Smart Sensor Market Advancements Highlighted by Analysis and Industry Forecast, 2020-2027



Rapid adoption of smart infrastructure in residential and commercial infrastructure, the penetration of IoT and AI based technologies and increased use of smart devices in medical monitoring drive the growth of the global market for smart sensors.





Allied Market Research, titled, “Smart Sensor Market by Power and End Use: Opportunity Analysis and Industry Forecast, 2020–2027”, the global smart sensor market size was valued at $37.25 Billion in 2019, and the smart sensor market size is projected to reach $91.37 Billion by 2027, registering a CAGR of 14.30%. Asia-Pacific is expected to be the leading contributor to the global smart sensor market during the forecast period, followed by North America and Europe.


The smart sensor market holds a substantial scope for growth in the global market. Currently, it is in its growing stage, however, its contribution to the global market is expected to witness significant growth within the next six years. The high cost associated with this technology is a major limitation for market growth. However, recent innovations, which embed high efficiency and innovative features in smart devices, have enabled the technology to reach a wider audience base. Numerous players are entering the smart sensor industry with innovative products. Emerging developments in IoT and the growth of autonomous products are expected to drive the smart sensor market growth in the future.


The significant factors impacting the growth of the global smart sensor industry include robust demand for smart sensors in the automobile sector, growing trends toward the Internet of Things, and a surge in demand for smart sensors in the development of smart cities. However, the high cost associated with smart sensors acts as the major barrier to early adoption, thereby hampering the growth of the market.


On the contrary, the rise in the adoption of smart wearable devices and innovative applications in the biomedical sector are the factors anticipated to provide lucrative opportunities for the growth of the smart sensor market during the forecast period.

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