Analysts at Persistence Market Research forecast that the global smart sensor market revenue will rise from an estimated $26 Billion in 2018 to more than $82 Billion by the close of 2026, resulting in a growth rate of 15.3%. Adoption of smart sensors appears to be driven by an increasing demand for MEMS sensor technology in healthcare and consumer electronics applications.
Asia Pacific is expected to be a key contributor towards this growth, with increasing adoption anticipated to be witnessed across the automotive industry in the region. The US is expected to maintain a leading position in the global market for smart sensors, owing to the presence of large global players operating in the smart sensor space in the country. Significant growth potential exists in countries such as Japan, India, and China predominantly due to the steadily increasing demand for smart sensor technology from the automotive and manufacturing industries in these countries.
Persistence Market Reveals attributes stellar growth to three key factors:
- proliferation of the IIoT
- increasing use of smart sensors in wearable devices
- integration of sensor technology in supply chain management
Other Growth Areas:
- The use of smart sensors in wearables
- The use of smart sensors is in supply chain management.
- Food and beverage
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Persistence Market Research
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