will be very light-weight computationally speaking, relying upon edge computing nodes for most of their computation needs.

Highlights:

• The global market for devices in support of energy management (air conditioners, temperature controllers, smart lighting, smart windows, etc.) will reach almost $6 billion by 2024
• The global market for devices in support of government security and monitoring equipment (CCTV, cameras, etc.) and structural health monitoring devices will reach $4.6 billion by 2024
• The global market for devices in support of hospital equipment (mobile furniture, monitoring and diagnostic equipment, surgical tools, pathology and laboratory equipment, ambulance, etc.) will reach $1.4 billion by 2024