Worldwide Smart/Intelligent Sensors Market: Smart Cities' Development to Mushroom Growth

The global smart/intelligent sensors market is predicted to reach US$21.60 bn by 2019. This market is poised to grow at a whopping 12.20% CAGR between 2013 and 2019. In terms of type of smart/intelligent systems, the segment of touch sensors is predicted to value US$0.49 bn by 2019, growing at a CAGR of 12.20% between 2013 and 2019. On the other hand, the segment of image sensors is predicted to experience the most exponential development in the market in forthcoming yeas. The rising concerns on security and the growing organizations of international games including Olympics in 2016 and FIFA World Cup in 2014 will boost the growth of this segment.

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High Utilization of Smart/Intelligent Sensors in Automotives to Drive Market

On the basis of application, the segment of automotives led the market and was trailed by the segment of industrial in the market for smart/intelligent sensors market. This segment is predicted to maintain its superiority all through the forecast horizon. The growing implementation of medical equipment, smart phones and tablets, and smart/intelligent sensors in automobiles will fuel the growth of this segment in the forecast period. In terms product type, image sensors hold the top position in the market as they are utilized in applications such as medical equipment, CCTVs, mobile phones, digital still cameras. The global image sensors market is poised to touch US$5.53 bn by 2019, expanding at a CAGR of 11.80% between 2013 and 2019.

In terms of geography, Europe led the market with a share of 34% in 2012. The increasing employment of high-end devices in infrastructure, automotive, and medical industries is predicted to fuel the smart/intelligent sensors’ demand within this region. This region is poised to maintain its superiority all through the forecast period. The North America smart/intelligent sensors market trailed Europe and held the second position in the market. This market constituted a share of 31% and its market share will increase by 2019.

Increasing Cost of Replacement to Hinder Market Development

The global smart intelligent sensors market is predicted to grow due to the increasing utilization of smart intelligent sensors in applications such as logistics and transportation, states a TMR analyst. In addition, the growing employment in healthcare and the increasing employment in defense and military will provide impetus to the development of this market. Furthermore, the increasing priority being given to surveillance and security is a top trend seen in the market for smart/intelligent sensors. However, the increasing cost of replacement and privacy issues are the main factors impeding the growth of the market for smart intelligent sensors.

“Nonetheless, the development of smart cities is a key opportunity seen in this market” says a TMR analyst.

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