The boiled-down essence – the lifeblood, if you will – of the Internet of Things as we know it is connectivity. That much is clear. Nevertheless, pure salience demands that this very lifeblood would face great trouble without sensors and other like IoT devices. Think of them, if you will, as tiny data superstars. In this vein, they make possible real-time transmissions of granular data, capturing detailed information that (when harnessed as analytics) can be instrumental in myriad ways. These include identifying industry trends, establishing predictive monitoring systems to better serve operational maintenance needs, and gleaning insights that become bona fide gold for tech companies – from the greenest of startups to the most well-established powerhouses – vying for the best-possible solutions that meet IoT-centric demands the world over.
This is why the latest market projections from the research team at SkyQuest – regarding IoT sensors, specifically – make a whole lot of sense.
According to SkyQuest, the IoT sensors market (valued at approximately $11.2 billion in 2022 and $14.4 billion in 2023, mind you) is now poised to grow to upwards of… drum roll, please…
… $107.74 billion by 2031, representing a compound annual growth rate of 28.6%.
I’m telling y’all, IoT sensors really are tiny data superstars.
As SkyQuest’s report details, high sensor adoption rates will continue to spike left and right; for consumer verticals like home automation and wearable electronics, for commercial applications like retail, entertainment, agriculture, supply chain and so on, and for industrial purposes like min-maxing energy resourcefulness, warehouse and factory automation, AI-enabled robotics, transportation and even healthcare.
In terms of deeper specifics, SkyQuest touches on image and touch sensors, proximity and motion-based/gesture-sensitive sensors, light and occupancy sensors and more. The two they shed the most light on, however, are pressure and temperature sensors. The former are typically used in vehicles and industrial facilities, playing big roles in maintaining safety by keeping pressure in check (and warning operators as to when it reaches unsafe levels). The latter, per SkyQuest, “are anticipated to gain high popularity in farming operations, leak detection, cold storage/cold chain monitoring, and HVAC optimization,” to name a few.
In short, these tiny data superstars are rockin’ and rollin’. I try to stay apprised of tons of updates in the IoT space, so I’ll continue to update as new (and improving) sensor use cases roll around.