Sensor Development Kit Market Size

Sensor Development Kit Market size was over USD 3.91 billion in 2023 and is anticipated to reach USD 13.18 billion by 2036, witnessing around 9.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of sensor development kit is estimated at USD 4.22 billion. The growth of the market can be attributed primarily to the escalating demand for integration of industrial internet of things (IIoT) in industries where sensors are used for analysis and decision support purposes. By the end of 2024, the global spending on IIoT platforms for manufacturing is calculated to reach more than USD 12 billion, up from approximately USD 1.5 billion in 2018. Along with these, growing adoption of building automation features in industries, and rise in deployment of smart sensors for energy saving and asset management in buildings are also expected to drive market growth in the forthcoming years. Furthermore, advancements wireless technologies across the globe, coupled with surging modernization of IT infrastructure are projected to offer lucrative opportunities to the sensor development kit market in the near future.