IOT Sensor Market on a Rapid ClimbNovember 10, 2021
A study from Emergen Research predicts the global market for sensors to enable Internet of Things (IoT) technology to reach $204.74 billion by 2028, at a steady compound annual growth rate (CAGR) of 30.8 percent during the forecast period. Contributing to the rise is the growing trend of smart factories and automation of various manufacturing processes.
The use of IoT-enabled sensors and devices to increase productivity and allow more flexible manufacturing processes is on the rise, say the study’s authors. Sensors are increasingly being used in IoT devices in the manufacturing and automotive industries, as the need to track, regulate and increase operational efficiency increases. Sensors in IoT devices increasingly are being used for employee protection and well-being, the study finds, as well as to enable profitable process workflows and better space utilization. Over the forecast period, technological advances in sensors, field devices and robotics are expected to improve sensor deployment in an increasing range of IoT devices, with an emphasis on centralized monitoring, cloud, and quality inspection.