CHICAGO, March 22, 2023 /PRNewswire/ -- The AI sensor market is projected to reach USD 22.1 billion by 2028, from USD 3.0 billion in 2022, at a CAGR of 41.6% according to a new report by MarketsandMarkets. Key factors driving the growth of the AI sensor market include the growing demand for AI sensors in IoT-based 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.
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Motion sensors in by sensor type segment is expected to have largest market size during the forecast period.
The motion sensors segment holds the largest share of the AI sensor market 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.
Computer vision technology segment is expected to have highest CAGR during the forecast period
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.
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Asia Pacific to have largest market size during the forecast period
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. 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.
The report profiles key players in the AI sensor market and analyzes their market shares. 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.
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