Connected sensors are a crucial component of Internet of Things (IoT) solutions, and this market is experiencing dynamic growth across various verticals. According to Future Market Insights, the primary driver of the connected sensor market is a direct result of companies making larger investments in sensor devices that provide real-time information and services for businesses.
By 2021, more companies will seek holistic connected technologies to better monitor and enhance the implementation of IoT devices. With the development of higher bandwidth and connectivity solutions, LoRa devices and the LoRaWAN open protocol will complement and fill the gaps left by traditional networks such as Wi-Fi and Bluetooth. With smart sensors, developers can build solutions to quickly create applications, thus meeting individual needs with faster deployment speeds.
This year, IoT-based solutions utilizing connected sensors will impact numerous industries, prompting us to rethink how to fully leverage remote and low-power technologies in business models.
Trend 1: Asset Tracking
As supply chain risk management becomes increasingly critical, creating smarter, more efficient asset management solutions will be a priority for 2021. Integration of geolocation, network connectivity, and transceivers into a single device, followed by cloud solutions, will enable more advanced integration. This will enhance flexibility, reduce costs, lower power consumption, and shorten timeframes.
By 2020, asset tracking solutions will help eliminate uncertainties surrounding the pandemic and improve safety through more advanced monitoring and tracking applications (such as contact tracing, traffic detection, and proximity sensing). Such use cases will eliminate some uncertainties in health and care, allowing individuals and healthcare personnel to better utilize resources and enhance efficiency.
New asset tracking systems support both indoor and outdoor solutions, offering higher returns on investment (ROI), lower equipment and infrastructure costs, and will drive a significant number of transactions this year.
Trend 2: Smart Homes
The smart home market is transitioning from fancy applications to devices that can enhance the efficiency of practical use cases.
Previously, consumers would purchase products they found cool, but now they need solutions that deliver tangible benefits. For instance, more homeowners will begin using sensors for motion tracking, lock management, garage door monitoring, gas/water valve usage, leak detection, and power socket monitoring.
By 2021, the demand for smart sensors providing homeowners with instant insights into their home’s efficiency will continue to grow. The biggest future need for consumers will be interoperability. With IoT devices equipped with smart sensors, consumers will continue to expect the ability to link their smart home applications together.
Meanwhile, as the smart home market continues to grow, consumers wish to freely purchase products from any manufacturer and then be able to connect them together.
Trend 3: Smart Utilities
By implementing smart utility infrastructure composed of sensors and gateways that leverage remote low-power technologies, utility and metering companies can remotely collect data and use personnel more effectively to streamline operations. Connected sensors hold significant value for the utility market, allowing for flexible and cost-effective deployment and/or utilization of private and public networks, along with interoperability advantages that help develop the smart meter market.
With technologies that provide real-time data and bandwidth capabilities supporting numerous connected devices, utilities will become smarter, enhancing system resilience, reliability, and security while reducing costs.
As more industries turn to smarter, sustainable, and reliable sensor-based solutions for metering and other smart applications, companies deploying IoT sensor technologies will become early leaders in this field.
With the arrival of 2021, the demand for simplified, flexible, and user-friendly IoT devices is increasing, encouraging widespread connectivity access. With so many connectivity options, smart sensors will help businesses and consumers maintain secure and reliable connections between devices and servers.
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