Europe IoT Sensor Market to 2027 - Analysis and Forecasts by Type; Connectivity Type; and Application

The Europe IoT Sensor market accounted for US$ 2,304.5 Mn in 2018 and is expected to grow at a CAGR of 24.9% over the forecast period 2018-2027, to account for US$ 17,158.7 Mn in 2027. Factors including continuous development in consumer electronics are driving the Europe IoT Sensor market. With the rising demand for smartphone, laptops, tablets, smart watches, and other consumer electronic products have also intrigued the manufacturing industry to increase its production capacity. In the current scenario, various consumer electronic devices are used by consumers across the globe for a plethora of tasks. Consumer electronic devices such as smartphones, tablets, PCs, music players, etc. have become an integral part of consumers' lives. In the continually advancing consumer electronics industry, the consumers are expecting more powerful, fast, and smart devices. While substantial innovation was brought in the industry with the enablement of IoT over the past decades, the technology roadblocks have prevented it from scaling further. The market players are focusing on various initiatives to enhance its reach to rural areas and boost its position in the Europe IoT Sensor market.

The Europe IoT Sensor market is fragmented with the presence of several industries and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the Europe IoT Sensor market further. For instance, A stable political climate leads to a few policies and regulatory changes in the European region. Policies in this region are beneficial for the growth of the business which is one of the reasons behind the development of the automotive industry, IT industry, and SMEs in Europe. The policies in Europe are certainly favorable for the growth of the software-defined networking market owing to the growing industrialization in the provinces, which includes the development of IT, automotive and several other small and medium enterprises. These initiative provide various benefits to the IoT Sensor manufacturing companies located in the region. These initiatives are implemented to enhance the technologies that positively impact on the Europe IoT Sensor market. These initiative provide various benefits to the IoT Sensor based companies located in the region; thus, increasing the growth of Europe IoT Sensor markets. This is further expected to provide the Europe IoT Sensor market players to cope up with the rapidly transforming industrial requirement. This initiative offers multiple benefits to the companies present in this region and thus increasing the growth of Europe IoT Sensor market.

On the basis of application, the consumer electronics segment is leading the Europe IoT Sensor market. However, the automotive segment is anticipated to grow at the highest CAGR. Consumer electronic devices such as smartphones, tablets, PCs, music players, etc. have become an integral part of consumers' lives. In the continually advancing consumer electronics industry, the consumers are expecting more powerful, fast, and smart devices. While substantial innovation was brought in the industry with the enablement of IoT over the past decades, the technology roadblocks have prevented it from scaling further. This has led to the proliferation of IoT sensors in the market. The consumer devices are becoming smarter with the ongoing technological advancements. The AI-enabled applications have stoked the demand for augmented sensors. Currently, the market players are looking ahead to support Europe IoT Sensor industry by innovating advanced technological components.

The overall Europe IoT Sensor market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe IoT Sensor market. It also provides an overview and forecast for the IoT Sensor market based on all the segmentation provided with respect to the Europe region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the IoT Sensor industry. Some of the players present in IoT Sensor market are Analog Devices, Inc., ARM Holdings PLC, Broadcom, Inc., Honeywell International, Inc., Infineon Technologies AG, NXP Semiconductors N.V., Omron Corporation, Robert Bosch Gmbh, STMicroelectronics N.V., and Texas Instruments Incorporated among others.