- The sales of IoT Sensors are anticipated to be higher in the countries of East Asia
- The connected car application segment will be the fastest-growing segment in the forecast period of 2019-2029
According to a report by Persistence Market Research, the global sales of IoT sensors is all set for a 24 per cent CAGR during the course of the next decade.
The key factors driving the growth of IoT sensors market include smart city initiatives, smart lighting, smart meters, smart parking, smart payment systems, connected vehicles, and smart waste management practices.
The report highlighted that the sales of IoT Sensors are anticipated to be higher in the countries of East Asia. The connected car application segment will be the fastest-growing segment in the forecast period of 2019-2029.
It stated that the lack of IoT data security and increasing data and bandwidth connectivity issues are key challenges for manufacturers in the IoT sensors market. It added that growth in demand for wearable electronics such as hearing aids will generate opportunities for IoT sensors market players over the following years.
Some of the key players in the IoT Sensors market include Bosch Sensortec, Texas Instruments, TDK (Invensense), TE Connectivity, Broadcom (Avago), NXP Semiconductors, STMicroelectronics, Infineon Technology, Analog Devices, Omron, Honeywell International, Siemens, General Electric, SmartThings and Murata Manufacturing.