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IoT Sensors Market worth $29.6 billion by 2026 – Exclusive Report by MarketsandMarkets™
IoT Sensors Market worth $29.6 billion by 2026 – Exclusive Report by MarketsandMarkets™ | #Verdafero #Integrators #IoT #Marketing | “IoT (Internet of Things) devices are everywhere and the number of them is quickly growing,” says Alastair Hood, CEO with Verdafero Inc. of San Francisco, CA. “System Integrators who work in the physical security space can earn additional RMR income by monitoring them for your existing and new customers.”
According to the new market research report “IoT Sensors Market with COVID-19 impact by Sensor type, Network Technology, Vertical, Application, and Geography (North America, Europe, APAC, RoW) – Global Forecast to 2026″, published by MarketsandMarkets™, the market is expected to grow from USD 8.4 billion in 2021 to USD 29.6 billion by 2026; it is expected to grow at a CAGR of 28.6% during 2021–2026. Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancement, and Introduction of 3GPP Release 13 and Release 14 specifications are the key factors driving the growth of the IoT sensors market. The Growth of Internet penetration rate and High demand for connected and wearables devices are factors propelling the growth of the IoT sensors market.
“Pressure sensor to hold the largest share of the IoT sensors market in 2020”
The market for pressure sensors is largely driven by increased concerns regarding safety, comfort levels, and reduction in automobile emissions. The regulatory mandates requiring the compulsory installation of onboard diagnostics to reduce greenhouse gas emissions will further lead to growth in demand for pressure sensors.
“The market for the Industrial IoT vertical to hold the largest share of the IoT sensors market in 2020”
The key factor fueling the growth of the industrial IoT segment of the IoT sensors market is the requirement to implement predictive maintenance techniques in different industries to monitor the working of industrial equipment to avoid unscheduled downtimes in production cycles. The intelligent wireless sensors constantly monitor parameters of critical processes in industrial environments, thereby leading to the increased operational efficiencies of industries. (read more)