IoT Sensors Market Share

North America Market Analysis

North America is poised for significant revenue growth in the IoT sensors market during the forecast period, owing to advancements in smart technology and rising demand for automation across multiple sectors. Additionally, growing investments in 5G networks are accelerating the adoption of IoT sensors in various applications. In 2019, a Stanford University research concluded that 66% households in North America had at least one IoT device, making it the highest density globally.

The U.S. IoT sensors market is rising at a significant pace owing to increasing demand for connected devices across various sectors, smart city initiatives, an increase in smart homes, and technological innovations. U.S. is leading the charge in self-driving vehicles and companies such as Tesla are at the forefront by utilizing IoT sensors to enable autonomous driving. In September 2024, Tesla launched the Actually Smart Summon (ASS) system where drivers can summon their vehicles using voice command.

Furthermore, in July 2024, a study at Texas Mccombs conducted a study that highlighted the importance of IoT sensors in marketing, stating that installing IoT sensors in promotional displays and hoardings can ensure that displays are run in conjunction with ad campaigns. As the U.S. gears for a new era of digitization, the demand for IoT sensors in various applications is expected to rise exponentially in the next decade.

In Canada, the market is experiencing steady growth owing to investments in smart infrastructure and digital transformation across companies. A key driver is the ongoing government investments in precision agriculture where IoT sensors are used to collect real-time data on numerous environmental factors. In February 2022, the government invested USD 875 thousand in Ukko Agro Inc. to develop an analytics platform for efficient pest control. In November 2023, ABB Canada signed a third contract with GHGSat to manufacture optical sensors for C12, C13, C14, and C15 satellites set to be launched into orbit in 2024.

APAC Market Analysis 

By 2037, Asia Pacific IoT sensors market is predicted to hold more than 43.3% revenue share. Consumer electronics is a key sector that has led the market growth in APAC. Countries like China, India, South Korea, and Japan are leveraging IoT solutions to increase digitization in various sectors. Government initiatives such as India’s Smart Cities Mission and China’s Made in China 2025 are propelling the market growth. Additionally, emerging economies such as Vietnam, the Philippines, and Indonesia are bedrock of rapid economic growth and increasing adoption of IoT in various sectors.

In India, the market is witnessing an impressive growth curve owing to the increased digitization across various sectors combined with the demands of a large population. For instance, the government is pushing to install smart electricity meters in all households in the country which is expected to raise the demand for IoT sensors. A significant demand for IoT sensors is arising from the Smart Cities initiative in India which is projected to conclude by March 2025. Other key sectors which are boosting the demands are healthcare and telecom. In March 2023, Smart Digital Thermometer, IoT-enabled Environmental Monitoring System, and Multichannel Data Acquisition System developed at C-MET were released reiterating focus on indigenously developed IoT sensors.

China is a leading market in IoT sensors owing to the massive rollout of 5G networks across the country driven by rising focus on automation in various sectors. The Made in China 2025 initiative by the government aims at positioning China as a powerhouse in high-tech industries. In March 2024, GSMA’s Mobile Economy China report noted of 1.28 billion unique mobile subscribers in the country and more than 800 million connections of 5G. The large-scale penetration is expected to continue boosting the market demands for IoT sensors. In June 2023, ABB and China telecom launched a joint industrial IoT laboratory in Hangzhou, China. The collaboration aims at developing industrial IoT solutions for companies based in China.

South Korea is witnessing a surge in the market during the forecast period due to the focus on becoming a leader in digital revolution. The government has put initiative such as the Basic IoT Promotion Plan in practice to facilitate digital revolution. The market is characterized by the presence of global and local companies vying for revenue share. Survey by the Ministry of Science, ICT, and Future Planning & Korea IoT Association highlights the personalized IoT service sector to have the most viable growth potential. In May 2023, Korea Land and Housing Company along with Information Technology Consortium launched the Smart Home Platform that provides a secure framework to manage smart home appliances using IoT sensors.