“IoT Sensor market in Europe is expected to grow from US$ 2,304.5 Mn in 2018 to US$ 17,158.7 Mn by the year 2027. This represents a CAGR of 24.9% from the year 2020 to 2027.” Continuous development in consumer electronics is fueling the Europe IoT Sensor market. The consumer electronics industry is witnessing immense growth. In the current scenario, various consumer electronic devices are used by consumers across the Europe for a plethora of tasks. Consumer electronic devices such as smartphones, tablets, PCs, music players, etc. have become integral part of consumers’ lives. The consumer devices are becoming smarter with the ongoing technological advancements. The AI-enabled applications have stoked the demand for cheaper sensors. The Europe market for consumer electronics is growing the current scenario, owing to the fact that several semiconductor companies are regularly coming up with advanced technologies which is attracting the industry, thereby driving the IoT Sensor market in Europe.
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- Analog Devices, Inc.
- ARM Holdings PLC
- Broadcom, Inc.
- Honeywell International, Inc.
- Infineon Technologies AG
- NXP Semiconductors N.V.
- Omron Corporation
- Robert Bosch Gmbh
- STMicroelectronics N.V.
- Texas Instruments Incorporated
The Increasing Adoption of Advanced Technologies is anticipated to fuel the Europe IoT Sensor market growth. The industrial sector is becoming increasingly entangled with Artificial Intelligence, big data as well as other such technologies. It is predicted that in the near future, automation will not only boost productivity but will also provide an advanced smart assistance to humans. The players are significantly investing in the development of industrial robots integrated with artificial intelligence. The integration of artificial intelligence will further reduce the intervention of humans, which will be beneficial for countries with inadequate and expensive labor force. These initiative by the market player are enhancing the growth of Europe IoT Sensor market.
Germany is anticipated to leads the IoT Sensor market across the Europe region through the forecast period. Germany is the hub of automobiles and automobile components in the European region. The IoT Sensors market is anticipated to furnish in the country in the near future, owing to increase in awareness of advanced technologies among the German mass. This scope is facilitating the Applications to adopt this technology, thereby creating a substantial market for the same at present, which is projecting a positive growth on the IoT Sensors market. It will further propel the growth of manufacturing industry in the country thereby, accelerating the growth of IoT Sensor market in the Germany. This bolster the Europe IoT Sensor market on the forecast period.
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- Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the market, as well as those hindering it
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