KUALA LUMPUR: Increasing demand for Internet of Things (IoT) sensors coupled with geopolitical implications may see the Asia-Pacific region emerging as the highest contributor in the global smart sensor market followed by North America and Europe.
Globetronics Technology Bhd
founder and executive chairman Michael Ng Kweng Chong, citing a recently published report by Allied Market Research, said the global IoT-sensor industry was pegged at US$12.4bil (RM52.5bil) in 2020 and is expected to reach US$141.8bil (RM600.2bil) by 2030, growing at a compound annual growth rate (CAGR) of 28.1% from 2021 to 2030.
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