IoT Sensors Market to be Worth $71.6 Billion by 2031-

According to a new market research report titled, 'IoT Sensors Market by Offering (Image Sensors, RFID Sensors, Biosensors, Humidity Sensors, Optical Sensors, Others), Technology (Wired, Wireless), Sector (Manufacturing, Retail, Consumer Electronics, Others), & Geography—Global Forecast to 2031,' in terms of value, the IoT sensors market is projected to reach $71.6 billion by 2031, at a CAGR of 23.9% during the forecast period 2024–2031. Also, in terms of volume, the IoT sensors market is projected to reach 5,93,79,81,126 units by 2031, at a CAGR of 25.2% during the forecast period 2024–2031.

IoT sensors are devices that collect data from the physical world and transmit it to other devices or systems over the internet or a network. These sensors are a crucial component of IoT technology that gathers data such as temperature, humidity, motion, light, pressure, and distance, among others. IoT sensors are used in a wide range of applications, such as smart homes, industrial automation, smart cities, agriculture, environmental monitoring, healthcare, energy management, logistics, retail, and transportation.

Organizations are increasingly adopting IoT sensors for various applications such as monitoring, tracking, asset management, maintenance, and safety. As technology continues to advance, new and innovative uses for IoT sensors are emerging to increase efficiency and sustainability and improve quality of life across various domains. Factors such as the advent of Industry 4.0, increasing government initiatives for the adoption of IoT devices, and incorporation of IoT sensors in smart cities are further supporting the growth of the IoT sensor market.

Based on offering, the IoT sensors market is segmented into humidity sensors, temperature sensors, proximity sensors, pressure sensors, image sensors, gas sensors, level sensors, accelerometer sensors, flow sensors, biosensors, RFID sensors, optical sensors, and other IoT sensors. In 2024, the image sensors segment is expected to account for the largest share of 16.4% of the IoT sensors market.

The large market share of this segment is attributed to the rising demand for image sensors in mobile devices and increasing developments by market players in this market. For instance, in March 2022, STMicroelectronics N.V. (Switzerland) launched VD55H1, a new family of high-resolution Time-of-Flight (ToF) sensors designed to provide advanced 3D depth imaging capabilities to smartphones and other devices. These sensors can detect objects at distances of up to five meters from the sensor and even further when combined with patterned illumination. They enhance the performance of camera-system features, including the bokeh effect, multi-camera selection, and video segmentation.