Knowledge Sourcing Intelligence announces the publication of a new report on “Smart Sensors Market - Forecasts from2020 to 2025" to their offering.
Smart are those sensors that have the ability to detect input from its physical environment and offers automated data more accurately. The rapid growth in the adoption of IoT is one of the major factors that is anticipated to augment the smart sensors market growth throughout the forecast period.
According to the report, the Smart Sensors Market is projected to increase at a CAGR of 5.64% in the coming years.
Rapid IoT penetration is driving the market growth
The smart sensors market is projected to witness rapid growth over the course of the next five years. The major factors supplementing the demand for various types of smart sensors include the rapid penetration of the Internet of Things (IoT) technology across several industry verticals. The rapid investments in the adoption of automated solutions in the industries is significantly boosting the demand for smart sensors across these industries, thereby automation across the industries is playing a significant role in shaping up the smart sensors market growth throughout the forecast period. Rapid advancements in the semiconductor industry have led to a significant cost reduction of microprocessors, which in turn is anticipated to propel the opportunities for the market to witness a healthy growth in the coming years.
Moreover, the rising investments in both developed in developing economies for setting up smart cities and smart factories is also propelling the demand for smart sensors on account of their wide applications in the smart city's infrastructure. Additionally, the adoption of Industry 4.0 is further providing an impetus for the market to grow in the next five years as the burgeoning requirements for the control and monitoring of operations in fully-automatic industries is augmenting the demand for smart sensors.
The global smart sensors market has been segmented on the basis of type, technology, industry vertical, and geography. On the basis of type, the segmentation of the market has been done into smart flow sensors, smart pressure sensors, smart position sensors, smart temperature sensors, smart vision sensors, and others. By technology, the market has been segmented into MEMS-based smart sensors and CMOS-based smart sensors. On the basis of industry verticals, the market has been classified on the basis of automotive, healthcare, manufacturing, communication and technology, security, and others. Geographically, the global market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By the end-user, the automotive segment is anticipated to witness a healthy growth on account of the wide applications of these sensors in automobiles. Furthermore, rapid advancements in the technology and the growing investments in autonomous vehicles is also a key factor supplementing the growth of this segment throughout the forecast period.
Geographically, the North American and the European regions are anticipated to hold a considerable share in the market throughout the next five years primarily on account of the early adoption of technology and the presence of well-establsehd industries in the countries like the United States, Canada, Germany, Spain, and others. Furthermore, the presence of key market players in the region is also bolstering the growth during the coming years.
The major players covered as part of the report are Texas Instruments Incorporated, NXP Semiconductors, TE Connectivity, TDK Corporation, and STMicroelectronics among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-smart-sensors-market
This report has segmented the Smart sensors market on the basis following terms: