Wireless sensor network market to reach $94 bn

Wireless sensor networkThe global wireless sensor network market is expected to reach $93.86 billion by 2023 from $29.06 billion in 2016, at a CAGR of 18.55 percent between 2017 and 2023.

Development of cheaper, smarter, and smaller sensors; market for smart and wearable devices; need for real-time computing of applications; and growth in demand for IoT sensors for various applications such as sensing, recognition, and interpretation are the growth drivers.

Security and privacy of network platforms and lack of standardization of protocols for devices to be able to communicate with each other, share data, or form an intelligent network are the challenges in the wireless sensor networks market.

The report said Ambient light sensors held the largest market share in 2016. Ambient light sensors have built-in photodiode, which controls display luminosity depending on ambient brightness, saving battery life.

Building automation has witnessed a significant growth in the past 10 years as automation offers high-performance buildings with improved energy efficiency, low operating cost, and better indoor environment for occupants.

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.

Asia Pacific region is expected to grow at a higher rate compared with the market in other regions as majority of the global population is concentrated in APAC. The number of new M2M connections per year, the demand for smart consumer devices, and the need for industrial revolution is higher in this region.

Growth driver in North America is the building automation industry. Some of the key providers of building automation solutions, such as Honeywell, United Technologies Corporation, and Hubbell are based in this region.

Intel, ABB, Texas Instruments, Huawei, Cisco Systems, STMicroelectronics, TE Connectivity, NXP Semiconductor, Dell, Hewlett Packard Enterprise, Honeywell International, Broadcom, Infineon Technologies, among others are the prominent companies in the global wireless sensor network market.