Wireless Sensor Network Market Opportunities and Challenges

Posted by jackmartin on November 9th, 2020

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. 

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).