The North America IoT Sensor market accounted for US$ 3,609.9 Mn in 2017 and is expected to grow at a CAGR of 21.6% over the forecast period 2018-2027, to account for US$ 21,121.7 Mn in 2027. Factors including Growing application of IoT and connected devices is driving the North America IoT Sensor market. The introduction of connected cars is supporting in the industries is creating huge opportunity for the North America IoT Sensor market in the forecast period. Connected cars enable the travelers or the car itself to automatically share the data within the vehicle and also outside the vehicle. Internet of things (IoT) is one of those technologies which has been breaking grounds to offer automotive manufacturers a new set of products and services which are entirely a new layer to the traditional car perceptions. These new configurations may include sensors, controllers, lighting and software applications, these products and services are offered as stand-alone, where, the customer can plug and play as per the requirement or some of the features are built-in in the new generation cars. These systems can either be deployed in infotainment or automated control units of vehicles. The market players are focusing on various initiatives to enhance its reach to rural areas and boost its position in the North America IoT Sensor market.
The North America IoT Sensor market is fragmented with the presence of several industries and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the North America IoT Sensor market further. For instance, the government of North America manages huge projects of infrastructural development such as bridges, telephone lines, gas connections, and many others. Similarly, for IoT sector, the government takes the responsibility for the regulation of intangible things such as data or information which flows between the devices, networks, and sensors. For different sensors and devices in order to share data and communicate, it is essential that these devices share common standards for communication protocols and data formats. The best and efficient way for the government to regulate and control IoT is to generate standards as a means for the regulation. These initiative provide various benefits to the IoT Sensor manufacturing companies located in the region. These initiatives are implemented to enhance the technologies that positively impact on the North America IoT Sensor market. These initiative provide various benefits to the IoT Sensor based companies located in the region thus, increasing the growth of North America IoT Sensor markets. This is further expected to provide the North America IoT Sensor market players to cope up with the rapidly transforming industrial requirement. This initiative provides multiple benefits to the companies present in this region and thus increasing the growth of North America IoT Sensor market.
On the basis of type, the pressure sensor segment is leading the North America IoT Sensor market. However, the motion sensor segment are anticipated to grow at a highest CAGR. Motion sensors are widely used for the security purposes and in applications such as in automatic parking systems, automatic door controls, automated sinks, energy management systems, automated toilet flushers, hand dryers, and many others. The motion sensors are utilized in IoT applications and are accessible through smartphone or computer. Currently, the market players are looking ahead to support North America IoT Sensor industry by innovating advanced technological components.
The overall North America IoT Sensor market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the North America IoT Sensor market. It also provides the overview and forecast for the IoT Sensor market based on all the segmentation provided with respect to North America region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the IoT Sensor industry. Some of the players present in IoT Sensor market are Analog Devices, Inc., ARM Holdings PLC, Broadcom, Inc., Honeywell International, Inc., Infineon Technologies AG, NXP Semiconductors N.V., Omron Corporation, Robert Bosch Gmbh, STMicroelectronics N.V., and Texas Instruments Incorporated among others.