Wireless IoT Sensors Market Size, Share, Growth, and Industry Analysis, By Type (Traditional Wireless Technology and LPWANs Technology), By Application (Smart Cities, Smart Industrial, Smart Building, Smart Connected Vehicles, Smart Energy, Smart Healthcare, and Others), and Regional Forecast By 2032

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WIRELESS IOT SENSORS MARKET REPORT OVERVIEW

The global Wireless IoT Sensors Market size is USD 8.33 billion in 2024 and is expected to reach USD 32.41 billion by 2032, growing at a compound annual growth rate (CAGR) of about 18.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the wireless IoT sensors market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Wireless IoT sensors are small, network-connected devices that are designed to collect and transmit data from the physical world to the Internet. They are a critical component of the Internet of Things (IoT) ecosystem, which is the network of devices, vehicles, and other objects that are connected to the internet and can communicate with each other.

These sensor devices are typically equipped with sensors such as temperature, humidity, motion, or light sensors, which allow them to gather data about their environment. They then transmit this data wirelessly to a gateway or hub, which acts as a bridge between the sensor network and the internet.

The market is predicted to rise with an excellent CAGR throughout the forecast period due to the increasing demand for real-time data and insights, the growth of cloud computing and big data analytics, and the increasing availability of low-cost wireless communication technologies. Therefore, these factors are likely to contribute to the rise in the demand for the device in several application factors. Based on type, traditional wireless technology, and LPWAN technology are available in the market. On the other hand, smart cities, smart industrial, smart building, smart connected vehicles, and so on are the prevalent segment in the market to fuel the demand for the device. In addition, smart cities is the leading segment in the market, accounting for the largest consumption.

COVID-19 Impact: Pandemic Slowdown the Demand and Supply for the IoT Sensors

The COVID-19 pandemic has had a significant impact on the wireless IoT sensors market. While the pandemic has disrupted many industries and supply chains, it has also created new opportunities for wireless IoT sensors in certain applications, particularly, the healthcare sector.

The pandemic has slowed down the growth of the wireless IoT sensors market in some industries, such as automotive and aerospace, which have seen a decrease in demand for their products. Although, the overall impact of the pandemic has been negative on the entire IoT sensors market. However, the smart healthcare sectors have experienced a spike in demand for wireless IoT sensors in 2020-21 which is expected to continue to rise in the coming years.

LATEST TRENDS

"Trend Adoption of Low-Power Wide-Area Networks (LPWANs) Expand the Market Scope"

The wireless IoT sensors market is a dynamic and rapidly evolving industry, with numerous innovative trends shaping its development. Some of the most significant trends in recent times include the emergence of edge computing, the adoption of low-power wide-area networks (LPWANs), the use of predictive maintenance, the growing popularity of smart city solutions, the increasing prevalence of wearables, and the introduction of 5G connectivity. As a result, the market is characterized by fierce competition, innovation, and continuous evolution. Furthermore, Powermat Technologies, the leading creator of wireless power solutions, has recently launched the PMT 100 Wireless Power Technology. This technology is designed to cater to the demands of medical, lifestyle, and Internet of things (IoT) devices. With improved overall performance and a user-friendly rechargeable experience, the Powermat PMT100 is priced competitively and offers scalability. It can be used for various applications, ranging from fitness apps and medical sensors to industrial sensors, thereby enhancing operational efficiency.

WIRELESS IOT SENSORS MARKET SEGMENTATION

By Type Analysis

According to type, the market can be bifurcated into Traditional Wireless Technology and LPWANs Technology.

By Application Analysis

Based on application, the market can be divided into Smart Cities, Smart Industrial, Smart Building, Smart Connected Vehicles, Smart Energy, Smart Healthcare, and Others.

DRIVING FACTORS

"Rising Demand for Smart Devices Elevate the Market Growth"

Increasing demand for smart devices is one of the primary factors driving the wireless IoT sensors market growth. The growing popularity of smart devices, such as smartphones, wearables, and smart home appliances, is fuelling the demand for wireless IoT sensors. These devices rely on wireless connectivity and sensor technology to provide users with enhanced functionality and convenience which is anticipated to aid the growth of the market throughout the projection period.

"Growing Adoption of Industry 4.0 Upsurge the Demand for the Wireless IoT Sensors"

The market is also driven by the growing adoption of Industry 4.0. Industry 4.0 is a new paradigm in manufacturing that relies heavily on wireless IoT sensors to enable real-time monitoring and control of industrial processes. Thus, the adoption of Industry 4.0 solutions is pouring the demand for wireless IoT sensors in the manufacturing sector. Along with this, asset tracking is becoming increasingly important in industries such as logistics, transportation, and healthcare. As a result, wireless IoT sensors are critical components of asset-tracking solutions that enable real-time tracking and monitoring of assets. Therefore, the rising need for asset tracking is contributing to market growth.

RESTRAINING FACTORS

"Security Concerns& High Installation Costs Can Hamper the Market Growth"

With the increasing use of wireless IoT sensors in various applications, there are growing concerns about data security and privacy. As a result, companies and individuals may be hesitant to adopt wireless IoT sensor technology until these concerns are adequately addressed. Besides, the installation of wireless IoT sensor networks can be expensive, particularly for large-scale deployments. This can be a significant barrier to adoption, particularly for small and medium-sized enterprises which can lead to a slowdown in the growth of the market.

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WIRELESS IOT SENSORS MARKET REGIONAL INSIGHTS

"North America Dominates the Market with the Well-Established Infrastructure"

As per statistics for 2021, North America is the leading region in the wireless IoT sensors market, In North America, the market growth is driven by the presence of prominent IoT companies, the increasing adoption of IoT solutions in industries such as healthcare, and the growing trend of smart homes and buildings. Apart from this, well-established infrastructure and the presence of the leading players in the continent are likely to contribute to being the dominating region. Thereby, the region is accounted for the largest wireless IoT sensors market share globally.

KEY INDUSTRY PLAYERS

"Key Players Offer a Wide Range of Wireless IoT Sensors and Related Solutions"

With regard to key players, the wireless IoT sensors market is highly competitive, with numerous companies operating in this space. Major companies offer a wide range of wireless IoT sensors and related solutions, including sensors for temperature, pressure, humidity, and motion sensing, among others. Additionally, some of the prominent companies such as Robert Bosch GmbH, Honeywell, Analog Devices, NXP Semiconductors, Infineon Technologies, Silicon Laboratories, and others are present in the market. The top five companies are acknowledged for the highest market revenue. Many of these companies are also investing heavily in research and development to stay ahead of the competition and develop innovative new solutions for the market.

List of Top Wireless IoT Sensors Companies

• Robert Bosch GmbH
• Honeywell
• Analog Devices
• NXP Semiconductors
• Infineon Technologies
• Silicon Laboratories
• ABB
• InvenSense (TDK)
• Panasonic
• Texas Instruments
• STMicroelectronics
• TE Connectivity
• Omron
• Semtech
• Sensata Technologies
• Vishay
• Sensirion AG

REPORT COVERAGE

This report defines the wireless IoT sensors market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.