Smart sensor is an upcoming element of Internet of Things (IoT), which transmits data over the available networks. These devices also enables functions such as digital processing, data conversion, and interaction with external devices.The smart sensor market size is estimated to witness the double-digit growth rate during the upcoming period.
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The demand of smart sensor is currently witnessing an escalating demand from automotive and consumer electronics industries, accounting to the application of such devices for measuring, controlling, computing, and communicating purposes. Moreover, the factors like growing consumer demand from electronics sector, surge in the automotive industry on a global basis, favorable government initiatives, and growing trend of miniaturization in sensors are some of the major growth drivers for this market.
Americas is expected to dominate the smart sensor market, globally, owing to the mounting demand for smart homes and IoT in the U.S., early adoption of technology, and growing automotive and consumer electronics industries in the region. The APAC region also offers potential growth opportunities owing to the increasing government policies and demand from growing economies such as China and India among others.
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Increasing demand of smart sensors automobile sector and in mobile or smart phone industry is further driving this market. However, lack of privacy, complex structure as compared to traditional design and lack of customization are some restricting factors that hampers the growth of the smart sensor market during the upcoming years.
The global smart sensors market can be segmented on the basis of type, end-user and region. On the basis of type, the global smart sensors market can be segmented into image sensors, smart motion sensors, smart position sensors, smart pressure sensors, smart temperature sensors and touch sensors. On the basis of end-user, the global smart sensors market can be segmented into automotive industry, consumer electronics, industrial, infrastructure, medical equipment and others. On the basis of region, the global smart sensors market can be segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and Latin America.
Some of the key players in the global smart sensors market include ABB Ltd., Analog Devices, Eaton Corp., Emerson Process Management, Infineon Technologies AG, Nxp Semiconductors N.V., Renesas Electronics, Siemens AG, Stmicroelectronics N.V. and Yokogawa Electric Corp.
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