Technology

Sales of IoT Sensors Is Expected to Procure US$ 146.3 Billion by 2032; Demand Originates from The EV’s Segment of the Automotive Industry

Compared to US$ 21.8 Billion in 2021, the worldwide IoT sensors market is predicted to generate US$ 27.4 Billion in 2022. The convergence of technology, including ML, AI, and networking, is speeding up progress in several industries. Emerging prospects in the worldwide IoT sensors market include the expansion of 5G deployment, increased electronic content in automobiles, electric vehicles, and aerial vehicles, as well as the expansion of IoT equipment in smart homes.

The most significant main drivers of IoT implementation are Industry 4.0 initiatives across numerous areas, including China and Europe. These initiatives will benefit the industry during the projection period. 60 percent of industrial companies are already working on IoT initiatives, and more than 30 percent are just getting started, according to Accenture.

Additionally, several nations throughout the world are putting their Smart City ideas into action due to increased urbanization and population. Smart meters, smart lighting, sensors, and other connected devices are increasing the effectiveness of infrastructure and other services.

Important conclusions from the market study

  • The market for IoT sensors will reach US$ 173.7 billion by 2032.
  • The IoT sensors market will grow at a CAGR of 20,3% between 2022 and 2032.
  • During the anticipated period, the accelerometers market is expected to increase at a rate of 20.7 percent.
  • From 2022 to 2032, the consumer electronics market will see a CAGR of 21.4%.
  • The UK market will be worth $10 billion.
  • From 2022 to 2032, the Indian market would grow at a CAGR of 30.3%.
  • By 2032, the U.S. market will be worth US$33.8 billion.

Competitive Environment

Several R&D initiatives are being carried out by major market participants in the IoT sensors space. STMicroelectronics N.V. (Switzerland), Robert Bosch GmbH (Germany), Infineon Technologies (Germany), IBM (U.S.), and Honeywell International Inc. are notable industry participants (U.S.). Important market developments include:

PTC announced a cooperation with the Schaeffler Group, a German manufacturer that uses an all-encompassing IT environment, in January 2022. The initiative’s main goal is to meet Schaeffler’s demand for digital twins and 3D model visualization.

Siemens updated their NX Software in February 2022, adding features like the intelligence-based design to the Xcelerator range. This makes it possible for the application to leverage AI and contemporary simulation technologies, giving users insightful information.

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