“Wireless Sensor Network Market by Offering (Hardware, Software, Services), Sensor Type, Connectivity Type, End-user Industry (Building Automation, Wearable Devices, Healthcare, Automotive & Transportation, Industrial), and Region – Global Forecast to 2023″
The wireless sensor network (WSN) market, 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.
The growth of this 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.
Software to hold the largest size of the wireless sensor network by 2023
The software components of WSNs include platforms and solutions that are vital for applications such 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.
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Market for BFSI industry to grow at a high rate between 2017 and 2023
IoT technology can drive the banking, financial services, and insurance (BFSI) end-user applications by developing and adding more convenient solutions for customers. It can be used for real-time data collection and instant communication between devices. Kiosks can be used for bank transactions; they provide customers with rapid access to information and services. An interactive kiosk can collect data whenever a customer uses it, which can further be used in customer behavior analysis. The BFSI industry is rapidly moving toward digitization and connectivity-dependent applications. Due to this reason, the wireless sensor network market for this industry is expected to grow at a high rate between 2017 and 2023.
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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