The market for Internet of Things is robust, and consequently, so is the market for sensors. BCC Research’s recently hosted webinars that explored how IoT technologies are contributing to sensors markets in two key, yet divergent, applications: process manufacturing and healthcare. We’ve rounded up key takeaways from each, with summaries of these markets, where they’re headed, and how sensors are enabling the Internet of Things to grow at double-digit compound annual growth rates (CAGRs).
IoT Technologies for Process Manufacturing: Global Markets
Analyst Paul Korzeniowski recently dissected emerging technologies for process manufacturing within the Internet of Things global market at-length. Korzeniowski attributes developments in this market to intelligent end-points becoming smaller, standard network protocols, process manufacturers that can gauge performances in new places. Overall, this commerce can be divided into three main sections that include hardware, software and networking.
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BCC Research estimates that the global market for the Internet of Things in process manufacturing will be worth $2.7 billion in 2022, reaching a CAGR of 28.7%. The largest segment that will experience growth during this period will be software, which has increased from $3.7 billion in 2017 to a forecasted $14.4 billion in 2022.
Drivers that are moving numerous IoT companies forward involve new networking technologies, cloud computing, big data, analytics and security. However, there are a fair amount of challenges that still face the industry, as manufacturing is a specialized market with high demands and significant competitive pressures. Moreover, new interfaces and integration can cause issues for those who want to dominate the field.
“It is a revolutionary technology,” said Korzeniowski, during the webinar. “It has tremendous potential, but it also has tremendous risks in terms of complexity. We are seeing a lot of vendors working together to try to form alliances and offer companies and manufacturers turn-key solutions.”
Internet of Things (IoT) Sensors in Healthcare: Global Markets and Technologies
Senior Editor and report author Michael Sullivan recently explored the applications and growth of IoT sensors within the healthcare industry, which includes IoT sensors as electronic components, modules or subsystems that detect events or changes in medical environments and applications. These devices can assist in patient monitoring, therapy administration, diagnostics and treatment.
Sullivan predicts that the global market will be worth $1.9 billion in 2022, reaching a CAGR of 12.7%, and notes that nearly 50% of IoT sensor commerce is dominated by remote monitoring, home care and wearables.
Drivers that are defining this particular field includes the increase of healthcare sensors due to the advent of IoT connectivity and the leverage of regulatory requirements for unified electronic medical records. Meanwhile, restraints involve inoperability issues that have emerged with a greater number of devices in use and the heightened security threats caused by an exponentially expanded attack surface.
“It is a very interesting topic,” said Sullivan. “It has the confluence of different trends coming together to sponsor a market that is fast growing. The pre-existing sensor market is also accelerating. The IoT is becoming more ubiquitous throughout the healthcare system as the healthcare system itself is going through a re-definition of investment.”
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