AI Sensors Market to Grow at a Tremendous CAGR of 38.39% During the Forecast Period 2018-2026

The global AI sensors market is expected to grow at a significant growth during the forecast period. The growing integration of AI systems in the healthcare industry further contributing to the growth of the AI sensors market. AI has the potential to expand its capabilities in medical diagnosis through various AI applications. The technology enables in managing and increasing the demand for AI tools as it is a time-efficient process for detecting diseases at the initial stage.

The AI Network for Healthcare is designed by the partnership of Microsoft Corp. with Apollo Hospitals in 2018, to provide solutions to eliminate disease burden. The advanced machine learning models enable patients to reduce heart risk and offer a platform for AI-based cardio applications. For instance, in August 2018, as part of Microsoft’s AI Network for Healthcare initiative, Microsoft India and Apollo Hospitals declared the introduction of the first-ever AI-powered Cardiovascular Disease (CVD) Risk Score API (application program interface).

The global AI sensors market was valued at US$ 8.48 billion in 2018 and is expected to reach US$ 112.91 billion in 2026, growing at a CAGR of 38.39% during the forecast period.

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Furthermore, AI and machine learning techniques are used to develop computational tools for screening patients with retinal diseases and provides proper diagnosis and treatment of diseases. Deep learning technology is used to detect the biomolecular target and toxic effects on the environment, chemicals, various household products, and drugs. AtomNet, deep learning technology is a structure-based design for drug design and detect novel biomolecules and target diseases. Moreover, in Jan 2018, Medtronic & Philips partnered to improve patient management with lung nodules. The partnership is aimed to develop and commercialize a platform for lung GPS patient management. The platform uses natural language processing, a kind of AI technology that rapidly searches and analyses data present within multiple medical reports and spot related information for review and follows up. Such technologies in the market fulfill the unmet needs of the patients, which in turn contributes to the growth of the market.

Key Findings:
-Based on the type, the neural network segment is accounted for the largest market share of 32% of the total market, in 2018
-Based on application, the health monitoring segment is expected to grow at the highest CAGR of around 52% during the forecast period
-North America accounted for the largest market share in terms of value and accounted for around 35% of the global AI sensors market in 2018

Recent News:
-September 2019, Hero Electronix launched AI smart cameras and sensors under ‘Qubo’ brand. It introduced AI sensors for the voice-controlled smart indoor camera
-July 2019, DFRobot announced and revealed HuskyLens, AI vision sensor designed specific to enhance innovation for developed or manufacturers and individuals users

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