Global Smartsensor Market to Surpass USD 125.30 Billion by 2030 Driven by Growing Demand for Touch Devices
SkyQuest projects that the global smartsensor market will attain a value of USD 125.30 billion by 2030, with a CAGR of 18.1% during the forecast period (2024-2031). Technology's development of advanced automation solutions and integration of Industrial Internet of Things (IIoT) and cloud computing are other growth-driving factors in the global smartsensor market. These solutions will provide comprehensive support and monitor remote sites, cloud-based tracking, smart event processing and administration of unmanned operations.
Westford USA, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Smart sensors help organizations store sensitive data across locations, reducing the risk of data breaches and ensuring compliance with data privacy laws. This is especially important in industries such as healthcare and finance. Industry 4.0 and the Industrial Internet of Things (IoT) have increased the demand for diagnostics and mobile-based access, driving the global smartsensor market forward.
*Browse in-depth TOC of "Smartsensor Market”*
● Pages - 157
● Tables – 65
● Figures – 75
Smart sensors can be used to record rapid temperature or pressure changes, which are critical to the process, and these technologies can be used in advanced IT solutions in the global smartsensor market such as machine-to-machine communication and analysis in automotive, safety, sports and electronics industries.
*Prominent Players of Global Smartsensor Market*
· Honeywell International Inc. (U.S.)
· DENSO CORPORATION (Japan)
· OmniVision (U.S.)
· Alpha MOS (France)
· AMETEK.Inc. (U.S.)
· AlphaSense Inc. (U.S.)
· BorgWarner Inc. (U.S.)
· Figaro Engineering Inc. (Japan)
· Emerson Electric Co. (U.S.)
· General Electric Company (U.S.)
· Industrial Scientific (U.S.)
· SAMSUNG (South Korea)
· Teledyne Monitor Labs (TML)
· STMicroelectronics (Switzerland)
· NXP Semiconductors (Netherlands)
· Infineon Technologies AG (Germany)
· Qualcomm Technologies Inc. (U.S.)
· Microchip Technology Inc. (U.S.)
· Texas Instruments Incorporated (U.S.)
· Bosch Sensortec GmbH (Germany)
· Johnson Controls (Ireland)
· Sony Semiconductor Solutions Corporation (Japan)
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*Touch Segment to Dominate Market Owing to Growing Demand for Touch Devices*
The touch sensor segment is expected to hold the largest share of the global smartsensor market. Tactile devices are widely used in applications as diverse as consumer electronics, automotive, healthcare, and industrial automation. Growing demand for touch devices such as smartphones, tablets and interactive kiosks is driving the segment’s growth. Moreover, the increasing use of touch sensors in car infotainment systems and home automation devices further contributes to the dominance of this segment.
North America dominated the global smartsensor market and is further projected to continue so during the forecast period. The program benefits from advanced technological infrastructure, highly developed companies and significant investments in research and development. U.S. especially in a pivotal position due to its strong presence of key market players and rich ecosystem of innovation. The dominance of this segment can be attributed to the widespread adoption of smart sensor technologies in various industries such as automotive, including aerospace, healthcare and consumer electronics), Internet of Things (Applications such as IoT) devices, home automation systems, etc. are seeing increased demand for smart sensors. Furthermore, focus on manufacturing efficiencies its increased performance has greatly led to the adoption of smart sensors in industrial automation.
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*Motion Segment to Witness Significant Growth Owing to Growing Concern About Safety and Security*
The motion sensor segment is one of the fastest growing segments in the global smartsensor market. Motion or speed sensors are used in a location to identify devices used in security systems, gaming devices, smartphones, and automotive systems. A growing concern about safety and security, taking over motion gaming use with automation devices is driving the demand for motion sensors. Moreover, the increasing use of motion sensors in smart lighting systems and energy-saving home appliances is fueling the growth of this segment.
Asia Pacific is witnessing rapid growth in the global smartsensor market and is poised to be the fastest growing region. Countries such as China, Japan, South Korea and India are the major contributors to this growth. APAC’s dominance in the market is driven by factors such as consumer density, increasing disposable income, growing demand for consumer electronics and automobiles for example in China, government initiatives for smart cities as it has huge manufacturing capacity and Industry 4.0. Moreover, APAC has seen significant investments in infrastructure, which has led to an increase in the use of smart sensor technology in sectors such as transportation, healthcare and energy management.
A comprehensive analysis of the major players in the global smartsensor market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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*Key Developments of Global Smartsensor Market*
· In May 2023, Bosch Sensortec collaborated with TDK Corporation to develop new smart environmental sensors for smart homes, buildings and cities.
· In March 2023, Infineon Technologies partnered with Motion Gesters, a developer of hands-free gesture recognition software, to integrate motion sensing capabilities into Infineon’s smart sensor solutions.
*Key Questions Answered in Global Smartsensor Market Report*
· What specific growth drivers are projected to impact the market during the forecast period?
· List the top companies in the market and explain how they have achieved their positions of influence.
· In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?
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