Rising deployment of 5G is to Boost Internet of Things (IoT) Sensors Market

The global IoT Sensors market stood at US$ 27.4 Billion in 2022 and is expected to reach US$ 173.7 Billion by the end of 2032. The market is anticipated to grow at a CAGR of 20.3% in the forecast period from 2022 to 2032.  

Surge in demand for integration of Industrial IoT in sectors that demand sensor based measurements for observations is projected to drive the expansion of Internet of Things (IoT) sensors during the forecast period.

Besides this, various recent initiatives such as Smart City plans and the emergence of Industry 4.0 is anticipated to support the growth of the market. Due to these initiatives, market witnessed a CAGR of 23.9% from 2015 to 2021.

Moreover, Industry 4.0 initiatives across various regions such as China and Europe are expected to benefit the market during the forecast period. For instance, 60% of the manufacturing operations are interconnected with IoT sensors in prominent companies such as Accenture. Rapid adoption of IoT sensors in industrial sector is stimulating the growth of the market.