The interaction sensor market 2020 held the value of USD 11.66 billion in 2017 and is expected to gain considerable valuation of USD 44.75 billion by 2023, reveals Market Research Future (MRFR). MRFR also anticipates the market growth to be at a tremendous rate of 25.13% from 2018 to 2023 (assessment period). We will provide COVID-19 impact analysis with the report, offering an in-depth review of the market following the coronavirus disease outbreak.
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The health-care professionals, industries and governments are grappling with the after effect of the COVID-19 outbreak, for which they are deploying various types of sensors, predictive analysis, artificial intelligence and big data in every way possible to minimize the risk on the public health as well as the worldwide economy. Experts understand the potential of sensors in supporting medical government and professionals in response to SARS-CoV-2.
The closure of gyms, restaurants, schools, theaters, and various public venues has brought a decline in social interactions, leading to a massive curb on people’s mobility to reduce the spread of novel coronavirus. Therefore, the use of interaction sensors has boosted in recent months, with the rising consumption of devices like computers, laptops, mobiles and personal navigation device. Speaking of favorable aspects, companies across industries are rushing to find a COVID-19 breakthrough, for which semiconductor firms are lending helping hands with the adoption of strategies like product innovation and launches. For instance, in June 2020, BlueSemi R&D Pvt. Ltd. (Hyderabad, India) has built the first wireless, contactless scanner integrated with Neem, a thermal sensor. The sensor helps with fast detection and recording of the person’s exact temperature, with no manual contact.
Primary Inducers and Key Barriers
The COVID-19 impact on the interaction sensor market has been not as severe compared to other industries, given the rising use of IoT and AI-based sensors across the healthcare industry. The mounting concerns related to security and safety in the automotive industry also favors the business growth. In addition, the escalating demand for interactive sensors in interactive television and smart homes also positively shapes the market size.
In the last few years, the gesture technology has gained massive prominence in the consumer electronics sector, prompting a majority of manufacturers to sharpen their focus on R&D activities for the development of advanced interactive sensors. The rising popularity of on-body technologies has resulted in a paradigm shift with respect to human–computer interaction, which is another reason that the interaction sensor market can note high profits in the following years. Rapid surge in virtual reality as well as augmented reality technologies can also be a growth inducer in the global market.
In recent years, smartphones have been subjected to numerous innovations, including developments in the display technology, camera technology along with the integration of modern sensors for enriched customer experience. Smartphone manufacturers are continuously focusing on the research and development of their products to draw in more consumers, while putting in efforts to shorten the replacement cycle. These efforts by leading firms will boost the demand for not only smartphones with better capabilities but for interaction sensors as well.
Interaction sensor industry has been segregated with respect to technology as well as the industry vertical.
The key technologies covered in the market study are voice recognition, camera-based, RFID, and more.
The various industry verticals that deploy interaction sensors are aerospace & defense, entertainment, consumer electronics, automotive, healthcare, among others.
The interaction sensor market size along with the current trends and growth prospects have been evaluated across the key regions of North America, Asia Pacific/APAC, Europe, and the rest of the world/ROW.
The interaction sensor market in North America has observed notable advancements in recent years. The region stands at the forefront when it comes to fast adoption of latest technologies, such as virtual reality (VR) and augmented reality (AR) in the entertainment and gaming industries. Other than this, promotional initiatives by the government to boost security operations and regulatory activities also encourage the growth of the interaction sensors market in the region.
The fastest growth rate can be gained by the APAC market as a result of the increasing consumption of Internet of Things and consumer electronics. The soaring demand for convenience and comfort in product usage also stokes the market growth in the region. India and China are some of the fastest-expanding economies, marked with a massive surge in disposable income and digitization across diverse industries, which works in favor of interaction sensor industry.
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Notable contenders in the worldwide market for interaction sensor include Robert Bosch GmbH (Germany), Infineon Technologies (US), Texas Instruments Inc. (US), TDK Corporation (US), Atmel Corporation (US), Google Inc. (US), Analog Devices, Inc. (US), ABB Ltd. (Switzerland), NXP Semiconductors N.V. (Netherlands), STMicroelectronics N.V. (Switzerland), Omron Corporation (Japan), to mention a few.