CHICAGO, June 12, 2023 /PRNewswire/ -- The sensor fusion market is projected to grow from USD 8.0 billion in 2023 to USD 18.0 billion by 2028, registering a CAGR of 17.8% during the forecast period according to a new report by MarketsandMarkets. The market growth is attributed to the increasing demand for integrated sensors in smartphones and increasing demand for smart homes and building automation. Furthermore, the growing demand for advanced driver assistance systems (ADAS) and the deployment of autonomous vehicles is expected to create lucrative opportunities for the market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71637844
Browse in-depth TOC on "Sensor Fusion Market"
80 - Tables
45 - Figures
240 - Pages
Sensor Fusion Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $8.0 billion |
Estimated Value by 2028 | $18.0 billion |
Growth Rate | Poised to grow at a CAGR of 17.8% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Algorithms, Technology, Offering, End-Use Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Security and safety concern |
Key Market Opportunities | Growing demand for advanced driver assistance systems (ADAS) and deployment of autonomous vehicles |
Key Market Drivers | Increasing demand for integrated sensors in smartphones |
Consumer Electronics end use applications accounted for a larger share of the sensor fusion market in 2023.
The consumer electronics segment is a major market for sensor fusion. A wide range of consumer electronics devices use sensors, including smartphones, tablets, wearables, and gaming equipment. Sensor fusion technology is used in these devices to provide logically fused data from different sensors for various applications such as gesture recognition, image stabilization, navigation, and motion-based gaming.
Software is expected to grow at the highest CAGR in the forecast period.
The software segment is expected to grow at a higher CAGR during the forecast period. Sensor fusion software can be used in various applications, including robotics, autonomous vehicles, and virtual reality. In robotics, sensor fusion software combines data from sensors such as cameras, lidars, and sonars to create a more accurate representation of the environment, The robots can then use this information to navigate their surroundings and perform tasks. The process of sensor fusion can be implemented using AI-based and non-AI-based software.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=71637844
Asia Pacific market accounted for the highest CAGR in the sensor fusion market during the forecast period.
Asia Pacific is projected to dominate the market and record the highest CAGR during the forecast period due to the increasing sensor fusion applications in several verticals, such as consumer electronics, autonomous vehicles, and medical. The market growth in the region is also expected to be driven by the increasing demand for sensor fusion in China, Japan, and India and for the growing use of sensor fusion in autonomous vehicle applications. China is expected to be the largest market for sensor fusion in the Asia Pacific. The reason for the highest growth for the sensor fusion market in APAC is that this region is one of the largest manufacturing hubs for consumer electronics and automobile production in the world, and the growing integration of sensor fusion systems in consumer electronics and automobile application systems will boost sensor fusion industry in this region.
Key players
Key players in the sensor fusion companies include STMicroelectronics (Switzerland), InvenSense, Inc. (US), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (US), Renesas Electronics Corporation. (Japan), Amphenol Corporation (US), Texas Instruments (US), and Qualcomm Technologies, Inc. (US), among others.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=71637844
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Motion Sensor Market by Motion Technology (IR, Ultrasonic, Microwave, Dual Technology, & Tomographic), Application (Consumer Electronics, Automotive, Aerospace & Defense, Healthcare, & Industrial), and Geography - Global Forecast to 2025
Smart Sensors Market with Covid-19 impact by Type (Temperature & Humidity Sensors, Pressure Sensor, Touch Sensor, Motion & Occupancy Sensors, Water Sensor, Image Sensor), Technology, End-user Industry and Region - Global Forecast to 2027
Sensor Hub Market by Processor Type (Application Sensor, Discrete Sensor, Sensor Integrated Microcontroller), End-Use Application (Consumer Electronics, Automotive, Industrial, Military, Healthcare), and Geography - Global Forecast to 2023
Radar Sensor Market by Type (Imaging, and Non-Imaging), Technology, Component, Band (HF, VHF, and UHF; L, S, C, and X; Ku, K, Ka, V, and W), Range (Short-range, Mid-range, Long-range), Application, Vertical, and Geography - Global Forecast to 2023
E-Compass Market by Technology (Fluxgate, Hall Effect, Magnetoresistive), Type (1&2 Axis, 3 Axis, 6 Axis, 9 Axis), Application (Consumer Electronics, Aerospace & Defense, Automotive, Surveying, Marine) and Geography - Global Forecast to 2022
About MarketsandMarkets
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/sensor-fusion-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/sensor-fusion.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/sensor-fusion-market-worth-18-0-billion-by-2028---exclusive-report-by-marketsandmarkets-301848038.html
