The global IoT sensors market is on track to grow at a CAGR of 42% between this year and 2022, reaching $38.41 billion, according to Research and Markets.
Growth is being propelled by the development of cheaper, smarter, and smaller sensors, the expanding market for smart devices and wearables, the need for real-time computing of applications, and increase in demand for IoT sensors in various applications.
The market is further being driven by supportive government initiatives, deployment of IPv6, and the emerging sensor fusion concept in the IoT sensors market.
Gyroscopes are increasingly being used in various industries such as automotive, industrial, healthcare and consumer electronics sectors.
The gyroscopes are very reliable sensors and provide accurate information about the product. This sensor is an important tool in portable instruments as it allows a device's motion to be tracked independently of GPS or other external location measurements.
Asia Pacific is expected to be the fastest-growing market for IoT sensors. The region is a major market for various sectors such as consumer electronics devices and appliances, automobiles and healthcare, among others.