Smart Sensor Market to grow at 17% CAGR from 2016 to 2024

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Smart Sensor Market to reach 80bn by 2024
Global Market Insights Inc.
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Industry Overview

• The latest Smart Sensor Market analysis and
  research report talks about major applications of
  Smart Sensor, growth of these segments as well as
  offers insights into companies active in this
  industry and their information.
• The Internet of Things revolution worldwide is
  providing a remarkable impetus to the smart
  sensor market, the testimony of which is the huge
  share of USD 20 billion recorded by this industry
  in 2015. Over the past few years, smart and
  sustainable technologies have generated a
  significant momentum in the global business space
  and the growth chart depicts a linear adoption
  curve for these devices in the years ahead. In
  this regard, the government support indeed holds
  a significant credit in nurturing the expansion
  of smart sensor industry.
• Smart home and smart city development are the
  prominent initiatives of the government bodies,
  exponentially increasing the deployment of smart
  sensors globally. These projects are
  substantially contributing toward the smart
  sensor industry share by incorporating this
  technology in a series of applications such as
  energy management and climate control, home
  security, windows and appliance control,
  lighting, assisted living, and audio-visual
  entertainment.

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• The industry players are also taking immense
  interests to gain significant profits from the
  smart technology investments. One such move in
  this respect was from General Electric. Earlier
  this year, the giant announced its plan for smart
  city development in San Diego. The company would
  provide sensors to be incorporated on 3200 street
  lights in the city with an aim to monitor traffic
  and detect the crime. Some other participants
  sharing the smart sensor market space are ABB
  Group Ltd., Atmel Corporation, Analog Devices,
  Inc., Eaton Corporation PLC, Honeywell
  International, Inc., NXP Semiconductors, Robert
  Bosch AG, and Smart Sensors, Inc.
• Looking at the commercial aspect, automotive
  industry is one of the major sectors propelling
  smart sensor market share. The sensors are
  installed in automobiles to regulate the
  temperature inside the vehicles and optimize the
  energy consumption by the vehicles. Moreover, the
  driverless cars which are the next big thing in
  the automotive business space will further
  augment the smart sensors industry size,
  attributed to the technologys pivotal role in
  making these cars truly intelligent. Auto
  industry giants such as Mercedes-Benz, Toyota,
  Volvo, etc. have a strong pipeline for the launch
  of these smart cars in the coming years.

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U.S. Smart Sensor Market Share, By Application,
2016

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Industry Coverage
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• Talking about the geographical aspect, Asia
  Pacific is projected to have a strong foothold in
  smart sensors market over the coming years. The
  appreciable economic development of APAC
  countries such as China, India, and Japan,
  expanding consumer electronics industry, and
  efforts toward sustainable energy are the factors
  driving APAC smart sensor market growth over the
  years to come.
• On grounds of technological advancements, North
  America is leading the race. This factor is also
  making the region a leading participant in smart
  sensor industry. Robust development of smart
  homes, especially across U.S. and increasing
  adoption of IOT devices are the chief driving
  forces behind North America smart sensor market.
• With the growing energy sustainability trends and
  escalating efforts toward development of smart
  homes and smart cities, the global smart sensor
  market is poised to witness a strong trajectory
  roadmap ahead. A report by Global Market
  Insights, Inc. states that the smart sensor
  market will cross a revenue of USD 80 billion by
  2024, with a CAGR of 17 over the period of
  2016-2024.

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