IoT Sensor Market Size, Share and Drivers With Future Trends by 2023
Miniaturization of devices and development of smarter and low-priced sensors are the major factors propelling the growth of the global IoT sensor market. Moreover, the escalating market for wearable devices and personalized technology are the major factors backing the growth of the IoT sensor market around the globe.
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North America contributed the largest revenue to the global IoT sensor market; however, Asia-Pacific is expected to register the highest growth in the global IoT sensor market, during the forecast period. Some of the factors such as accelerated research and development in the field of IoT sensors, in terms of advanced and better technologies, and raising interest for upgraded lifestyle in the region are spurring the growth of the regional IoT sensor market.
Technological innovation in the automotive sector has been helping Asia-Pacific to grow at the fastest rate. China was the largest contributor to the Asia-Pacific IoT sensor market through electric motors used in automotive applications in terms of unit shipment and revenue.
The integration of IoT technologies in healthcare industry has significantly influenced healthcare solutions and has even enhanced readiness of operations in the region. It also helps healthcare industry to fight with several contagious diseases in the region. These factors are acting as drivers for the growth of the Asia-Pacific IoT sensor market.
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Some of the chip designers in the IoT sensor market include Maxim Integrated, ARM Holdings Plc., STMicroelectronics N.V., and Greenvity Communications. On the other hand, Infineon Technologies, Robert Bosch GmbH, and Honeywell International Inc are some of the component manufacturers. Technology providers in this market include InvenSense, Inc., TE Connectivity, Inc. and Sensirion AG. Also, some of the key system integrators include Robert Bosch GmbH, NXP Semiconductors N.V. and TE Connectivity, Inc.
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