Sensor fusion is a software that combines the data from different sensors and helps in maintaining the resulting information with less uncertainty. Increasing adoption of smart devices by the consumers, in order to bring changes in lifestyle is one of the major factors for the increasing demand for sensors in devices, thereby increasing the demand for sensor fusion in wearable devices. Hence, this is expected to propel growth of the market over the forecasted period.
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Increasing demand for sensor-based applications in smart phones is one of the major factors driving growth of the market
The increasing demand for sensor-based applications in smart phones is one of the major factors driving growth of the market. This is attributed to the rising competition among the smartphone manufactures such as Apple Inc., Samsung Electronics Co., Ltd., and Huawei Technologies Co., who are investing in research and development, in order to develop sensor-based applications that will differentiate their products from the others. This factor is expected to drive growth of the market over the forecast period. For instance, iPhone X launched by Apple uses the front-facing 3D sensor for face ID, which is a facial-recognition system that replaces the fingerprint sensor for unlocking the handset.
Furthermore, smart phones are integrated with different types of sensors such as accelerometer, gyroscope, magnetometer, proximity, and pressure sensors where each sensor generates data individually, thereby increasing the demand for data security. For instance, according to Coherent Market Insights’ analysis, in July 2017, the number of cybercrime cases raised to 84.1% from 68.8%. Cyber Espionage reduced to 10.1% from 15.6% in June whereas Cyber Warfare plummets to 4.3% from 9.4%. Therefore, increasing cases of cybercrime will force the manufactures of smart phones to centralize the data generated by the sensors to strengthen their data security. This is expected to drive growth of the sensor fusion market over the forecast period.
Non-MEMS segment is projected to exhibit highest CAGR over the forecast period.
On the basis of technology, non- MEMS segment is expected to exhibit highest CAGR during the forecast period, owing to the rising demand for image and radar based products to improve the safety system in the vehicles, as the level of complexity is very high while integrating it to automotive applications such as lights and engine when compared to the other sensors. Therefore, this factor is expected to propel growth of the market during the forecast period.
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Global Sensor Fusion Market: Regional Insights
North America accounted for the largest share in the global sensor fusion market in 2016 and this region is expected to dominate the global market by 2028. The increasing adoption of sensors in various fields such as medical, consumer electronics, and automotive is one of the major factors driving growth of the market in this region. For instance, according to the International Energy Agency (IEA) analysis, the total sales of electric vehicles in the U.S. in 2015 was US$ 130 billion, which increased up to US$ 150 billion in 2016. The rising demand for electric vehicles is increasing the demand for sensors in the automotive sector. Therefore, the rising demand for the data generated by the sensors used in various applications such as cameras, radars, and lights in the vehicles to be centralized is also expected to fuel growth of the sensor fusion market in this region.
Global Sensor Fusion Market: Competitive Landscape
The key players operating in the global sensor fusion market include AKM Semiconductor, Inc., Analog Devices, Inc., Bosch Sensortec Gmbh, Renesas Electronics Corporation., NXP Semiconductors, Inc., BASELABS, STMicroelectronics, Kionix, Inc. Qualcomm Technologies, Inc., Quick Logic Corporation, PNI Corp., and Hillcrest Company LLC. Major players such as AKM Semiconductor, Hillcrest Company LLC, and Analog Devices, Inc. are adopting strategies such as mergers and acquisitions to strengthen their foothold in the market. For instance, in December 2016, InterDigital, Inc., a mobile technology research and development company was acquired by the Hillcrest Labs, in order to enhance the sensor processing technology and product portfolio of the company.