The growth of Wireless
Sensor Network Market is propelled by the development of cheaper, smarter,
and smaller sensors; expanding market for smart and wearable devices;
increasing need for real-time computing of applications; and surge in demand
for IoT sensors for various applications such as sensing, recognition, and
interpretation.
The market 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.
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Software to grow at highest
CAGR during the forecast period
The software components of
WSNs include platforms and solutions that are vital for applications such as
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.
Image sensors is expected
to grow at highest CAGR during the forecast period
The adoption of image
sensors is growing rapidly for building automation, automotive, retail, and
other applications. Security and access control systems have become an integral
part of the safety and security of the buildings and their occupants and video
surveillance is crucial in improving the security level in buildings such as
homes, offices and retail leading to higher adoption of image sensors in video
surveillance systems.
North America held a major
share of the WSN market in 2016
The increased R&D in
the field of IoT, in terms of new and improved technologies, as well as the
rising demand for improved lifestyle are the two crucial factors driving the
growth of the wireless sensor network market in North America. In addition, the
increasing R&D at both academic and industry levels is broadening the
application areas of IoT in different applications such as building automation,
retail, automotive & transportation, and healthcare, especially in the US.
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The major players in the wireless sensor network market include Intel
Corporation (US), ABB Ltd. (Switzerland), Texas Instruments Inc. (US), Huawei
Investment & Holding Co., Ltd. (China), Cisco Systems Inc. (US), STMicroelectronics
N.V. (Netherlands), TE Connectivity Ltd. (Switzerland), NXP Semiconductor N.V.
(Netherlands), Dell Inc. (US), Hewlett Packard Enterprise Company (US), Robert
Bosch GmbH (Germany), Advantech Co., Ltd. (Taiwan), Honeywell International
Inc. (US), Broadcom Limited (US), Infineon Technologies AG (Germany), Emerson
Electric Company (US), Analog Devices Inc. (US), Eurotech S.p.A (Italy),
Invensense Inc. (US), and Sensirion AG (Switzerland). Some of the important
start-ups in the market are SmartThings Inc. (US), Episensor Ltd. (Ireland),
Notion (US), Helium Systems Inc. (US), and Beep Inc. (US).
