Rise in IoT and Automation Booming Smart Sensors Technology

Growing trend toward the Internet of Things, robust demand for smart sensors in the automobile sector, and growth in demand for smart sensors in the development of smart cities have boosted the growth of the global smart sensor market. However, incorporating smart sensors in devices reduces the life of the devices, which hampers the market growth. On the contrary, rise in adoption of wearable devices and innovative applications in the biomedical sector are expected to create lucrative opportunities in the near future.

The global smart sensor market was pegged at $37.12 billion in 2019, and is projected to reach $143.65 billion by 2027, growing at a CAGR of 18.6% from 2020 to 2027. The report provides an extensive analysis of changing market dynamics, market size & projections, top investment pockets, major segments, and competitive landscape.

The global smart sensor market is segmented on the basis of type, end use, and geography. Based on type, the market is categorized into touch sensor, image sensor, temperature sensor, motion sensor, position sensor, gas sensor, light sensor, pressure sensor, and others. The image sensor segment held the largest share in 2019, accounting for around one-fifth of the market. However, the light sensor segment is projected to register the highest CAGR of 25.2% during the forecast period.

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Based on end use, the market is divided into automotive, consumer electronics, industrial, infrastructure, healthcare, and others. The automotive segment held the largest share in 2019, accounting for around one-fourth of the market. Moreover, the segment is anticipated to portray the highest CAGR of 21.7% during the study period.

The global smart sensor market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2019, accounting for nearly half of the market and is expected to manifest the highest CAGR of 19.8% during the forecast period. On the other hand, the market across LAMEA is expected to register a CAGR of 18.7% during the forecast period.

The global smart sensor market report includes an in-depth analysis of the major market players such as Analog Devices, ABB Ltd., Honeywell, Eaton, NXP Semiconductors N.V., Infineon Technologies, Siemens, Renesas Electronics, Texas Instruments, and STMicroelectronics.