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N.A. IoT Sensor Market Driven by Growing Application of IoT and Connected Devices
May 29, 2019 | PRNewswireEstimated reading time: 2 minutes
The North America IoT sensor market accounted for $3,609.9 million in 2017 and is expected to grow at a CAGR of 21.6% over the forecast period 2018-2027, to account for $21,121.7 million in 2027.
Factors including the growing application of IoT and connected devices are driving the North America IoT Sensor market. The introduction of connected cars is supporting in the industries is creating a massive opportunity for the North America IoT Sensor market in the forecast period. Connected cars enable travelers or the car itself to automatically share the data within the vehicle and also outside the vehicle. Internet of things (IoT) is one of those technologies which has been breaking grounds to offer automotive manufacturers a new set of products and services which are entirely a new layer to the traditional car perceptions.
These new configurations may include sensors, controllers, lighting and software applications, these products and services are offered as stand-alone, where, the customer can plug and play as per the requirement or some of the features are built-in in the new generation cars. These systems can either be deployed in infotainment or automated control units of vehicles. The market players are focusing on various initiatives to enhance its reach to rural areas and boost its position in the North America IoT Sensor market.
The North America IoT Sensor market is fragmented with the presence of several industries and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the North America IoT Sensor market further. For instance, the government of North America manages huge projects of infrastructural development such as bridges, telephone lines, gas connections, and many others.
Similarly, for the IoT sector, the government takes responsibility for the regulation of intangible things such as data or information which flows between the devices, networks, and sensors. For different sensors and devices in order to share data and communicate, it is essential that these devices share common standards for communication protocols and data formats. The best and efficient way for the government to regulate and control IoT is to generate standards as a means for the regulation. These initiative provide various benefits to the IoT Sensor manufacturing companies located in the region. These initiatives are implemented to enhance the technologies that positively impact on the North America IoT Sensor market.
These initiative provide various benefits to the IoT Sensor based companies located in the region; thus, increasing the growth of North America IoT Sensor markets. This is further expected to provide the North America IoT Sensor market players to cope up with the rapidly transforming industrial requirement. This initiative provides multiple benefits to the companies present in this region and thus increasing the growth of North America IoT Sensor market.
Some of the players present in IoT Sensor market are Analog Devices, Inc., ARM Holdings PLC, Broadcom, Inc., Honeywell International, Inc., Infineon Technologies AG, NXP Semiconductors N.V., Omron Corporation, Robert Bosch Gmbh, STMicroelectronics N.V., and Texas Instruments Incorporated among others.
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