IoT Sensors Market worth $70.1 billion by 2029

The IoT Sensors Market is projected to grow from USD 16.0 billion in 2024  and is estimated to reach USD 70.1 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 34.4 % from 2024 to 2029 according to a new report by MarketsandMarkets.

With the increasing internet penetration rate, IoT is finding applications in retail, consumer electronics, agriculture, automotive, transportation, and other verticals. The continuously increasing number of Internet users worldwide is expected to drive the demand for high-speed, low-cost IoT technology-based devices such as radio frequency identification (RFID) tags, barcode scanners, and mobile computers. This would result in an increased demand for sensors.

The temperature sensors segment is expected to have the highest growth in Asia Pacific. As more devices and systems connect to the internet, temperature sensors are increasingly used to gather data, from home automation and energy management to industrial process control and environmental. Temperature sensors are crucial in automating various processes and optimizing resource usage across industries. For example, in manufacturing, they monitor equipment temperature to prevent overheating and breakdowns, while in agriculture, they help optimize irrigation and climate control in greenhouses.

Industrial IoT is the inception of a new digital industrial technology, which is expected to enable the interconnection of sensors, machines, and IT systems across the value chain of manufacturing companies beyond a single enterprise. These interconnected systems interact with each other using standard internet-based protocols and enable companies to analyze data to predict the failure of machines. Industrial IoT is expected to make it possible to gather and analyze data related to machines, thereby enabling fast, flexible, and efficient processes to produce high-quality products at reduced costs.