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IoT Sensor Market Insights:
The global IoT sensor market will touch USD 141.80 billion at a 17.79% CAGR by 2030, as per the recent Market Research Future report. The growing need for wireless network technology will boost market growth over the assessment period. This is chiefly on account of the growing adoption of the cloud platform across small and large enterprises. Besides, low installation as well as maintenance cost in comparison to wired devices is also boding well for the market growth.
The rising smart city programs will offer lucrative opportunities for this market in the forecast period. Several nations across the globe are putting initiatives for Smart City into practice for the increasing population and rising urbanization. Smart meters, sensors, smart lighting & other connected devices can augment the efficiency and functionality of infrastructure & other services. Also, the various initiatives like industry 4.0, smart households, smart infrastructure, and smart manufacturing are also adding market growth.
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Key Players:
are the notable vendors in the IoT Sensor Market.
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IoT Sensor Market Regional Analysis:
North America will head the market over the forecast period for the presence of established suppliers in the region and quick adoption of IoT technology in various sectors. The majority of the businesses here are increasingly utilizing IoT for monitoring the functioning of products, safeguarding costly breakdowns & wasteful routine maintenance shutdown. The usage of IoT within the area is also favouring market growth.
The APAC region will have admirable growth in the market over the forecast period. Various factors are propelling the market growth in the region such as the presence of several leading IoT sensor manufacturers, increasing need for IoT solution in Japan, South Korea, and China, growing use of connected devices, growth of smart cities, rise in population, quick industrialization, and increasing usage of IoT sensors in different industries like transportation, manufacturing, and healthcare.
IoT Sensor Market Segmentation:
The global IoT sensor market is bifurcated based on vertical and type.
By type, pressure will lead the market over the forecast period.
By vertical, industrial will domineer the market over the forecast period.
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The concerns regarding data security and privacy, lack of standardized protocols, interoperability issues, and high implementation & maintenance cost may act as market restraints over the forecast period.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
