Research and Markets has published a new report that forecasts the wireless sensor market valued at USD 29.06 Billion in 2016 is expected to grow to USD 93.86 Billion by 2023.
Entitled, "Wireless Sensor Network Market by Offering (Hardware, Software, Services), Sensor Type, Connectivity Type, End-user Industry (Building Automation, Wearable Devices, Healthcare, Automotive & Transportation), & Region - Global Forecast to 2023", the report forecasts the growing wireless market which is expected to boom at an amazing rate, thanks to the booming wireless infrastructure and services.
The wireless sensor network (WSN) market, according to Research and Markets, was valued at USD 29.06 Billion in 2016 and is expected to reach USD 93.86 Billion by 2023, at a CAGR of 18.55% between 2017 and 2023. The increasing need for remote monitoring of equipment, growing market for wearable and smart devices, and advancements in connectivity technologies play a significant role in the growth of this market.
The wireless sensor network market, in this report has been segmented on the basis of offering, sensor type, connectivity type, end-user industry, and region. On the basis of offering, the wireless sensor network market has been segmented into hardware, software, services. The software components of WSNs include platforms and solutions that are vital for applications such data collection or remote monitoring. Software solutions are designed to meet the interoperability challenges that arise due to varied heterogeneous devices, and to manage a large volume of data and their security and privacy. Factors such as increasing number of connected devices and rising need for remote monitoring have led to the growing adoption of software solutions.
The WSN market, on the basis of sensor type, has been segmented into various sensors. Ambient light sensors have a wide range of applications in industries such as automotive, retail, wearable devices, and building automation. Due to the extensive usage of these sensors in building automation, ambient light sensors held the largest share of the wireless sensor network market in 2016.
The WSN market, on the basis of end-user industry, has been segmented into building automation, wearable devices, healthcare, industrial, automotive & transportation, oil & gas, retail, agriculture, aerospace & defense, and BFSI. The need for increased level of security, activity monitoring, and access control has led to the rise in the demand for WSNs. The high adoption of building automation systems to increase energy efficiency to save energy and costs is also contributing to the growth of the WSN market for building automation.
The building automation industry is a major contributor to the growth of the market in North America as some of the key providers of building automation solutions, such as Honeywell International Inc, United Technologies Corporation, and Hubbell Inc., are based in this region and are actively involved in product launches, acquisitions, and partnerships to expand their market reach. This is driving the growth of the wireless sensor network in North America.
And while, the global IoT market is growing at a high rate; in line with this, the market for IoT nodes and gateways in APAC is expected to grow at a higher rate compared with the market in other regions, as majority of the global population is concentrated in APAC. Owing to this, the number of new M2M connections per year, the demand for smart consumer devices, and the need for industrial revolution is higher in this region. IoT applications seem to have more opportunities to improve the standard of living and revolutionize the industrial sector in APAC due to the large population in some of the developing economies such as China, India, and Thailand in APAC, along with issues related to healthcare and energy management. In addition, investments by the government in the development and modernization of businesses in China and India are incorporating more IoT elements.
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