According to the newest report published by QYResearch, the global Wireless IoT Sensors market was valued at US$ 3511.1 million in 2019 and will reach US$ 11751.7 million by the end of 2026, growing at a CAGR of 18.50% during 2021-2026.
IoT innovation made it possible to connect everyday things to the internet. Nowadays, almost all entities, such as houses, office buildings, factories, and even cities are connected to the network to collect data and utilize the information for various purposes. The importance of data has increased greatly, with many experts saying “data is the new oil.” Sensors play an important role in creating solutions using IoT. Sensors are devices that detect external information, replacing it with a signal that humans and machines can distinguish. Sensors made it possible to collect data in most any situation and are now used in various fields - medical care, nursing care, industrial, logistics, transportation, agriculture, disaster prevention, tourism, regional businesses and many more.
Wireless sensors gather data about local conditions and share findings with other powerful components or platforms for further processing. Sensors are typically distributed across large geographic areas and programmed to communicate with central hubs, gateways, and servers.
Global Wireless IoT Sensors Market- Key Players
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, are some of the key players analyzed in the report. The industry is dominated by a few leading companies, such as Robert Bosch GmbH, Honeywell, Analog Devices, NXP Semiconductors, Infineon Technologies. In 2019, the top 10 players accounted for about 43% revenue share globally.
Global Wireless IoT Sensors Market: Segmental Analysis
The market can be divided into Traditional Wireless Technology and LPWANs Technology. While decades of consolidation and activity have resulted in market stability and de facto standards for PAN and LAN solutions, the IoT opportunity lying ahead of the market has attracted numerous duplicative and overlapping wireless solutions. Some solutions are derivatives of existing standards (Bluetooth, Wi- Fi and LTE), while others are new entrants (LoRa, Sigfox and NB-IoT). Traditional Wireless Technology dominates the market in 2020, but LPWANs Technology will grow at a faster rate in the future.
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