DUBLIN--(BUSINESS WIRE)--The "Global Sensor Fusion Market - Segmented by End-user Vertical (Automotive, Healthcare and Medical, Industrial, Consumer Electronics) and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
Sensor Fusion Market is expected to register a CAGR of 18.73% over the period 2018-2023.
Sensor fusion enables the data analysis through the combination of several sensors to improve the system performance or application, which is rapidly being adopted in diverse applications. The platform, sensor fusion is gaining high traction in the market, owing to its superior properties and advancements. Earlier, the sensors were utilized to gather data for a single purpose.
Currently, there are multiple sensors on-board wherein the designers have the ability to procure data from all the sensors and predict or assess the situation. For instance, the combinational data from the compass, pressure, gyroscope, and accelerometer sensor can precisely predict the position of a device in 3-dimension. This is likely to boost the market growth over the forecast period.
In this era, most of the smartphones are equipped with multiple sensors to obtain accurate indoor positioning results. As a result, the rising number of smartphones across the world is expected to have a positive impact on the market growth over the next six years.
Rising Integration of Sensors in Mobile Phones
The number of smartphone users, particularly Android devices are increasingly exploding across the world. The companies are trying to improve the GPS location tracking and sensing when inside a building wherein the signal is unavailable or very bad.
Sensor fusion helps in tracking the exact location of the device by collating data from various sensors present in the smartphone, such as a wireless adapter, gyroscope, and accelerometer. Additionally, the increasing number of smartphone manufacturing is expected to have a positive impact on the market growth over the forecast period.
Consumer Electronics to Have the Highest Growth
Sensor fusion is widely used in smartphones and tablets to provide accurate data associated with activity monitoring and indoor navigation. Furthermore, the increasing penetration and utilization of smartphones across the world are expected to propel the market growth.
In the consumer electronics industry, the demand for more precise results, along with smaller chips are rapidly increasing, owing to ascended profit margins and reduced transportation cost. In June 2018, Qualcomm launched a chip, specially manufactured for children's smartwatches. It is powered by Snapdragon Wear 2500, which utilizes sensor fusion technology to deliver detailed location tracking, as compared to GPS alone.
North America to Dominate the Sensor Fusion Market
North America dominated the sensor fusion market, owing to regular investments and growing interests from various organizations, including defense.
For instance, in October 2017, the United States army offered a contract worth USD 12 million to Lockheed Martin, an Aerospace and Defense company to build multi-modal sensor fusion for an experiment for rotary-wing aircraft. This is expected to compel other organizations to integrate and propel the utilization of the product, thereby, having a positive impact on the market growth in the region over the forecast period.
Topics Covered
1. Introduction
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
4.1. Sensor Fusion Market Overview
4.2. Industry Value Chain
4.3. Factors Driving the Sensor Fusion Market
4.3.1. Growing Demand for Miniaturization in Electronics
4.3.2. Rising Integration of Integration Sensors in Mobile Phones
4.3.3. Increasing Demand for Wearable and Incorporation of System in Internet of Things (IoT) Devices
4.4. Factors Restraining the Sensor Fusion Market
4.4.1. Sensitive to Vibration and Zero Bias Drift
4.4.2. Absence of Standardization in Sensor Fusion System
4.5. Industry Attractiveness - Porter's Five Industry Forces Analysis
4.6. Sensor Fusion Market Technology
4.7. Patents
5. Global Sensor Fusion Market Segmentation
5.1. Sensor Fusion Market By End-user Vertical
5.1.1. Automotive
5.1.2. Healthcare & Medical
5.1.3. Industrial
5.1.4. Consumer Electronics
5.1.5. Others
5.2. Sensor Fusion Market By Geography
5.2.1. North America Sensor Fusion Market Size (2018-2023)
5.2.2. Europe Sensor Fusion Market Size (2018-2023)
5.2.3. Asia-Pacific Sensor Fusion Market Size (2018-2023)
5.2.4. Latin America Sensor Fusion Market Size (2018-2023)
5.2.5. Middle East & Africa Sensor Fusion Market Size (2018-2023)
6. Sensor Fusion Market Companies
6.1. STMicroelectronics N.V.
6.2. Bosch Sensortec GmbH
6.3. NXP Semiconductors N.V.
6.4. Memsic Inc.
6.5. Hillcrest Labs
6.6. BASELABS GmbH
6.7. Kionix Inc.
6.8. InvenSense Inc.
6.9. Senion Inc.
6.10. Konux GmbH
6.11. Analog Devices Inc.
7. Sensor Fusion Market Size Investment Analysis
8. Sensor Fusion Market Opportunities
For more information about this report visit https://www.researchandmarkets.com/research/6dw5ph/global_sensor?w=4
