August 22, 2018
WELLESLEY, Mass., Aug 22, 2018 – Due to the ability to embed into almost any environment and their role as a critical end-point or starting point for IoT communications, the global market for sensors used with the Internet of Things is seeing explosive growth, according to a new report from BCC Research.
In 2017, the global market for sensors used within the Internet of Things was worth $10.5 billion. BCC Research estimates that it will reach $48.0 billion by 2023, indicating a compound annual growth rate (CAGR) of 27.8%, as discussed in the report Sensors for the Internet of Things (IoT): Global Markets.
Sensors are often the critical end-point or starting point for IoT communications. As such, the IoT sensor market is a subset of the $135.5 billion sensor market (2017), which is forecast to reach $283.4 billion by 2023 at a CAGR of 13.2%.
“New technology shaped by new requirements for IoT applications will create new product categories or bring new life to existing products through adaptations,” the report notes. “Techniques such as plug-and-play, miniaturization and hybridization will come into play to drive technological advances.”
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Sensors for the Internet of Things (IOT): Global Markets( IFT130B )
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