Ai Sensor Market

According to Stratistics MRC, the Global AI Sensor Market is accounted for $31.99 billion in 2022 and is expected to reach $236.80 billion by 2028 growing at a CAGR of 39.6% during the forecast period. The ability of a machine to imitate human cognitive processes is known as artificial intelligence (AI). With AI, data may be analysed by the computer at a faster rate than a human to obtain precise insights from the information provided. The software of artificial intelligence (AI) can be included in the current system and process to make or recommend accurate decisions through increased use of information, improving the system and lowering costs. AI sensors are crucial sensors that are used specifically for spotting errors and changes that take place in the AI environment. Deep learning and machine learning AI approaches are enhancing the development of software and services in a variety of industries, including the automotive, BFSI, manufacturing, education, and healthcare sectors.



Market Dynamics:

Driver:

Digitalization and smart infrastructure to facilitate edge computing growth

Urbanisation and digitalization trends are having a big impact on the development of smart infrastructure. Edge computing is a vital technology that is being used increasingly in smart infrastructure. It makes it possible for smart sensors and other IoT devices to process and analyse data in real-time. Edge computing can reduce latency, boost dependability, and enhance system performance by processing data close to the source. Buildings, transportation networks, energy networks, and other critical infrastructure can all operate better because of modern infrastructure, which makes use of data and technology. Smart infrastructure manages and monitors anything from traffic patterns to energy usage, enabling cities to make more informed decisions and provide better services to their residents. Smart sensors, IoT devices, and other digital technologies are used in this process.

Restraint:

High cost of installation and maintenance

The growth of the AI sensor market is significantly impacted by price. For market participants, the enormous capital requirement for the deployment and maintenance of integrated AI sensors can present challenges. The implementation of AI sensors is more expensive, which restricts the use of these sensors. Additional costs include related software compatibility compliances, software maintenance services, and software solution expenditures. Due to technical and implementation limitations, artificial intelligence is still being developed in some sectors. This could prevent this market from expanding, along with the high ownership costs.

Opportunity:

Growing preference for AI-sensor enabled wearables

One of the markets with the highest growth is wearable technology based on AI sensors. The largest market segments are for smartwatches and ear-worn gadgets. The demand for AI sensors will likely boost as wearable technology becomes more widespread. Wearables are growing increasingly popular at a rapid rate as consumers place more and more emphasis on maintaining and enhancing their overall fitness and health, which is also fueling demand for fitness and medical tracking devices. The need for AI sensors is thus increased as a result. These sensors are used in a variety of products, including smart textiles, headbands, neckwear, and advanced electronic watches and wristbands. They are also used in applications like smart glasses and goggles, ring and fingerworn scanners, athletic, fitness, and sports shoes, wristwear, and smart textiles.

Threat:

Lack of skilled workforce

The need for trained professionals with the knowledge and experience required to create and manage AI sensor systems is increasing quickly, and this is causing a shortage in the market for AI sensors. Companies operating in this industry have a lot of difficulties due to the lack of skilled workers, which may hinder their capacity for innovation and competition. One of the primary causes of this shortage is the fact that the sector is still in its infancy, making it difficult for those who are interested in working in AI sensors to select appropriate educational programmes and training possibilities. However, due to their complexity, these systems demand a wide range of abilities, including proficiency in cognitive computing, machine learning, deep learning, image recognition technologies, data analytics, computer vision, and signal processing.

Covid-19 Impact:

The largest number of advances, notably in the human-machine interface, has been made by AI-based sensors. The most rapid increase in the market was seen in optical sensing, which is driven by image sensors. The COVID-19 epidemic surge has also ramped up the use of AI sensors in a number of industries. The market for AI-based sensors is expected to develop, but to some extent, it will be constrained by the rising threat of hackers and cybercrime as well as the rising cost of technology due to the pandemic.

The consumer electronics segment is expected to be the largest during the forecast period

Because artificial intelligence has grown to be so important in consumer electronics, it is anticipated that the consumer electronics segment will account for the largest market share during the projection period. The various products and services that are benefiting from AI breakthroughs include mobile devices, smart TVs, speakers, virtual personal assistants, distributed sensors, and wearable sensors. Consumer behaviours are shifting, which is changing preferences as a result of increased urbanisation and rising internet use. The consumer electronics sector is growing significantly due to the rising popularity of smart and intelligent products. Furthermore, the accessibility of affordable AI chipsets encourages the use of intelligent products across the consumer electronics sector.

