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IMARC Group, a leading market research company, has recently releases report titled “Smart Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global smart sensor market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
The global smart sensor market size reached US$ 49.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 107.8 Billion by 2028, exhibiting a growth rate (CAGR) of 14% during 2023-2028.
A smart sensor is an electronic device that takes input from external sources and relies on built-in compute resources to perform predefined functions. It comprises primary sensors, microcontrollers, transducers, amplifiers, excitation control systems, analog filters, and compensators. It also includes software-defined elements that provide different functions, such as digital processing, data conversion, and communication, to external devices. It has multi-sensing, smart calibration, self-identification, amplification, data control, and remote monitoring capabilities. It offers numerous advantages as compared to basic models, such as high reliability and performance, minimum interconnecting cables, scalable and flexible system, small rugged packaging, and minimum cost.
It enables a more accurate and automated collection of environmental data, which is used for monitoring and controlling mechanisms, such as smart grids, navigation systems, autonomous driving, wearable health monitoring devices, transport and logistics, telecommunications, and remote system monitoring. At present, smart sensors are integrated with the internet of things (IoT) and find extensive applications in fingerprint recognition, pattern recognition, telecommunication, press control, and micro-electromechanical systems (MEMS).
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Expanding industrial automation due to technological advancements across the globe represents one of the key factors influencing the market positively. Smart sensors are used in electronic devices for advanced digital interfaces in various manufacturing units. They accurately measure environmental conditions, such as temperature, light, humidity, and biometric pressure to keep status updates for vital processes in manufacturing. They also assist in monitoring vibrations to evaluate utilization rates, which maximize the capacity of several devices. In addition, smart sensors are widely used in automotive vehicle safety devices, including cameras, radio detection and ranging (RADAR), light detecting and ranging (LiDAR), and ultrasonic and vision-based sensors. This, along with high-definition mapping systems, is positively influencing the market. Smart sensors are increasingly offering solutions in the healthcare sector, which include early detection, management, and prevention of chronic diseases, such as cardiovascular diseases and cancer.
Additionally, the widespread adoption of smart sensors in wearable objects that help monitor the physical parameters of the body and provide clinically relevant data for care are propelling key players to introduce advanced product variants in the market. Apart from this, 3D smart sensors are widely used in vision-guided robot systems to execute real-time control decisions and make them adoptable for unique environment applications. Moreover, various cost-effective product innovations, such as printed, organic, miniaturized, and lightweight smart sensors, are propelling the market growth. In line with this, favorable government policies to increase electronics manufacturing are strengthening the market growth. Furthermore, the high demand for smart sensors in research and development (R&D) areas, such as environmental analysis, robotics, biomedicines, and pharmaceuticals, is anticipated to drive the market.
The report has segmented the market into the following categories:
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The report covers the major market players including:
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