Potential $250 Billion Opportunity in Sensors and Control Space
CHICAGO, March 25, 2022 /PRNewswire/ — Disruption – A Worthwhile Potential Opportunity $250 billion expected to open up in sensors and controls, as the IIoT moves towards ~$80 billion turnover, making the sensor market the next big trend. The growth of the global sensor technology market can be attributed to the overhaul of manufacturing in both developed and developing countries along with increasing advancements in lifestyle products such as wearable devices, cognitive computing and extended reality.
According to MarketsandMarkets™ analysis,
- There are $80 billion potential in sensor technology applications, more than half of which is provided by consumer electronics.
- The sensor technology market is expected to grow at a healthy CAGR of 8-10% over the next 5 years, driven by the growing popularity of IoT and connected devices and growing applications in precision agriculture and robotics.
- The sensor technology market is witnessing increasing penetration of sensors in automation, precision agriculture, connected cars, healthcare monitoring systems, etc., which may disrupt the demand for devices of smart sensors, which has an impact on the growth of the market.
- Adjacent markets have a potential of more than $125 billion in sensor technology, the majority of which will be contributed by robotics, healthcare and precision agriculture.
Unknowns and adjacencies
Currently, companies have limited access to primary intelligence to clarify certain unknowns and adjacencies in these areas of opportunity –
- Automation adoption levels in sensors are low. Currently it is between 30 and 40% globally, but in developed countries it is approaching 50%. As automation reduces TAT, helps minimize errors, and provides repeatable results, it is widely used in consumer electronics and healthcare applications.
- The growing focus on personalized health tracking is driving sensors in the wearable device market.
- Markets such as sensors in healthcare, sensors in automotive, and sensors in manufacturing offer immense growth opportunities, due to the growing popularity of IoT and connected devices.
- In target enrichment, developed countries use compact devices, which are generally preferred.
Some growth issues faced by sensor companies are:
Prioritization of clients and assessment of unmet needs:
- What are the disruptions to our customers’ businesses? How can we accompany them for our own growth?
- Who are the most potential customers in the future? Should we prioritize consumer electronics, healthcare, enterprise and industrial applications, or aerospace and defense companies?
- What are the main unmet customer needs? Who are the main stakeholders in different contexts? Do the supplier selection criteria differ according to the parameters? What new product features need to be added to existing products?
Where to play:
- What applications and technologies should we focus on? Should it be AR/VR, precision agriculture, manufacturing, commercial electronics or any other?
- Which regions should you bet on? Should we continue with developed countries or do developing countries offer more opportunities for growth?
Build a compelling Right-to-Win (RTW):
- For M&A, what are the right targets for us? Should we target Augmented Reality/VR, Precision Agriculture, Manufacturing, Commercial Electronics or any other? Should we enter new markets directly or through partners?
- How to differentiate yourself from the best players? What is their right to win compared to ours?
Key Uncertainties/Perspectives Industry Leaders Seek Answers:
For sensor companies:
- Which sensor technology will be relevant and redundant in the next 5 years?
- Can smart sensor devices become affordable?
- How can companies optimize manufacturing processes to be more agile and efficient in order to achieve more functionality and greater efficiency?
- What regulatory policies can help build strategies and increase sales?
- What can be done to increase awareness of smart sensor devices in healthcare applications?
For businesses in adjacent markets:
- What are the privacy and data security regulations?
- What machine learning approaches can be used to address data limitations so that AI models do not lead to misleading information or incorrect predictions?
- How do companies deal with machine bias?
- When can we expect 100% integration of AI into smart sensors?
- How will automation impact the smart sensor market?
Therefore, MarketsandMarkets™ research and analysis focuses on high-growth markets and emerging technologies, which will account for approximately 80% of sensor ecosystem players’ revenue over the next 5-10 years.
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SOURCE Markets and Markets