The global IoT Sensor market was valued at USD 11.91 billion in 2019, and it is expected to reach USD 42.67 billion by 2025, registering a CAGR of 24.05% during the period of 2020-2025. The new emerging applications and business models, coupled with the falling device costs, have been significantly driving the adoption of IoT, and consequently, the number of connected devices - connected cars, machines, meters, wearables, and consumer electronics. According to Ericsson, of the 28 billion total devices connected by 2021, close to 16 billion will be IoT devices. This robust growth is expected to be driven by the increased industry focus on deploying a connected ecosystem, and the standardization of 3GPP cellular IoT technologies.

• Industry 4.0 initiatives across regions like Europe, China, etc., are the major drivers of the IoT deployments, and therefore, the IoT sensors. According to Accenture, 60% of the manufacturing companies are already engaged in IoT projects, and more than 30% of them are at an early stage of deployment. Moreover, the decreasing cost of IoT sensors is one of the prominent factors that would fuel the technology's adoption over the forecast period.
• In addition, smart city initiatives are also instrumental in driving the demand for IoT sensors. Singapore has already implemented a sensor-based Elderly Monitoring System that helps office working family members to receive alerts when the health condition of their home living elderly parents or dependents deteriorates or exhibits abnormal behaviors.
• IoT sensors enable the user to record physical space utilization, frequently track inventory, and many more. The warehouses, to cut the need for manual handling and increase the speed, quality, flexibility, and efficiency of logistics processes, have started transitioning into smart warehouses that have IoT sensors deployed into the system. This is expected to boost market growth over the forecast period.
• Also, according to Cisco, 46% of network devices are likely to be machine-to-machine or IoT by 2020, which are vulnerable to attacks. To fully realize the potential of these connected devices, manufacturers need to invest in additional network devices, to address the security issues. Such other investments and security issues may be a challenge for the adoption of IoT sensors.
• Owing to the recent outbreak of COVID-19, the global supply chain and demand for multiple products have been disrupted, owing to which the IoT sensor adoption is expected to be influenced until the end of 2020. Moreover, due to the production shutdown in countries, such as China, multiple industries have been observing a shortage of supply of various products during February and March.
• Furthermore, the demand for IoTs in government-deemed essential industries, such as healthcare, food, and agriculture, is increasing, primarily due to the lack of workforce and requirement of remote monitoring and working. However, in the case of industrial demand, IoT is expected to be influenced severely.
• In April 2020, the Shanghai Public Health Clinical Center (SPHCC) used the California-based connected health start-up VivaLNK's continuous temperature sensor, primarily to monitor COVID-19 patients, to reduce the risk of caregivers being exposed to the virus. The SPHCC also announced that they were using a Bluetooth IoT products and solutions provider Cassia Network's gateways, combined with VivaLNK's medical wearable sensors to monitor their COVID-19 patients.