New report explores wireless sensor network market

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According to a new study conducted by ON World, the industrial wireless sensor network market will generate up to $13 billion in revenue by 2023.

The study is based on a survey conducted in partnership with the International Society of Automation and the LoRaAlliance.

Key findings of the report include:

  • Expansion of industrial wireless sensor networks into new markets with multi-protocol devices, maturing standards and ubiquitous IoT cloud platforms
  • A 69% increase in unit shipments over the last two years
  • Robust manufacturing sector and increased spending on oil and gas exploration and production driving market growth
  • Adoption of wireless mesh sensor standards (WirelessHART, ISA100 Wireless and Wi-SUN) are targeting new IoT applications including wireless gas detection, worker safety and smart water networks
  • Location-based services is one of the fastest growing markets
  • Competition is intensifying for short-range wireless sensor network components and devices
  • LPWAN technologies (LoRaWAN, Sigfox, NB-IoT) are disrupting industrial IoT markets with cloud-connected, battery-powered wireless sensors and asset trackers that can communicate up to 30 kilometers.
  • Many vendors are combining short-range radios such as Bluetooth and WiFi with LPWAN technologies
  • Consumer satisfaction on battery lifetime, network range and system integration has been the most improved over the past two years
  • Security, cost and complexity are rated the biggest WSN adoption inhibitors.