applications including monitoring, security as well as intelligent lighting systems. For instance,
according to the Coherent Market Insights’ analysis, the number of total IoT connected devices
was around 15.4 billion in 2015 across the globally. Therefore, these devices require sensors
which in turn is propelling growth of the global sensors market.
Increasing demand for sensors in smartphones another key factor supporting growth
of the global sensors market
Smartphone are incorporated with different types of sensors such as gyroscope, proximity
sensors, motion sensors, ambient light sensor, proximity, biometric sensors, and temperature
detector that are used to measure motion, orientation, and various environmental conditions.
These sensors are capable of providing data with high precision and accuracy, which in turn aids
in automatic control. Smartphone manufacturing companies have increased the number of
sensors in their devices to enhance the overall user interface experience, which is expected to
aid in growth of the market. For instance, in September 2017, Apple launched iPhoneX with the
FaceID unlock features. The company has incorporated four sensors, which in turn provides
accurate facial recognition in any lighting conditions. Hence, these factors are accelerating the
global sensors market growth.
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High cost of smart sensors development is a key factor restraining the global sensors
market growth
Devices that are incorporated with sensors add extra value to the devices, which is one of the
major factors restraining growth of the market. Another factor expected to restrain global
sensors market growth is the limited functionality of sensors. Electronic systems are dependent
on sensors, microcontrollers, and semiconductors to function. The sensors are responsible for
detecting information and convey it to an Electronic Control Unit (ECU). The ECU processes the
data through an algorithm, and then it helps in decision making and automating the process.
Hence, limited functionality of sensors is reducing its dependability. This factor is further
hindering the global market growth.
Global Sensor Market: Regional Insights
North America accounted for largest market share in global sensors market in 2017 and is
expected to retain its dominance during the forecasted period. This is owing increasing usage of
IoT devices in various verticals such as automotive, healthcare, agriculture, and others. This is
one of the factors help in propelling growth of the market in this region. For instance, according
to the Coherent Market Insights' analysis, in the U.S., around 60% of the healthcare industry
have used IoT in 2017 for diagnosis and monitoring of the patient health. IoT devices in the
healthcare sector helps in cost reduction, as healthcare specialists can take advantage of remote
health monitoring, without the patient being present in the hospital. Additionally, advancement
in wearable health gadgets such as the Apple iWatch is playing a pivotal role in monitoring