“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 WSN market, on the basis of sensor type, has been segmented into various sensors. Ambient light sensors have a wide range of applications in industries such as automotive, retail, wearable devices, and building automation. Due to the extensive usage of these sensors in building automation, ambient light sensors held the largest share of the wireless sensor network market in 2016.
In comparison to other wireless connectivity technologies, NFC is a customized technology as it combines the interface of a reader and a smartcard into a single device. It enables two-way interactions between electronic devices, especially smartphones, allowing users to access digital content, make contactless payment transactions, and connect and share information between IoT-enabled electronic devices.
The WSN market, on the basis of end-user industry, has been segmented into building automation, wearable devices, healthcare, industrial, automotive & transportation, oil & gas, retail, agriculture, aerospace & defense, and BFSI. The need for increased level of security, activity monitoring, and access control has led to the rise in the demand for WSNs. The high adoption of building automation systems to increase energy efficiency to save energy and costs is also contributing to the growth of the WSN market for building automation.
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-use 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.
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).
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