In 2023, it is expected that the sensor hubs market would be worth more than US$26.3 billion. By 2033, it is projected to have a value of $102.0 billion. From 2023 to 2033, the market is expected to grow at a remarkable CAGR of 14.5%.
Because of the growing demand for technology with longer battery lives and greater energy efficiency, sensor hub deployment is becoming more widespread. By delegating the primary application processor’s responsibility for processing sensor data to sensor hubs, power management is significantly improved. By efficiently managing sensor data and utilising low-power processing techniques, sensor hubs can improve the battery life of devices, which encourages their widespread adoption by numerous sectors.
Their growth is being driven by the incorporation of Artificial Intelligence (AI) technologies with sensor hubs. AI algorithms can be installed on sensor hubs to allow real-time data processing, sensor data fusion, pattern recognition, and predictive analytics.
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Devices can carry out sophisticated tasks like gesture recognition, activity monitoring, speech recognition, and context-based alerts due to this AI and sensor hub integration. Furthermore, the Internet of Things (IoT) market is overgrowing, with a wide range of applications in sectors including healthcare, transportation, manufacturing, and agriculture.
Sensor hubs play a significant role in IoT devices by gathering and processing data from various sensors, allowing the connection, and permitting intelligent edge decision-making. The demand for sensor hubs is rising in tandem with the deployment of IoT devices.
Asia Pacific is predicted to lead the global market for sensor hubs during the forecast period. In terms of technical advancement, the Asia Pacific region has been at the forefront, especially in the domain of consumer electronics.
The development of semiconductor technologies, including sensors and sensor hub integration, is well recognized among companies in nations like Japan and South Korea. With the support of these technical developments, the region is strengthening its position in the worldwide sensor hub market.
Key Takeaways from Sensor Hub Industry:
- The global sensor hub industry size developed at a CAGR of 18.4% from 2018 to 2022.
- In 2018, the global market size stood at US$ 11.3 billion.
- The global market size stood at US$ 22.2 billion in 2022.
- The application sensor processor segment is predicted to expand at a 14.4% CAGR from 2023 to 2023.
- The consumer electronics segment is expected to grow remarkably from 2023 to 2033.
- China is predicted to register a CAGR of 15.6% from 2023 to 2033.
- Japan is predicted to thrive at a CAGR of 13.9% during the forecast period.
- South Korea is anticipated to expand at a CAGR of 15.0% during the forecast period.
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Key Players in Global Market:
- Qualcomm Technologies Inc.
- STMicroelectronics N.V.
- Robert Bosch GmbH
- Bosch Sensortec
- InvenSense Inc.
- Analog Devices Inc.
- NXP Semiconductors N.V.
- Infineon Technologies AG
- Microchip Technology Inc.
- RoHM Co. Ltd.
- Memsic Inc.
- Others
Recent Developments Observed by FMI:
- In June 2022, CEVA, Inc., the industry’s top licensor of wireless connectivity, smart sensing technologies, and integrated IP solutions, unveiled the FSP201. It is a high-performance and low-power sensor hub MCU that offers precise, accurate sensor fusion for motion tracking, heading, and orientation detection.
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Market Segmentation:
By Process Type:
- Application Sensor Processor
- Discrete Sensor Processor
- Sensor Integrated Microcontroller
- Others
By End-use Application:
- Consumer Electronics
- Automotive
- Industrial
- Military
- Healthcare
- Telecommunications
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa (MEA)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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