IoT sensor market to touch $9.9 bn in revenues by 2026: Report
The global Internet of Things (IoT) sensor market is expected to be valued at $9.9 billion in revenues by the end of 2026, a new market research report from Pune-based analytics firm Persistence Market Research.
At the end of 2017, the IoT sensor market was estimated to be valued at $3.35 billion, the report added. For the forecast period, 2017-2026, the market is expected to grow at a compound-annual-growth-rate (CAGR) of 12.7% to reach $9.9 billion, it said.
The report further observed that IoT sensors are gaining considerable traction as they are being deployed in different industries such as automobiles and manufacturing. In the latter segment, the sensors reduce costs, streamline processes and gather data about various machines that produce goods.
Besides the above sectors, IoT sensors can also be implemented in smart cities, where they are used for traffic management and monitoring of energy consumption. They also find application in the healthcare industry, where they are used in the form of biosensors and implantable sensors. These sensors can also be used in consumer electronics like smart TVs, refrigerators and air-conditioners.
According to the report, the pressure (sensor) sub-segment in the type category is the largest by value and is poised to display a CAGR of 13.3% during the assessment period. This segment is likely to reach a market valuation of nearly $3.15 billion by the end of the assessment period in 2026.
The temperature (sensor) sub-segment in the type category is likely to display the fastest CAGR of 14.8% during the period of assessment and is poised to reach a valuation of nearly $2.6 billion by the end of the year 2026.
The consumer IoT sub-segment in the applications category of the global IoT sensor market is anticipated to exhibit the fastest growth rate of 15.8% during the period of forecast and is likely to reach a valuation of nearly $4.85 billion by the end of the year 2026.
According to the report, North America leads the global IoT sensor market and is likely to exhibit a CAGR of 11.8% during the assessment period and will be valued at nearly $3.2 billion by 2026.
In a report in March this year, research firm Gartner showed that global security spending on IoT is expected to reach $1.5 billion (Rs 9,782 crore) in 2018, from $1.17 billion a year ago. The spend for 2021 will double to $3.1 billion, considering 2018 as base, it added. According to the firm, nearly 20% of organisations surveyed have faced at least one IoT-based attack in the past three years.