As all industries go, the Internet of Things is booming right now. In fact, it’s predicted that by 2020 there will 70 billion IoT devices online which can be found in various fields like construction, manufacturing and logistics. Technology is constantly evolving as more and more AI-powered gadgets become popular; this illustrates how the computer systems used for traditional copywriting are no longer just instruments translating a vast amount to human language words, but there is an essential part of all current technological goods with speech recognition, voice enrollment, image captioning and more.
- 1 What is the global smart sensor market?
- 2 Top three services that are driving growth for the global smart sensor market
- 3 Why will indie IoT startups in particular be able to provide solutions for the trend of proprietary data for increased revenues
- 4 Types of IoT sensors
- 5 How will the global smart sensor market progress by 2021?
- 6 Conclusion
What is the global smart sensor market?
According to International Data Corporation (IDC), the global smart sensor market will grow from $4.5 billion in 2020 to $22.5 billion by 2025. This explosive growth is due to the increasing need for smart sensors in various applications, such as industrial automation, transportation, healthcare, and home monitoring. Some of the key players in this market include Intel Corp., Samsung Electronics Co., Ltd., and Fitbit, Inc. These companies are working on developing smart sensor products that can be used in a variety of industries. Since the development of smart sensors depends on the availability of intelligent data processing platforms, software providers such as Microsoft Corp., Alphabet Inc.’s Google LLC, and Salesforce.com Inc. are also developing these platforms to comply with the increased demand for smart sensors.
Top three services that are driving growth for the global smart sensor market
1. Agriculture – Global demand for agricultural data is on the rise as farmers strive to improve crop yields and monitor specific areas of the farm. More accurate data collected through smart sensors can improve decision making across all aspects of farming, from crop selection to irrigation scheduling. 2. Industrial Plants – Manufacturers are increasingly turning to smart sensors in order to monitor plant health and optimize production conditions. By tracking various variables such as temperature, humidity, light intensity, and carbon dioxide levels, manufacturers can optimize their operations and save on costs. 3. Smart Cities – Cities are becoming increasingly “smart” thanks to the deployment of smart sensors that collect a wide range of data types pertaining to urban life such as traffic congestion, air quality, water usage, and more. By gaining insights into these complex systems, cities can make informed decisions that improve overall functionality and quality of life.
Why will indie IoT startups in particular be able to provide solutions for the trend of proprietary data for increased revenues
In the recent years, enterprises have been increasing their focus on their own data and its exclusive possession. This trend has caused many startups to create proprietary platforms in order to increase their revenues. Independent IoT startups will be able to provide solutions for this trend because they can design their products without worrying about the profitability of their solution. They will also be able to stay afloat because they do not have the extensive resources of large companies.
Types of IoT sensors
One of the most important types of IoT sensors is the physical sensor. This category includes sensors like temperature, pressure, humidity, and air quality sensors. They are commonly found in homes and businesses to monitor environmental conditions. There are also smart sensor devices that can be attached to machines or objects to collect data, such as oil-rigs or wind turbines. These sensors connect wirelessly to a computer or other device for processing and storage. Other important types of IoT sensors include the digital sensor, which includes built-in electronics that allow it to send or receive data; and the autonomous sensor, which does not have any onboard electronics but instead relies on software or an artificial intelligence algorithm to collect data. Some autonomous sensors can even operate without a connection to a control device. The global smart sensor market will grow from $11.6 billion in 2019 to $21.4 billion by 2024, at a CAGR of 7.5%. The key reasons for this growth include the increasing adoption of IoT devices in various applications such as manufacturing, transportation, retail, and home monitoring.
How will the global smart sensor market progress by 2021?
The global smart sensor market is expected to grow at a CAGR of 7.1% from 2016 to 2021, according to a report by Grand View Research. This growth is primarily driven by the increasing prevalence of Internet of Things (IoT) and exploding demand for automated decision making across various industrial sectors. As the smart sensor market matures, vendors are adopting new technologies such as artificial intelligence (AI) and machine learning (ML), which will help them improve their product offerings and reach a wider audience. In particular, companies such as Bosch, Continental AG, Dassault Aviation SA, Denso Corporation, Honeywell International Inc., and Omron Corporation are benefitting from these trends by focusing on developing sensors that can operate autonomously and make more informed decisions.
The global smart sensor market is expected to grow at a CAGR of over 20% during the forecast period, reaching US$ 23.5 billion by 2024. These sensors are used for various purposes such as smart city infrastructure, agriculture, and manufacturing. The factors driving the growth of this market include increasing need for efficient data processing and analysis, widespread adoption of renewable energy sources, and rising demand for artificial intelligence (AI) applications.