According to a recent report published by Allied Market Research, titled, “Smart Sensor Market by Type and End Use: Global Opportunity Analysis and Industry Forecast, 2020–2027,”the global smart sensor market size was valued at $37,124.5 million in 2019, and is projected to reach $143,657.6 million by 2027, registering a CAGR of 18.6% from 2020 to 2027.
The smart sensor market is currently in its growth stage and is expected to register substantial growth in the near future, attributed to the high investment in R&D activities by market players and focus of society toward Internet of Things (IoT). Other factors that drive the market growth include increase in demand for automobile & electronics and development of smart cities.
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Key
Findings of The Study
- This study includes the
analytical depiction of the smart sensor market forecast along with the
current trends and future estimations to determine the imminent investment
pockets.
- The report presents
information regarding the key drivers, restraints, and opportunities in
the smart sensor market.
- The smart sensor market trends
is quantitatively analyzed from 2019 to 2027 to highlight the financial
competency of the industry. Porter’s five forces analysis illustrates the
potency of the buyers and suppliers in the industry.
Covid-19
scenario-
·
The
outbreak of the pandemic has increased the demand for online banking services,
as shutdown of physical branches has led to shift of consumers toward online
platforms.
·
Also, the
growing drift of social distancing has reinforced the incorporation of
electronic payment system among consumers.
Smart
Sensor Market Segmentation
By Type
- Touch Sensor
- Image Sensor
- Temperature Sensor
- Motion Sensor
- Position Sensor
- Gas Sensor
- Light Sensor
- Pressure Sensor
- Others
- Uncooled IR Camera
By End
Use
- Automotive
- Consumer Electronics
- Industrial
- Infrastructure
- Healthcare
- Others
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The key
smart sensor market leaders profiled in the report include ABB Ltd., Analog
Devices, Eaton, Honeywell, Infineon Technologies, NXP Semiconductors N.V.,
Renesas Electronics, Siemens, STMicroelectronics, and Texas Instruments. These
key players adopt several strategies such as new product launch &
development, acquisition, partnership &collaboration, and business
expansion to increase the smart sensor market share during the forecast
period.
The
significant factors impacting the growth of the global smart sensor market
include robust demand for smart sensors in automobile sector, increase in
trends toward Internet of Things, and surge in demand for smart sensors in the
development of smart cities. However, high cost associated with smart sensors
acts as the major barrier for its adoption under various applications, thereby
hampering the growth of the smart sensor market size. On the contrary, rise in
adoption of smart wearable devices and innovative applications in biomedical
sectors are anticipated to provide lucrative opportunities for the growth of
the smart sensor market share during the forecast period.
Chapters
Discussed in the Report:
Chapter:
1 Introduction
Chapter:
2 Executive Summary
Chapter:
3 Market Overview
Chapter:
4 World Smart Sensor Market, By Sensor Type
Chapter:
5 World Smart Sensor Market, By End User
Chapter:
6 World Smart Sensor Market, By Geography
Chapter:
7 Company Profiles
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achieve sustainable growth in their respective market domain.
We are in
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digging out market data that helps us generate accurate research data tables
and confirms utmost accuracy in our market forecasting. Each and every data
presented in the reports published by us is extracted through primary
interviews with top officials from leading companies of domain concerned. Our
secondary data procurement methodology includes deep online and offline
research and discussion with knowledgeable professionals and analysts in the
industry.
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