The global IoT sensors market is estimated to grow at a CAGR of more than 25.0% during the forecast period. The major factors contributing to the growth of the market include rising industrialization across the globe, increasing demand for smart sensors in several industries, and the advent of smart homes and connected cars. Rapid industrialization has witnessed in the emerging countries owing to the growing presence of multinationals and the rising government initiatives to encourage industrialization in the country. For instance, in May 2015, the Chinese government introduced Made in China (MIC) 2025 initiative which comprises a range of state-backed programs that aims to accelerate productivity, modernize the Chinese economy, and make innovations in industrial processes.
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The MIC 2025 plan signifies that the country’s manufacturing sector is large, however, it lacks in quality of industrial infrastructure, innovation capacity, degree of digitalization, and the effectiveness of resource utilization. Under the plan, the Chinese government seeks to carry out the task of upgrade infrastructure and leverage technological developments. MIC 2025 aims to move China in the manufacturing value chain through smart manufacturing and advanced manufacturing technologies. The first step of MIC 2025 is to accelerate the total quality of manufacturing, labor productivity, and stimulate innovation. In addition, the plan enables the integration of advanced level of information technology solutions, decrease material and energy consumption, and develop industrial clusters and multinational enterprises. This contributes to the demand for IoT sensors in industrial processes to increase safety and facilitate industrial processes.
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Global IoT Sensors Market Segmentation
By Type
Pressure Sensor
Temperature Sensor
Optical Sensors
Chemical Sensor
Image Sensor
Motion Sensors
Others
By Technology
Wired
Wireless
By Application
Consumer
Commercial
Industrial
Regional Analysis
North America
United States
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
Rest of the World
Company Profiles
ABB Ltd.
Analog Devices, Inc.
Arm Ltd.
Cypress Semiconductor Corp.
Digi International Inc.
Ericsson AB
Fujitsu Ltd.
Honeywell International Inc.
IBM Corp.
Infineon Technologies AG
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