The sensor hub global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Sensor Hub Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The sensor hub market size has grown exponentially in recent years. It will grow from $29.35 billion in 2023 to $35.7 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to increasing adoption of smart home devices, rising consumer awareness and demand, enhanced AI and machine learning integration, government initiatives and smart city projects, increasing digitalization.
The sensor hub market size is expected to see exponential growth in the next few years. It will grow to $78.54 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to increasing internet penetration, increase in demand for low-power generating solutions, increase in internet usage and data consumption, consumer electronics evolution, growing urbanization and industrialization. Major trends in the forecast period include new product innovation, advancements in IoT technology, technological advancements in wireless communication, early adoption of smart home technology, and strategic mergers and acquisitions.
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Scope Of Sensor Hub Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Sensor Hub Market Overview
Market Drivers –
The increase in popularity of digitalization is expected to propel the growth of the sensor hub market going forward. Digitalization is the process of utilizing digital technologies to reshape a business model, creating new avenues for revenue generation and value creation. The increasing digitalization is due to the tech-savvy population, transparency, automation, reducing human errors, and optimizing operations. Sensor hubs provide the sensor integration, data processing, and management efficiency required to build advanced digital products, services, and IoT systems. For instance, in October 2023, according to the Australian Bureau of Statistics, an Australia-based government administration, from 2021 to 2022, digital activity in Australia surged by 8.6%, totaling $10.9 billion, whereas the overall Australian economy saw a growth of 11.7%. In 2021–22, all sectors of digital activity grew. Notably, e-commerce retail witnessed a remarkable increase of 12.6% in 2021–22, following a substantial surge of 41.8% in the preceding year. Therefore, the rise in popularity of digitalization is driving the growth of the sensor hub market.
Market Trends –
Major companies operating in the sensor hub market are developing kits for IOT sensor engineering with printed electronics technologies. Kits for IoT sensor engineering with printed electronics technologies are tools and components designed to help engineers, researchers, and hobbyists create and prototype Internet of Things (IoT) sensors using printed electronics. For instance, in February 2023, Henkel, a Germany-based multinational chemical and consumer goods company, launched the Henkel Qhesive Solutions Sensor INKxperience Kit. The kit showcases Henkel’s innovative inks for smart product applications. It includes four core technologies such as, a leak detection sensor, a non-contact liquid level sensor, a positive temperature coefficient (PTC) heater, and single and multi-zone force sensitive resistors (FSR). The component is reusable and pre-configured with hardware and software for quick data readout, making it easier to design, prototype, and engineer next-generation IoT sensors.
The sensor hub market covered in this report is segmented –
1) By Processor Type: Application Sensor Processor, Discrete Sensor Processor, Sensor Integrated Microcontroller, Other Processor Types
2) By Devices: Smart Phones, Tablets, Wearable Devices, Internet Of Things And Connected Devices, Other Devices
3) By Applications: Positioning And Navigation, Health And Fitness, Augmented Reality And Gaming, Activity Monitoring, Voice Command, Gestures Navigations, Other Applications
4) By End-Use Application: Consumer Electronics, Automotive, Industrial, Military, Healthcare, Telecommunications, Other End-Use Applications
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Regional Insights –
Asia-Pacific was the largest and fastest region in the sensor hub market in 2023. The regions covered in the sensor hub market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the sensor hub market are Robert Bosch GmbH, Intel Corporation, Broadcom Limited, Qualcomm Technologies Inc., Infineon Technologies AG, STMicroelectronics N.V., TE Connectivity Ltd., NXP Semiconductors N.V., TDK Corporation, Renesas Electronics Corporation, Microchip Technology Inc., Marvell Technology Group Ltd., Rohm Co. Ltd., Imagination Technologies Limited, Bosch Sensortec GmbH, Hillcrest Labs, Memsic Inc., Montronix GmbH, LAPIS Semiconductor Co. Ltd., Omega Engineering
Table of Contents
1. Executive Summary
2. Sensor Hub Market Report Structure
3. Sensor Hub Market Trends And Strategies
4. Sensor Hub Market – Macro Economic Scenario
5. Sensor Hub Market Size And Growth
…..
27. Sensor Hub Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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