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Smart Sensors Market Upcoming Demand & Growth Analysis Up to 2022

06-20-2019 04:11 PM CET | IT, New Media & Software

Press release from: Allied Market Research

Smart Sensors Market Upcoming Demand & Growth Analysis Up to 2022

The Global Smart Sensors Market is anticipated to account for $61 billion by 2022, growing at a CAGR of 19.2% from 2016 to 2022. A smart sensor is an upcoming element of the Internet of Things (IoT) that transmits data over all the available networks. This device enables functions such as digital processing, data conversion, and interaction with external devices.

The smart sensors market is currently in its growth stage, with an expectation to register substantial growth in the near future attributed to high investments in R&D by the companies, and the growing inclination toward IOT. Other factors that drive the smart sensors market include an increase in demand for automobile & electronics and the development of smart cities. Moreover, the increase in the rate of terrorism activities and security issues further highlights the importance of smart sensor in counterterrorism application. However, lack of privacy, complex structure, high replacement, and deployment cost are projected to constraint the growth of the smart sensors market.

The high cost of deployment and privacy concerns are expected to restrain the market growth. However, continuous efforts in R&D to develop an improved product at a reasonable price is an influencing factor for cost reduction, thereby boosting the growth of the sensor market.

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Key market players adopt various strategies to gain a stronger foothold in the market. Companies enter into various agreements and partnerships such as supply & sales agreements and plant manufacture partnerships to serve their customers in a better manner and increase their market outreach. Analog Devices, for instance, signed an agreement with LifeQ with an aim to improve effectiveness of body monitoring devices in health management in 2016.

In terms of revenue generation, the automotive end use application vertical accounted for the major market share with 23% in 2015, and is estimated to be dominant throughout the forecast period. This is attributed to increase in demand for vehicles, driver security measures, and introduction of advanced features by major automobile players.

Europe generates the highest revenue owing to rise in adoption of automotive, building, and consumer electronics along with wide acceptance of smart sensors. Europe accounted for 32% share of the overall market in 2015, and is expected to grow at a CAGR of 18.67% between 2016 and 2022.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

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