Key Factors based on Smart Sensor Market Analysis 2020
Smart sensors — the devices of every imaginable description that come with the ability to connect to the Internet and exchange information. It is these smart sensors and their data streams that give rise to big data (along with video, text and social media) and the associated challenges to traditional IT systems. There is so much data, and such a variety of data, that new software and systems are required to deal with it.
The major drivers for this market include the growing concern toward security & surveillance, rising need for energy-efficient devices, and favorable government initiatives. The growing consumer electronics sector, surge in automotive industry on a global basis, and the growing trend of miniaturization in sensors are the other major factors driving the smart sensor market.
Browse Global Smart Sensor Industry 2016 Market Research Report
Smart sensor market is expected to grow in coming years due to increase in demands of consumer electronics and automobiles. Use of smart sensors are also increasing in smartphones and computer devices with touch screen display. Drivers responsible for the growth of smart sensor markets are technological advancement, increasing use of smart sensors in various industries like logistic, defence and healthcare, increasing demand of wireless smart sensor and energy saving functions of smart sensors.
The smart sensor market in the Americas is expected to hold the major market share between 2016 and 2022 owing to the growing demand for smart homes and IoT in the U.S., presence of major players in the region, early adoption of new technologies, and growing automotive and consumer electronics industry. The APAC market is expected to grow at the highest CAGR between 2016 and 2022 owing to the increasing demand from end-user industries such as consumer electronics and automotive.
Key Players of Market:
- Analog Devices, Inc
- Infineon Technologies AG
- TE Connectivity, Inc
- Atmel Corporation
- Honeywell International, Inc
Factors such as the growing concern toward security & surveillance, increasing need for energy-efficient devices, growing consumer electronics sector, surge in automotive industry on a global basis, favorable government initiatives, and growing trend of miniaturization in the sensors segment are expected to boost the growth of the market during the forecast period.
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