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With 17.8% CAGR, Sensor Fusion Market Growth to Surpass USD 18.0 billion
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The rise in smart device usage, the number of internet users, and consumer preference for video doorbells, voice-activated tools (like Alexa and Google Home), and surveillance systems all contribute to the market's expansion. Various companies are investing in s developing these smart devices for the smart home and building application, in turn, are driving the demand of the sensor fusion market. For instance, Infineon Technologies AG is releasing the battery-operated Smart Alarm System (SAS) in 2022. The technology platform uses sensor fusion based on artificial intelligence/machine learning (AI/ML) to achieve high precision and very low-power operation. The small design achieves equivalent or greater battery life compared to less complex solutions while outperforming the detection accuracy of acoustic-only alarm systems now utilized in commercial and industrial buildings.
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Further, the increasing deployment of autonomous vehicles also creates an opportunity for the market. Autonomous vehicles require sensors such as camera, LiDAR, and radar to view and evaluate their surroundings. In addition, increasing collaboration between car manufacturers and sensor fusion platform developers is expected toboost the adoption of the sensor fusion technology. For instance, in December 2022, Baidu, a Chinese automobile manufacturer, and Pony.ai, a startup company backed by Toyota Motors, announced that they were granted their first license to test fully autonomous vehicles in Beijing.
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The automotive end-use application is expected to hold the largest market share during the forecast period. The sensor used in automobiles forms a vital component of performance enhancement in safety, comfort, environment protection, driver assistance, and other features in transportation. Sensor fusion technology is used widely in automobiles for safety, driver assistance, entertainment system, and so on to extract and combine multiple sensor data. The major players providing automotive products are InvenSense Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), and Bosch Sensortec GmbH (Germany). Further, with the rapid development of intelligent vehicles and Advanced Driver-Assistance Systems (ADAS), a new trend is that mixed levels of human driver engagements will be involved in the transportation system and is driving the market growth.
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