Smart Sensors Market Upcoming Demand & Growth Analysis Up to 2022
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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