IoT Sensors Market Forecast to Reach $22.5 Billion in 5 Years

The IoT sensors market is forecast to reach $22.5 billion by 2023, up from $5.28 billion by year-end 2018, reported Marketsandmarkets Thursday. Drivers include increased use of sensors in IoT devices, plummeting costs, technological advancements, introduction of 3rd Generation Partnership Project Release 13 and Release 14 specifications, rising demand for connected devices and wearables and a need for real-time computing in IoT applications, it said.