The growing adoption of robotics and automation in numerous end-user industries such as transportation, oil & gas, automotive, and healthcare is bolstering the wireless sensors network market. The same can be allied with the latest market research report released from IndustryARC that evaluates the global wireless sensor network market size at .23 billion as of 2018. The market size is projected to increment at a healthy compound annual growth rate of 18.24% during the forecast period of 2019 to 2025.
The report is titled “Wireless Sensor Network Market: By Type (Pressure, Temperature, Flow, Humidity, Others) Technology (Bluetooth, Wi-Fi, Others) By Industry (Automotive, Oil & Gas, Others) By Application (Home Automation, Industrial Automation, Others) & Geography – Forecast (2019 - 2025).” The report contains comprehensive insights related to trends, outlook, demands, forecast, and geographical distribution in the market.
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Global Wireless Sensor Network Market: Leading Segments
By region, North America is placed as the most lucrative for the player operating in the wireless sensor network market. The region accounted for 35.31% of the total wireless sensor network market share in 2018. Establishment of intelligent production and smart factories in the manufacturing sector across the US justifies the growth in the North America wireless sensor network market.
The banking, financial services, and insurance are considered as the most prominent application in the global wireless sensors network market. Financial products and services are gaining popularity in both the developing and developed economies. Increasing disposable income, changing lifestyle, and increasing awareness towards the benefits of insurance is driving growth in the BFSI application of the wireless sensor networks market. According to the IndustryARC analyst, this application will grow at a CAGR of 20.53% through the forecast period of 2019 to 2025.
Global Wireless Sensor Network Market Analysis
Healthcare: The healthcare industry is one of the most constant cyclic growing industry. The enormous investment being carried out in the research and development department will probably intimate exclusive innovations in the field. One such development is the emerging AI and IoT techniques in the industry. The inclusion of AI has optimized the healthcare monitoring systems with wireless ad hoc networks, radio transceiver, wearable devices sensors, temperature sensors, pressure sensors, and other healthcare sensors. According to the National Centre for Biotechnology Information (NCBI), the global geriatrics population is estimated to reach 1.3 billion by 2040. This growing section of the population needs the most sensitive care and monitoring, since the wireless sensor is an effective method of monitoring such mass, the demands in the global wireless sensor network market is gauged to shoot in the near future.
Industrial Automation: Advancement in robotics technology is tremendously changing the blueprint of manufacturing industries. Introduction of autonomous sensors and industrial sensors is improvising industrial monitoring by providing real-time monitoring and implementation options. According to the International Federation of Robotics, the adoption of industrial robots is accelerating at pace 30% annually since 2017, surpassing the mark of 2 million industrial robots.
Global Wireless Sensor Network Market Trends
Wearable sensors: Wearable sensors are exuberantly flourishing in numerous industries. Healthcare is one of the heftiest sectors that seemed to be employing wearable sensors in various operations and methods. Moreover, the automotive sector precisely, Formula 1 and MotoGP drivers are equipped with such sensors to track multiple aspects of the race. These sensors use high-speed Internet to establish such connections. Prevalently growing opportunities in the automotive industry catalysed with the emerging electric vehicle demands is expected to drive the global wireless sensors network market growth.
Global Wireless Sensor Network Market: Competitive Landscape
Some of the key companies identified in the report that are currently ahead of the curve in the wireless sensor network market are Intel Corporation, ABB Ltd., Texas Instruments Inc., Huawei Investment & Holding Co., Cisco Systems Inc., STMicroelectronics N.V., TE Connectivity Ltd., NXP Semiconductor N.V., Dell Inc., Hewlett Packard Enterprise Company, Robert Bosch GmbH, Advantech Co., Ltd., Honeywell International Inc., Broadcom Limited, Infineon Technologies AG, Emerson Electric Company, Analog Devices Inc., Eurotech S.p.A, Invensense Inc., and Sensirion AG.
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