The global IoT (Internet of Things) sensors market is estimated to grow at a CAGR of more than 25.0% during the forecast period. Rising smart city projects are offering an opportunity for the growth of the market. A significant number of smart city projects reported in the US, China, and Germany. According to the German Asia-Pacific Business Association, the Chinese government is focusing on the development of smart cities and nearly 500 pilot projects have already been running in the country. The smart city ambitions of China have been primarily led by giant private-sector players that are contributing to making smart cities across the country; these companies also provide technologically advance and innovative capabilities to bolster the infrastructural improvement in the country.
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Huawei Technologies Co., Ltd., Alibaba Group Holding Ltd., and Tencent Holdings, Inc. has been leading in the smart city projects across the country. With smart city projects, the Chinese cities are paving the way for cashless payments, AI-directed traffic, and smart parking. In July 2017, City Brain project was started using by Hangzhou. The project is developed by Alibaba, which involves the use of sensors and camera systems across the city for the collection of data on road conditions in real-time. This supports AI-directed traffic, which thereafter traffic signals at 128 intersections.
As a result, it enables city officials to make better decisions quickly. It analyzes real-time traffic flow to regulate traffic signals at more than 100 intersections. It is primarily based on cloud computing, big data, and AI to build a smart city and handle urban governance issues. This rising number of smart city projects is attributing to the demand for IoT sensors for several applications, including environmental monitoring, motion sensing and security, and physical monitoring. Smart cities use IoT devices, including connected sensors, meters, and lights to gather and analyze data. Later, the city utilizes this data for the improvement of infrastructure, services, public utilities, and among others.
IoT sensors can be potentially used for several purposes in smart cities, which include the management of water, garbage, transport, and radiation. The government is encouraging the use of IoT sensors in smart city projects to monitor the conditions in real-time. For instance, Copenhagen (Denmark) has commenced utilizing sensors for monitoring bike traffic of the smart city in real-time. It offers important data on improving routes of bikes in the city. In addition, Copenhagen is conducting efforts to modernizing traffic signals and make the transportation system more intelligent and controlled in real-time. This aims to reduce the incidence of accidents in the city. More smart city projects are expected to be commenced in the near future, which in turn, will drive the global IoT sensors market.
Global IoT Sensor Market- Segmentation
By Type
By Technology
By Application
Global IoT Sensor Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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