Internet of Things (IoT), big data, and cloud – the three technological breakthroughs that have become mainstream in a very short time – have complemented each other’s growth and popularity. IoT, which is machine-to-machine, machine-to-animal, or machine-to-human communication using sensors and actuators embedded in a range of physical objects via the internet, results in massive volumes of data. The data is transferred to the cloud platform, where it is combined with data procured from other devices and processed to generate valuable insights. It has the ability to completely transform the way individuals live and work. Realizing its potential, it is finding application in various areas, thereby leading to the growth of the market for IoT sensors.
How can IoT be applied in cold supply chains and how would it impact the market?
Discerning consumers these days want to make sure the food they purchase is good enough for consumption and its nutrients quotient is intact. Given the fact that most packaged food in supermarkets have traversed miles and changed hands many times, it becomes difficult to monitor. But things may soon change for the better, thanks to IoT.
Emerson, a global powerhouse in refrigeration and food safety technology, is already banking on IoT to meet the high standards of food transport and keep products safe throughout the cold chain supply. Similar initiatives are likely to power the market for IoT sensors in the future, Transparency Market Research predicts.
Which sectors power maximum demand for IoT sensors?
Sensors fitted in various physical objects to draw data in IoT have seen significant development. Cutting-edge technology has resulted in cheaper and smaller power-packed IoT sensors, augmenting their demand and the demand for the systems in which they are deployed. Among the various sectors driving the demand for IoT sensors in the market, the automotive industry has been a frontrunner. IoT in the automotive sector is used to provide accurate information about the route, help road-traffic controller with information about road congestion, issue warnings to drivers about the speed limit, and help avoid accidents. Further, the growing use of internet in smart home appliances, televisions, laptops, smartphones, etc. is also pushing the demand for IoT sensors in consumer electronics. Fitness trackers such as smart watches and smart glasses are also positively impacting the market for IoT sensors.
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How will the growth of the APAC market outpace that of North America and Europe in the coming years?
Region-wise, the continents of North America and Europe dominate the market, with the former leading the overall scenario. Together they accounted for over 60.0% of the global market for IoT sensors in 2014. However, Asia Pacific is predicted to outshine Europe and North America in terms of growth rate in the near future on account of rapid growth in the manufacturing sector. The development of the APAC IoT sensors market is also attributed to various government initiatives such as the building of smart cities, smart transportation, smart meters, and so on. RoW is also set to exhibit stable growth from 2015-2023, owing to the increasing use of IoT sensors in healthcare equipment and smart devices.