Vision Research Reports prophesizes that the IoT sensor market will reach $50.6 billion by 2027, registering a CAGR of 35.05%, during a forecast period spanning 2019 to 2027. That’s not too shabby considering this market was valued at a paltry $9.6 billion in 2018. According to the research firm, the rise in automation applications is a key determiner for the increased role sensors play in every aspect of automation.
- IoT sensors market for gyroscopes is expected grow at the highest CAGR during the forecast period.
- Wireless network technologies are expected to hold a larger share of the IoT sensors market by 2018.
- Industrial vertical is expected to hold the largest share of the IoT sensors market during the forecast period.
- North America is expected to hold the largest share of the global IoT sensors market by 2018.
- Connected cars are providing a huge demand for IoT sensors.
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