Smart Sensor Market - By Product (Temperature Sensor, Pressure Sensors, Touch Sensors, Position Sensor, Motion Sensors, Image Sensors, Flow Sensors, Level Sensors, Gas Sensors, Humidity Sensors), By Technology (MEMS, CMOS), By Network, By Application, For

Smart Sensor Market - By Product (Temperature Sensor, Pressure Sensors, Touch Sensors, Position Sensor, Motion Sensors, Image Sensors, Flow Sensors, Level Sensors, Gas Sensors, Humidity Sensors), By Technology (MEMS, CMOS), By Network, By Application, Forecast 2023 - 2032

Smart sensor market size is slated to record over 15.7% CAGR from 2023 to 2032, owing to the increasing integration of Internet of Things (IoT) technologies across various industries along with the dire need to enable data collection and communication. Smart sensors play a crucial role in enhancing automation, efficiency, and connectivity in applications, such as smart homes, healthcare, automotive, and industrial settings.

The rising advancements in sensor technologies, including miniaturization, improved sensitivity, and energy efficiency is driving product innovations. For instance, in September 2023, Infineon Technologies launched the Xensiv SP49 tyre pressure monitoring sensor for offering intelligent tire functions like auto-position sensing, inflation aid, and detection of tire blowouts and loads. The rising adoption of smart devices and wearables is further fueling the demand for sensors capable of monitoring and transmitting real-time data. The growing emphasis on smart cities and the need for environmental monitoring solutions will also drive the deployment of smart sensors for sustainable urban development.

The market is segregated into product, technology, network, application, and region.

Based on product, the pressure smart sensors market is projected to depict over 14% CAGR during 2023-2032. The growth can be attributed to the rising demand for pressure monitoring in various industries along with the higher advancements in sensor technologies for improved accuracy. The increasing integration of pressure sensors in applications, such as automotive, healthcare, and industrial automation will also boost the segment growth.

Smart sensor market share from the wireless network segment is projected to rise at over 15% CAGR from 2023 to 2032. This is due to the increasing demand for seamless connectivity, the proliferation of IoT devices, and the higher adoption of wireless communication protocols. The deployment of smart sensors to promote connectivity and real-time data transmission will also add to the segment expansion.

Regionally, the North America smart sensor industry is projected to depict over 14% CAGR during the analysis period. The growth can be ascribed to the increased adoption of IoT technologies and the rising demand for automation and connectivity. The increasing advancements in sensor technologies and the expanding application scope in industries like automotive, healthcare, and consumer electronics will also fuel the regional market expansion.