The health monitoring segment is expected to have the highest CAGR during the forecast period

Due to the rising demand for the product among medical professionals, particularly during the pandemic, health monitoring segment had the highest CAGR during the projection period. Telehealth use has increased owing to COVID-19. With the introduction of appropriate AI-based sensors, it is anticipated that remote health will attain all of its potential. Many businesses are investigating his development. Startups like Current Health, Myia, and Biofourmis have created AI and sensor technologies to let physicians conduct detailed remote patient evaluations. A crucial tool in the industry, AI platforms uses software and algorithms to analyse complex data. Additionally, it supports individualised medicine, drug development, treatment, and diagnosis. Moreover, artificial intelligence's use in healthcare is promoting the market for AI-based sensors.

Region with largest share:

With a substantial amount of demand coming from nations like China, Japan, and India, the Asia Pacific region dominates the market for AI sensors across a number of industries, including the consumer electronics, automotive, and manufacturing sectors. Because of its rapidly growing industrial sector and rising usage of smart home technology, China has experienced tremendous growth. However, Japan is anticipated to have rapid growth in the AI sensor market due to its commitment to AI research and development. The Japanese government has started a number of efforts to encourage the use of AI technology in a number of industries, including manufacturing, transportation, and healthcare.

Region with highest CAGR:

Due to the increased sale of household appliances with AI capabilities, the expansion in the North American region is significant. The North American region is therefore attributed to have lucrative growth throughout the extrapolated period. Moreover, the market for AI sensors is expanding due to the widespread use of AI in hospitals, automobiles, educational institutions, and training facilities. The North American AI sensors market is expanding as a result of the major market players' presence in the region. Additionally, the growth of the AI sensor market is also subject to government funding. An executive order for the American AI programme, for instance, was signed by the US president in February 2019. Growing AI research investment, releasing federal AI computing and data resources, establishing AI technical standards, developing America's AI workforce, and other initiatives were highlighted as the five main areas of approach.



Key players in the market

Some of the key players in AI Sensor market include Augury Systems, Glassbeam, IBM Corporation, Infineon Technologies AG, Panasonic Corporation, PointGrab, Qualcomm Technologies, Inc., Robert Bosch GmbH, Sentenai Inc., Siemens AG, Sony Corporation, STMicroelectronics, Tellmeplus, United Technology and Versos Systems .

Key Developments:

In May 2022, Sensata Technologies, Inc. partnered with Nanoprecise (Canada) to launch a new asset monitoring solution that enables predictive maintenance for rotary assets. This partnership will deliver actionable insights to plant managers with the help of Nanoprecise’s AI algorithm, which can extract data from the six sensors offered by the Sensata IQ platform.

In April 2022, Robert Bosch GmbH acquired Five AI (France), which builds self-driving software components and development platforms to combat the biggest problems in the self-driving car space. This acquisition helped Robert Bosch GmbH boost its presence in the smart mobility solutions and autonomous vehicles markets.

In August 2020, Eko built a platform for machine learning and proprietary sensors algorithm, which can monitor a patient’s cardiopulmonary vital signs remotely for the detection of lung and heart problems. The AI is more accurate than a physician with a stethoscope.

In May 2020, Microsoft Solutions and Sony Semiconductor Solutions have entered into a partnership for the development of artificial intelligence-powered smart cameras for ease in access and deployment. Microsoft’s AI capabilities will be installed in Sony’s smart sensor IMX500 for the extraction of images in cameras and other devices.

Types Covered:
• Case Based Reasoning
• Ambient Intelligence
• Neural Networks
• Inductive Learning
• Other Types

Sensor Types Covered:
• Temperature Sensor
• Ultrasonic Sensor
• Pressure Sensor
• Optical Sensor
• Position Sensor
• Navigation Sensor
• Motion Sensor
• Flow Sensors
• Other Sensor Types

Technologies Covered:
• Context Aware Computing
• Machine Learning
• Computer Vision
• Natural Language Processing
• Other Technologies

Applications Covered:
• Robotics
• Agriculture
• Smart Home Automation
• Aerospace & Defense
• Consumer Electronics
• Manufacturing
• Automotive
• Other Applications

End Users Covered:
• Natural Interface
• Cognitive Science
• Biosensor
• Maintenance and Inspection
• Health Monitoring
• Human Computer Interaction
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
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