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IoT sensors market forecast: 2016-2021

IoT sensors

Zion research has released a new report on the IoT sensors market from 2014 to 2021. According to the report, global demand for IoT sensors was valued at US$4 billion in 2014, and is expected to generate revenue of US$17.81 billion by the end of 2020, growing at a CAGR of 24 per cent between 2015 and 2020.

The report suggests that the major driving factor for the market during this period will be a rapidly improving automotive industry and a booming Industrial Internet of Things (IIoT) market. Another key driving factor is an increase in demand for consumer electronics and appliances, as well as a growing demand for smart devices.

Moreover, vast usage of IoT sensors in the consumer electronics industry such as road construction, mining applications, industrial and televisions, smartphones, laptops and smart home appliances is also a key driving factor. However, privacy and security issues are expected to become a major restraint for the market.

In terms of regional growth, the market in 2014 was dominated by North America, followed by Europe, with the two regions combined accounting for almost 60 per cent of the market. In the next few years however, Asia-Pacific is predicted to be the fastest-growing market for IoT sensors.

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