Sensors are enabling the increasingly connected world. By allowing the collection of data, sensors open the door to more informed decisions by humans and more autonomous decisions by AI (artificial intelligence). Sensors also allow for remote insights, they enable realtime data flow, and they make predictive maintenance possible. Data has changed how just about everything in life and business work, and smart sensors are the devices behind the scenes, collecting this all-important data and sending it to wherever it needs to go to enable data-driven decisionmaking.
According to a report from Precedence Research, the global market for sensors will surpass $508 billion by 2032, which is an increase from $204.80 billion in 2022 and represents a CAGR (compound annual growth rate) of 8.4% from 2023 to 2032. A large portion of the revenue share is in Asia Pacific, Precedence’s data suggests, with more than 40% wrapped up in that region. Image sensors for electronics and automobiles, MEMS (micro electro-mechanical system) sensors for the industrial sector, and biosensors are all segments of the total sensor market that will continue to drive adoption and growth in the space in the coming years.
A report from MarketsandMarkets that analyzes the market for smart sensors suggests a market size of $104.5 billion by 2027 with an impressive CAGR of 17.9% between 2022 and 2027. MarketsandMarkets’ data suggests the smart sensors market is being fueled by the continued adoption of IoT (Internet of Things) devices, as well as consumer electronics, smart cars, and wearable devices. However, smart sensors’ market growth is limited by factors such as limited battery life and the cost of components and implementation.
Other sectors, including smart city, as well as other tech trends, including automation, plus societal trends like the increasing demand for remote monitoring in healthcare and more connected vehicles are all factors driving sensor adoption to new heights. In the industrial space, a different MarketsandMarkets study cites the move to Industry 4.0 and adoption of the IIoT (industrial IoT) as trends that are impacting the global rise in sensor use.
In the industrial realm, the promise of predictive maintenance cannot be understated. The ability to keep tabs on industrial equipment and machinery continuously and in realtime is extremely valuable for manufacturers that must ensure uptime. This is especially important since so many manufacturers operate within a relatively narrow profit margin.
A new UniScore report from Unissu for Q1 2023 takes a look at sensor companies within the PropTech space and ranks them based on various data points and insights. The winning company for this quarter is Haltian, which offers IoT solutions including the Empathic Building digital twin solution for smart buildings and digital workplaces. In second place is Sensative, which leverages sensors for applications such as smart building, smart city, smart home, and smart utilities. In fact, the report ranks 20 companies and what they’re doing in the space, demonstrating how much movement and innovation is happening in this incredibly important sector in Q1 alone.
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