As per the research by Market Research Future Reports (MRFR), the global IoT sensor market is estimated to value USD 40 billion, thriving at a CAGR of 42% by the end of 2023. The increasing adoption of smart devices is the most significant factor leading to the expansion of the global IoT sensor market 2020. Since the prices are low, the deployment of IoT is gaining popularity across several sectors. Besides, there has been a continuous development of smarter and cheaper internet of things, which is additionally propelling the demand.
Moreover, there has been an increment in the demand for connected devices and wearables. Furthermore, the supportive initiative from the government is another factor that drives the market expansion considerably. In addition, the increasing demand for mobile communication and consumer electronics is another primary reason leading to market expansion.
The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Furthermore, a precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
The established market competitors of the worldwide IoT sensor market are International Business Machines Corporation (IBM), (U.S), AT & T Inc. (U.S), Amazon Web Services (U.S), Cisco System Inc. (U.S), Oracle Corporation (U.S), Google Inc. (U.S), Hitachi Data Systems (U.S.), Dell Inc. (U.S), Huawei Technologies Co. Ltd. (China), and Microsoft Corporation (U.S).
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The worldwide IoT sensor market can be segregated on the basis of component, type, vertical, network technology, and region.
The regional study of Asia Pacific, North America, Europe, and the Rest of the World has been performed. As per the analysis, North America is estimated to acquire the largest market share. On the other hand, the APAC region is likely to expand at the fastest pace during the assessment period. Most of the established companies are based out of North America, which is one of the most significant factors leading to market expansion. Besides, there has been an early and rapid IoT adoption, and individuals are well aware of the advantages of IoT. The APAC region is estimated to build the frontline of IoT with the fast adoption of IoT in the region.
The outbreak of COVID-19 is likely to change the market dynamics of several regions. Several regions have been affected due to the observation of nationwide lockdown in various countries.
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