The global market for sensors in IoT devices is booming, with a recent report predicting it will reach $205 billion in 2028—a compound annual growth rate of 30.8 percent. In today’s APEX of Innovation post, we’re taking a look at some of the most exciting trends driving this rapid growth: 

  1. Artificial Intelligence of Things (AIoT)

Embedding AI into IoT components reduces network latency, improves privacy, and delivers AI-driven insights to the cloud and edge computing servers in real-time. This technology does more than simply provide data; it can actually trigger actions as the sensors receive information—think autonomous vehicles, real-time retail analytics, and robots used in manufacturing.

  1. Smart Factories 

According to IDC, the manufacturing sector’s IoT investment is twice as high as consumer IoT—the second-largest IoT vertical market. Smart factories are a large part of these investments. Industry 4.0, as it’s often called, gives manufacturing stakeholders greater visibility into their assets, processes, and resources, ultimately driving revenue improvements. 

  1. Medical IoT Wearables

One recent report found that more than 80 percent of consumers are willing to wear fitness or medical technology, broadly termed “healthtech.” These devices have already changed how we monitor our health and receive care and will continue to provide new opportunities for medical professionals, service providers, and insurance companies to optimize their decisions based on healthtech data. 

  1. The Emergence of Next-Gen IoT Sensor Chips 

New innovations in microprocessor technology have made it possible to create smaller, cheaper, and faster chips use in connected devices. These chips can deliver numerous improvements, including powering multi-payment solutions like touchless smart carts and mobile payments in the retail sector. 

  1. Edge Computing Advances

As we’ve discussed previously here on the APEX of Innovation, the maturation of IoT technology brings new opportunities for intelligence at the edge. IoT sensors can deliver analytics algorithms to edge servers, facilitating local data processing and supporting the delivery of rapid insights. In addition, sensors connected to edge servers can keep systems running even when a network connection is lost due to the distributed nature of cloud computing.

Check out this Datamation article for more on how the above trends are powering the global IoT sensor market’s rapid growth.