Sensor Market to grow by USD 219.90 Bn by 2026
One of the main factors boosting the expansion of the sensor industry is the rising demand for IoT technology. The Internet of Things (IoT) technology enables the linking of various smart devices to facilitate their operation and data sharing among one another.
Additionally, the increased use of IoT-based devices is probably due to the growing demand for data analysis and analytics integration. In the meanwhile, it provides labor management, supply chain optimization, security and surveillance, and energy efficiency.
IoT is also getting better at monitoring the cold chain for commodities like temperature-sensitive food and medicines. As a result, the market for sensors will grow over the course of the projected period due to the rising use of IoT-based devices. However, factors such as network embedded systems will challenge market growth.
North America will account for 39% of the market's growth over the forecasted timeframe. The sensor market in North America is mostly centered in the US. The market in this region will expand more slowly than the market in APAC. Over the projected period, the consumer electronics, industrial, automotive, and healthcare sectors' rapid expansion will support the expansion of the sensor market in North America.
No comments: