Wireless Sensor Tags Market Snapshot (2023 to 2033)
The global wireless sensor tag market is likely to reach a valuation of US$ 4.95 billion in 2023. Demand for wireless sensor tags is anticipated to increase at an astonishing CAGR of 13% over the forecast period, with an estimated market value of US$ 16.8 billion by 2033.
In the era of smart devices and industry 4.0, wireless sensor tags are expected to flourish. Due to a growing market for smart buildings and retail stores, temperature sensors are booming around the world. As of 2032, it is expected that the global wireless sensor market will grow at a CAGR of 15.5%. Active tags are expected to hold the largest market share of 35% during the forecast period.
Data Points
Key Statistics
Estimated Base Year Value (2022)
US$ 4.5 billion
Expected Market Value (2023)
US$ 4.95 billion
Anticipated Forecast Value (2033)
US$ 16.8 billion
Projected Growth Rate (2023 to 2033)
13% CAGR
The market is supported by:
Cableless deployment, no wires required
Technological advancement
Wireless and internet technology are in high demand
Suitable for hard-to-reach or hazardous locations
Real-time monitoring and data collection
Efficiencies of cost-effectiveness
Deployable over the Internet
Provides more accurate and reliable data
Long-term maintenance-free operation
Predictive maintenance is possible with this technology
Predictive analytics can be performed using this data
Detects environmental changes
Detects system failures or abnormalities
A wide range of applications, including industrial monitoring, asset tracking, and home automation, use wireless sensor tags in the market. Using the wireless sensor tag system, users can connect a wide range of products and services to the Internet through the IFTTT automation service.
In terms of industries and applications, wireless sensor tags offer a vast array of possibilities. Using automation technology, machinery, and equipment can be monitored, anomalies can be detected and maintenance needs can be predicted before breakdowns occur. Agricultural industries are increasingly relying on technologies to operate, which is expected to boost market growth for wireless sensor tags. To optimize crop growth and reduce water consumption, wireless sensor tags can measure soil moisture, temperature, and other environmental factors, making it easier for farmers to grow their crops and save water.
In Europe, Asia Pacific, and North America, the market for wireless sensor tags is expected to grow because of the growing number of retail stores, e-commerce industries, and logistical markets. In order to keep tracking the location of goods in transit and the condition of those goods, wireless sensor tags can be used, enabling logistics operations to be optimized and tracked in real-time.
Among the regional markets for wireless sensor tags, North America is projected to hold the largest market share in 2023, along with Europe and Asia Pacific. Vendors offer wireless sensor tags for applications, such as temperature and humidity sensors, motion detectors, and door and window entry tags. Bluetooth Low Energy (BLE) is the most common technology used for wireless sensors in North America and Europe. In short-range and low-power applications, this technology works great, allowing long-term battery life and easy implementation. Several applications use other wireless technology, including Wi-Fi and Zigbee.
Technology advancements will likely drive further innovation and growth in wireless sensor tags in the future. With the continued reduction in the size of sensors and wireless communication technologies, the market will see an increase in the demand for miniaturized devices, making them more discreet in the market.
With the integration of AI and machine learning algorithms, wireless sensor tags will be able to analyze real-time data and predict maintenance in real-time. Battery advancements and energy harvesting will make wireless sensor tags capable of operating for longer periods without the need to recharge or replace the batteries. Considering the many potential applications and opportunities for innovation and growth, wireless sensor tags are expected to have a promising future.
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Wireless Sensor Tags Market Overview
Wireless sensor tags are used to monitor and record motion events, open or close events, door or window temperature, humidity, soil moisture, and water leaks. It connects events in the physical world, such as motion, temperature, or humidity, to users’ smartphones, and any web browsers. It shows graphs, data-logs of humidity, temperature, and motion events at each wireless sensor tag.
The increasing demand for mobile communication and continuous improvement in the speed of the internet is driving the wireless sensor tags market. Wireless Sensor Tags offer various applications in food and pharmaceutical cold-chain management, remote monitoring, industrial process control, and healthcare applications.
Impact of COVID-19 Pandemic Outbreak on Wireless Sensor Tags Market
The global shipments of wireless sensor tags products such as temperature, humidity, and light sensor tag declined in the first half of 2020 owing to supply chain disruptions caused by the COVID-19 outbreak. Owing to the spreading of the COVID-19 virus in all regions is creating supply-side production and demand-side challenges for wireless sensor tags.
In 2020, the market is expected to decline by nearly 3-4%, as compared to 2019. However, if the COVID-19 pandemic situation gets controlled during Q1, 2021, the market is expected to return to steady growth rates, as the launch of new wireless sensor tags products such as IoT-connected wireless sensor tags, and other wireless sensor tags will help the category gain traction.
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Wireless Sensor Tags Market: Drivers and Challenges
Drivers
The continuous investments to develop new sensor technologies and upgrading existing infrastructure to support IoT and automation are some factors expected to create new growth opportunities for the wireless sensor tags market. The wireless sensor tags include different features such as low cost, flexibility, high data rate, flexible data transfer modes, zero-power device configuration, and set-up.
The reliability of such features drives wireless sensor tags market growth. Apart from this, the growing regulations and policies imposed by government agencies such as Mine Safety and Health Administration are resulting in large-scale adoptions of wireless sensor tags.
Moreover, the continuous innovations and developments of low-cost wireless technology are fueling the wireless sensor tags market. The rise in a number of smart devices and an increasing number of data-intensive applications used in these smart devices are propelling the growth of the wireless sensor tags market.
Challenges
The integration of advanced technologies within the existing legacy network infrastructure and security issues is hampering the wireless sensor tags market growth. The lack of trained personnel for handling wireless sensor tags is indirectly affecting the wireless sensor tags market.
Some of the prominent players providing wireless sensor tags are
TE Connectivity
Cao Gadgets LLC.
ON Semiconductor
Texas Instruments Incorporated
Intel Corporation
others
These vendors are developing innovative sensor tags for a wide range of industry applications, to fulfill customer demands.
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Wireless Sensor Tags Market: Regional overview
Based on region, the wireless sensor tags market has been segmented into North America, Europe, Latin America, East Asia, South Asia & Pacific, and MEA. The market is currently dominated by Asia Pacific followed by North America.
On the basis of geography, Europe, North America, and APAC together are expected to capture the most significant market share of nearly 75%, due to the early adoption of advanced technologies such as wireless and IoT in these regions.
The wireless sensor tags market report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segment. The wireless sensor tags market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on
Wireless Sensor Tags Market Segments
Wireless Sensor Tags Market Dynamics
Wireless Sensor Tags Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Technology Landscape
Value Chain of the Market
Wireless Sensor Tags Market Drivers and Restraints
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Regional analysis includes
North America (USA, Canada)
Latin America (Mexico, Brazil, Rest of Latin America)
Europe (Germany, Italy, United Kingdom Spain, France, BENELUX, Russia, Rest of Europe)
East Asia (China, Japan, and South Korea)
South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific)
Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)
Wireless Sensor Tags Market: Segmentation
The wireless sensor tags market has been segmented on the basis of type, application, and region.
