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IoT sensory market projected to grow to $54B by 2027

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December 30, 2021

The global IoT sensor market is expected to grow from $9.5 billion in 2020 to $54 billion by 2027, representing a CAGR of 28.2%, according to a report by AllTheResearch.

The market growth can be attributed to the rising demand for sensor-based measurements in industries such as manufacturing and business services. The market is growing as more smart sensors are used in manufacturing applications such as assembly and testing.

Era and the software of sensing generation are evolving in reaction to technological advances and business needs. Diverse houses are detectable by using IoT sensors, along with distance, temperature, and pressure.

Prominent players in the market are: TE Connectivity, Texas Instruments Incorporated, NXP Semiconductors, Broadcom, Bosch Sensortec GmbH, STMicroelectronics, Infineon Technologies AG, TDK Corporation, OMRON Corporation, Analog Devices, Inc., Silicon Laboratories, Libelium Comunicaciones Distribuidas S.L., Murata Manufacturing Co., Ltd., General Electric, and Monnit Corporation.

The Asia Pacific region is the fastest-growing region due to the rapid industrialization and the largest contributor of raw material, while countries like South Korea and China are technically advanced.

A temporary discount in efficiency has been seen in production hubs to manipulate the covid-19 spread, according to the report. A scarcity of raw substances, additives, and finished items has adversely affected the marketplace's delivery chain. Lack of enterprise continuity will bring about economic disruptions for the industry, which has already affected shareholder returns and revenue, according to the report.