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22 Mar 2023
Use of AI Sensors to Grow More than 40 Percent Annually, New Report Says
CHICAGO – With many AI implementations will come the sensors and IoT deployments that feed the new-found intelligence. Examining this trend, MarketsandMarkets.com has released a new report that projects the AI sensor market will reach USD 22.1 billion by 2028, rising from USD 3.0 billion in 2022. This represents a CAGR of 41.6% over the time period.
The report finds there will be a growing demand for devices across home automation and automotive applications, smart infrastructure, and digitization to facilitate edge computing growth, and the increased use of AI sensor-equipped wireless technologies.
The motion sensors segment holds the largest share of the AI sensor market, according to the report, and is expected to retain its position during the forecast period. These sensors are extensively used in consumer electronics applications such as smartphones, tablets, laptops, and smart wearable devices.
Motion sensors are also employed in structural health monitoring applications for bridges and buildings, making building automation the third-largest end-use industry for motion or occupancy sensors. Smart occupancy sensors such as IPOS and IOS will likely witness increasing demand for smart home and smart city applications.
Asia Pacific is the leading market for AI sensors in the automotive, manufacturing, and consumer electronics industries, with the major demand coming from China, India, and Japan, according to the report. China has shown massive growth, as it is the global manufacturing hub for semiconductor and automotive industries, which produce home appliances, smartphones, computers, and peripheral devices. It is also one of the major manufacturers of consumer electronics and automobiles.
Furthermore, the growth of the AI sensor market in this region is attributed to favorable government initiatives for expanding the manufacturing sector in developing countries, rising foreign investments in industrial and manufacturing sectors, and a growing population, along with the existence of several manufacturing facilities, low cost of AI sensors, and rapid technological advancements in emerging markets.
Additionally, the report says computer vision will likely be the fastest-growing segment during the forecast period. This technology is increasingly used in advanced driver assistance systems (ADAS) and autonomous vehicles to enable object detection, recognition, and tracking, which are critical for ensuring safe and efficient operation. Given the increased preference for ADAS features and the growing adoption of autonomous vehicles, the automotive sector will be the largest application segment for computer vision in the AI sensor market in the coming years.
Players profiled in this report are Teledyne Technologies Incorporated (US), Robert Bosch GmbH (Germany), Goertek Inc. (China), Baidu, Inc. (China), Yokogawa Electric Corporation (Japan), Excelitas Technologies Corp. (US) Hokuriku Electric Industry Co., Ltd. (Japan), Sensata Technologies, Inc. (US), (China), Sensirion AG (Switzerland), and Sensortek Technology Corporation (Taiwan) are some major players.
Photo of automotive sensor from Teledyne.
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