The global IoT sensors market size was estimated at USD 13.36 billion in 2023 and is expected to grow at a CAGR of 36.8% from 2024 to 2030. The market growth is attributed to the growing inclination for connected devices across several industry verticals, such as automotive, retail, healthcare, aerospace, defense, building automation, manufacturing, etc. Moreover, the growing significance of real-time data to optimize processes and workflows, identify errors, improve response times, and make data-driven strategies is creating lucrative opportunities for IoT sensors market.

Rapid urbanization across different parts of the world and simultaneous development of smart cities and proliferation of smart homes is positively influencing the IoT sensors market outlook. The popularity of smart homes and buildings is driving demand for sensors that collect data on temperature, humidity, lighting, and occupancy. This data facilitates remote monitoring, automated control, and improved energy efficiency. Besides, increasing demand for connected cars that are powered by IoT sensors for navigation, safety features, and autonomous driving technologies is also creating significant growth avenues for the market.

In addition, factors such as growing fitness consciousness, rising disposable incomes, and increasing consumer demand for smart gadgets are creating significant growth avenues for IoT sensors market. Increasing demand for smartwatches, fitness trackers, and health monitors is stimulating the demand for high-end sensors. Some smartwatches now feature blood oxygen sensors or electrocardiogram (ECG) sensors for advanced health monitoring. These gadgets essentially rely on IoT sensors which further fuels the product demand, accelerating the market expansion.

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The growth of IoT sensors market is being further driven by the increasing focus of market players on innovation and technological advancements to develop cutting-edge sensor solutions that can effectively cater to the evolving consumer needs. For instance, in May 2024, Sensirion AG launched SLD3x, a miniature liquid flow sensor platform for drug delivery in subcutaneous processes. This solution has been designed to ensure precise dosing and improved patient care during various subcutaneous therapies. Such developments are expected to boost the market growth in coming years

Regional Insights

The IoT sensors market in North America accounted for largest revenue share of over 40% in 2023 as the region boasts a well-developed digital infrastructure with high-speed internet connectivity and extensive deployment of IoT networks. Moreover, the strong presence of several major IoT sensor manufacturers and technology companies that are engaged in the development of innovative sensor technologies is creating ample growth opportunities for the regional market.  

Key IoT Sensors Company Insights

Some players operating in the market include Honeywell International, Inc., Siemens AG, and Robert Bosch GmbH among others.

  • Honeywell International, Inc. is a multinational conglomerate that operates in various industries, including aerospace, building technologies, performance materials, and safety and productivity solutions. The company is known for its innovative technologies and solutions that cater to a wide range of applications, from industrial automation to smart home devices and offers a diverse portfolio of sensor products that are used in industrial automation, HVAC systems, transportation, and more.
  • Siemens AG is a German multinational conglomerate that operates in various sectors such as energy, healthcare, industry, and infrastructure. The company offers a comprehensive range of sensor solutions that are integrated into its automation systems and IoT platforms. These sensors are designed to provide accurate data collection for monitoring and controlling various processes across industries like manufacturing, energy management, and smart buildings.
  • Robert Bosch GmbH is a German technology and services provider. The company operates through four major business segments: industrial technology, consumer goods, mobility solutions, and the energy & building technology segment. It offers smart home solutions that enable homeowners to control and monitor various appliances and systems, including heating, lighting, and security, through a single platform.

Key IoT Sensors Companies:

The following are the leading companies in the IoT sensors market. These companies collectively hold the largest market share and dictate industry trends.

  • Texas Instruments
  • TE Connectivity Corporation
  • STMicroelectronics International N.V.
  • NXP Semiconductor N.V.
  • Honeywell International Inc.
  • Siemens AG
  • General Electric
  • OMRON Corporation
  • Murata Manufacturing Co., Ltd.
  • Analog Devices, Inc.
  • Robert Bosch GmbH
  • Infineon Technologies AG
  • Sensirion AG

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