The Internet of Things enabled sensors market
Advances in the field of sensor technology continue to trigger the evolution of innovative consumer and industrial products. Without sensors, most things that are connected to the Internet of Things (IoT) today would lose much of their functionality. A thing can range from heart monitoring implants, DNA analysis devices for food monitoring or built-in sensors in automobiles. The IoT technology of sending the data to the cloud for analysis, where it is distilled and interpreted before delivering the high-value information back to the device, has allowed society to make more efficient and accurate decisions not only in people’s daily lives but also in a business environment.
It is expected that the global IoT market will almost grow three-fold between 2014 and 2019 and exceed one trillion U.S. dollars in 2017. By 2019, the market is forecast to have an estimated size of more than 1.7 trillion U.S. dollars. With a vast array of applications, the Internet of Things has seen a consistently growing number of connected devices worldwide. By 2022, it is predicted that 43 billion devices will be connected to the IoT around the globe. This technology is slated to have numerous applications, predominantly in the fields of consumer electronics, industrial manufacturing, automotive and life sciences.
By 2022, temperature sensors are expected to account for 26.2 percent of the global IoT enabled sensors market.