According to a new report form Persistence Market Research, the global internet of things (IoT) sensor market is forecast to be valued at $9.9bn by the end of 2026.
The market is set to grow substantially from the $3.35bn recorded last year, maintaining a compound annual growth rate (CAGR) of 12.7% during the eight-year period in question.
Within this, North America is expected to continue to lead, with the expectation that the continent will maintain an 11.8% CAGR between now and 2026, with a $3.2bn market valuation by the end of the period in question.
This growth is set to be driven by an increasing adoption of IoT technologies within a range of industries, such as the automotive and manufacturing sectors, alongside usage in the healthcare industry and smart city applications.
IoT sensors offer a range of benefits including cost reductions, streamlined processes and more accurate and enhanced data analytics capabilities.
However, despite such significant growth, the IoT sensor market is expected to make up a slim portion of the wider market, with a report from Business Insider Intelligence suggesting that total IoT spending could reach up to $15tn in the years between 2017-2025.
Further, more than 55bn IoT devices are expected to be in use across the globe by 2025, up from the 9bn recorded in 2017.