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IoT Sensors Market Worth $38.41 Billion by 2022
August 26, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "IoT Sensors Market - Global Forecast to 2022"report to their offering.
The IoT sensors market is expected to grow from USD 3.34 billion in 2015 to USD 38.41 billion by 2022, at a CAGR of 42.08% between 2016 and 2022.
The growth of this market is propelled by the development of cheaper, smarter, and smaller sensors, the growing market for smart devices and wearables, the need for real-time computing of applications, and increase in demand for IoT sensors in various applications. The market is further driven by the supportive government initiatives, deployment of IPv6, and role of the sensor fusion concept in the IoT sensors market.
Gyroscopes are increasingly being used in various industries such as automotive, industrial, healthcare and consumer electronics sectors. The gyroscopes are very reliable sensors and provide accurate information about the product. This sensor is an important tool in portable instruments as it allows a device's motion to be tracked independently of GPS or other external location measurements.
Asia-Pacific is expected to be the fastest-growing market for IoT sensors. The APAC market is divided into India, China, Japan, South Korea, Australia, and Rest of APAC. Asia-Pacific is a major market for various sectors such as consumer electronics devices & appliances, automobiles and healthcare, among others. This region has become a global focal point for large investments and business expansion opportunities.
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