Sensor Fusion Market by Algorithms (Kalman Filter, Bayesian Filter, Central Limit Theorem, Convolutional Neural Networks), Technology (MEMS, Non-MEMS), Offering (Hardware, Software), End-Use Application and Region - Global Forecast to 2028

Sensor Fusion Market by Algorithms (Kalman Filter, Bayesian Filter, Central Limit Theorem, Convolutional Neural Networks), Technology (MEMS, Non-MEMS), Offering (Hardware, Software), End-Use Application and Region - Global Forecast to 2028

The sensor fusion market is projected to grow from USD 8.0 billion in 2023 to USD 18.0 billion by 2028, registering a CAGR of 17.8% during the forecast period. Some of the major factors driving the growth of the sensor fusion market include the growing demand for wearable devices, such as smartwatches, fitness trackers, and other wearable technology, and the growing trend of miniaturization in electronics. However, calibration across multiple sensors will be a challenge for the market in the future. The major growth opportunities for the market players are growing demand for advanced driver assistance systems (ADAS) and f autonomous vehicles.

""Market for Non-MEMS technology to grow at higher CAGR during forecast period""

The non-MEMS segment of the sensor fusion market is expected to account for the highest CAGR in the forecast period. Non-MEMS-based sensors such as radar, LiDAR, and image are extensively used in automotive safety systems, such as collision avoidance systems and electronic stability controls, to provide a complete view of the vehicle’s surroundings. These technologies tend to be larger in size and may use different materials and production techniques. Applications for non-MEMS technology can be found in a number of sectors, including telecommunications, energy, healthcare, and transportation. These technologies, which have the potential to drastically alter several aspects of modern culture, frequently involve the creation of unique materials, production techniques, and computer algorithms.

""Automotive end-use application holds the largest CAGR in sensor fusion market during forecast period""

The automotive application is expected to grow at faster pace by end-use application for sensor fusion during the forecast period. There is increase in the number of sensors used in automobiles. The sensor used in automobiles form a vital component of performance enhancement in safety, comfort, environment protection, driver assistance, and other features in transportation. The sensor fusion technology is used widely in automobiles for safety, driver assistance, entertainment system, and so on to extract and combine multiple sensor data. Further, with the rapid development of intelligent vehicles and Advanced Driver-Assistance Systems (ADAS), a new trend is that mixed levels of human driver engagements will be involved in the transportation system and are driving the market growth.

""Asia Pacific to witness the highest growth among other regions during forecast period""

Asia Pacific is expected to dominate the sensor fusion market during the forecast period Asia Pacific is one of the emerging markets for sensor fusion. The APAC region continues to be a significant market for sensor fusion. This region has the highest demand for sensor fusion products and solutions. Asia-Pacific is the major market for consumer electronics, automobiles, and healthcare products where sensor fusion systems are mostly used. Sensor fusion technology is being used in consumer electronic devices such as smartphones, tablets, gaming consoles, and wearable devices mostly for applications such as motion sensing, navigation, gesture recognition, and so on. The region is a hub for major smartphone manufacturing companies, which hold a substantial market in the world, such as Samsung Group (South Korea), Huawei (China) and Xiaomi (China), thereby leading to the growth of the market in this region.

In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the sensor fusion market. The break-up of primary participants for the report has been shown below:

By company type: Tier 1 - 35 %, Tier 2 - 45%, and Tier 3 - 20%

By designation: C-Level Executives - 35%, Managers - 25%, and Others - 40%

By region: North America - 45%, Europe - 20%, Asia Pacific - 30%, and RoW - 5%

The report profiles key players in the sensor fusion market with their respective market ranking analyses. Prominent players profiled in this report include STMicroelectronics (Switzerland), InvenSense, Inc. (US), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (US), Renesas Electronics Corporation. (Japan), Amphenol Corporation (US), Texas Instruments (US), and Qualcomm Technologies, Inc. (US), among others.

Research coverage

This research report categorizes the sensor fusion market on the basis of component, product, application, vertical, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the sensor fusion market and forecasts the same till 2028. The report also consists of leadership mapping and analysis of companies in the sensor fusion ecosystem.

Key benefits of buying report

The report will help market leaders/new entrants with information on the closest approximations of the revenue numbers for the sensor fusion market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.