Global Sensor Hub Market - Forecasts from 2024 to 2029

Global Sensor Hub Market - Forecasts from 2024 to 2029

The global sensor hub market is evaluated at US$29.012 billion for the year 2022 and is projected to grow at a CAGR of 19.72% to reach a market size of US$102.292 billion by the year 2029.

A sensor hub is a multi-sensor connection point that uses a digital signal processor, multipoint control unit, or coprocessor to compile and process data from all of the sources. This permits sensor data to be collected and processed with less strain on computer resources, resulting in improved performance, lower battery consumption, and more CPU time.

Sensor hubs are operated when several sensors are required to complete a task and there is a high demand for resources and efficiency. For better system performance, an increasing amount of data from different sensors must be fused into the system. These complicated sensor fusion algorithms are operated by the sensor hub, which provides maximum flexibility for system operation.

MARKET TRENDS:

One of the primary factors driving the growth of the sensor hub market is the increase in demand for low-power generating systems spanning numerous business verticals. The continuous increase in the number of embedded sensors in smartphones, laptops, tablets, televisions, and security systems, as well as high utilization in cases where numerous sensors are required to complete a certain job, is accelerating market expansion.

The increased use of 6-axis and 9-axis sensor solutions or sensor fusion within devices, as well as the increase in the number of manufacturing companies embedding a sensor hub in their mobile devices to assist in continuously collecting sensor data while keeping the main processor idle and thus saving the battery life of a mobile device, all have an impact on the market.

Furthermore, rising industrialization and urbanization, the rise in demand for new technologies, and the expansion of the electronic devices sector have had a beneficial impact on the sensor hub market. Additionally, during the projected period, improvements in consumer electronics end-use applications and wearable devices provide profitable prospects for market players.

MARKET DRIVERS:

Rising demand for smart devices is anticipated to drive the market’s growth.

The sensor hubs market is significantly impacted by the growing demand for smart devices, such as wearables, smartphones, and Internet of Things gadgets. Efficient sensor management becomes critical as customers use these devices more and more for a variety of purposes, including personal productivity, home automation, and health monitoring. Sensor hubs are essential for coordinating and integrating many sensors inside these gadgets, allowing for improved performance and usefulness while minimizing battery usage. To satisfy the demands of the growing smart device industry, manufacturers are concentrating on creating more sophisticated and energy-efficient solutions, which is fueling innovation in sensor hub technology.

Furthermore, as IoT ecosystems proliferate and enable smooth communication and data processing across a broad spectrum of networked devices, the sensor hubs market is growing, further spurring the use of these devices.
Advancements in sensor technology might impact the global sensor hub market growth.

Improvements in sensor technology have a big impact on the sensor hub market because they encourage innovation and expand the possibilities of sensor hubs. As sensors become more advanced, precise, compact, and power-efficient, sensor hubs play a crucial role in integrating and managing these increasingly complex sensor arrays inside a variety of devices and applications. The ability of sensor hubs to aggregate data from several sensors, interpret information rapidly, and optimize power consumption is becoming increasingly crucial as sensor technology advances.

Furthermore, sensor hubs offer a centralized way to integrate many sensor kinds into a harmonious ecosystem when new sensor kinds, such as bio-sensors and environmental sensors, appear. In general, the sensor hubs market is growing and becoming more innovative as a result of advances in sensor technology, which also drive the need for increasingly complex sensor hub solutions.

RESTRAINTS:

Market growth is projected to be hampered by difficulties in troubleshooting field issues due to the lack of a direct interface between the sensor hub and the application processor. In the projected period, technical complexity in sensor hub deployment is expected to create a problem for the sensor hub market’s growth. Advanced technical expertise is required for the successful implementation of sensor hubs in goods. For the sensor hub industry to flourish, more focus must be placed on the convenience of integrating sensors with microcontrollers as well as entire sensor hub systems.

By processor type, the global sensor hub market can be segmented into sensor-integrated microcontrollers, discrete sensor processors, application sensor processors, and others. The sensor hub industry is anticipated to be dominated by the discrete sensor processors segment in the projected period owing to the processor type's greater power efficiency and the widespread use of separate sensor processor hubs in wearable devices.

By end-users, the global sensor hub market can be segmented into consumer electronics, industrial, automotive, healthcare, military, telecommunications, and others. The consumer electronics segment dominates the market. The widespread usage of sensor hubs in smartphones, smart TVs, tablets, and gaming consoles is responsible for this growth. Sensors are used in all of these devices for a variety of tasks, including gesture recognition, navigation, picture stabilization, motion-based gaming, and health monitoring.

North America and Europe's sensor hub market is anticipated to grow substantially.

Owing to increased investment in the creation of new sensor hubs and Internet of things related technology by various significant firms, North America and Europe are likely to lead the sensor hub market. Additionally, because of the increased investment in smart city projects and growing demand for consumer products such as smart TVs, gaming consoles, tablets, smartphones, and wearable devices, the sensor hub market is expected to rise at a high rate in emerging areas such as Asia-Pacific.

The sensor hub market in the Asia Pacific region is predicted to increase due to rising electronic device manufacturing sectors and increasing digitalization. Over the projected period, the worldwide sensor hub market is expected to grow at a modest rate in Latin America, the Middle East, and Africa.

Key Developments:

In October 2023, at Qualcomm Technologies, Inc.'s Snapdragon Summit 2023 in Maui, Elliptic Labs, a global AI software company and the world leader in AI Virtual Smart SensorsTM, which are currently deployed in over 500 million devices, launched its AI Virtual Smart Sensor Platform on the new Snapdragon® X Elite Compute Platform.
In January 2023, Cognata announced the release of a new tool that enables automotive clients to effectively and virtually assess ADAS/AV sensors through lifelike simulation scenarios. The application runs on AMD CPUs and GPUs as well as Microsoft Azure. Sensor performance may be swiftly and simply analyzed by comparing them to a common set of industry-standard situations using Cognata's Automated Driving Perception Hub.
In December 2022, the SP500 DSP from CEVA's SensPro2 Sensor Hub DSP architecture family was licensed and deployed by Novatek Microelectronics Corp, a leading fabless chip design company, in its newest generation NT98530 multi-sensor IP Camera SoC, which is aimed at surveillance, retail, smart cities, transportation, and more. CEVA, Inc. the leading licensor of wireless connectivity and smart sensing technologies, and co-creation solutions, made this announcement.

Segmentation:

By Processor Type
Application Sensor Processor
Discrete Sensor Processor
Sensor Integrated Microcontroller
Others
By End-Users
Consumer Electronics
Automotive
Industrial
Military
Healthcare
Telecommunications
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others