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The Global sensors for the internet of things market accounted for $10.6 billion in 2016 and expected to grow at a CAGR of 35.1% to reach $87.34 billion by 2023.
The factors driving the market are lower power and longer battery life requirements; IOT applications will create new product categories, sensor multiplicity and integrated sensor developments, supportive government initiatives, market for smart devices and wearables and need for real-time computing of applications. Increasing number of connected devices and rising adoption of IOT across small and medium businesses has broadened the scope for manufacturers. On the other hand, concerns regarding security and privacy, and lack of standardization are inhibiting the market growth.
The wireless network technology held the largest share in technology market due to the availability of cloud platforms & low installation and maintenance cost compared to wired devices. Consumer electronics represents a major share to the global market due to demand for smartphones, smart TV, and smart home appliances sets. Image Sensor CMOS will grow significantly during the forecast period because CMOS technology is increasingly being used in cameras. Gyroscopes and inertial sensors are witnessing increasing demand mostly due to applications as a navigation aid to calculate the position, orientation and velocity of vehicles such as ships, aircraft and drones.