interaction sensor market value is USD 11.16 billion and is expected to exhibit a significant CAGR of 25.13% along with the interaction sensor market size of USD 44.75 billion during the forecast period 2017-2023.
Globally, the size of the Interaction Sensor Market is expected to reach USD 44.75 billion by the end of the year 2023 at a CAGR of 25.13% driven by Growing safety and security features in the automotive industry are enhancing the growth of the market.
An interaction sensor is one type of semiconductor device that can convert the movements of the hand into gesture controls. This gesture control is the input to the electronic device. These are sensors that help to communicate with other devices through touch or gestures. These sensors are highly preferable in touchless gestures. These sensors can control electronic devices without physical contact which eliminates the need for designing knobs and buttons on the surface of the products like phones, watches, and radios. These sensors are highly demandable in the consumer electronics, entertainment, automotive, healthcare, and education sectors.
Moreover, interaction sensors handle and manage a wide range of devices like computers, navigation devices, laptops, and mobile handsets through gestures or touch which deliver high convenience to the users. Apart, the proliferation of interactive sensors coupled with motion sensors in smart homes, autonomous vehicles, and interactive television is directly impacting the industry dynamics. Continuous innovations and the adoption of innovative technologies allow various sensing technologies in consumer products. The factors like the small size and low power consumption are becoming a competitive edge among the industry players.
The COVID-19 outbreak is severely impacted both consumers and the economy. To curb the spread of the virus, various governments implemented stringent rules like lockdowns, transportation bans, and public places are closed to maintain social distancing. Due to the rising corona cases and imposed lockdowns, there are various disruptions in supply chains by a lack of raw materials, components, and finished goods, and a shortage of workers. Hence, manufacturing industries are temporarily working at low efficiency. These factors are negatively impacted shareholder returns and revenue that may create financial disruptions in the interaction sensor industry.
In addition to that, most of the electronic components like ICs, sensors, PCBs, LED chips, and other semiconductor devices should be imported from China. The drastic situation and the temporary shutdown of manufacturing units in China and the shortage of supplies lead to an increase in the semiconductor components prices by 2-3%. Further to the economic slowdown, the industry 4.0 & IIoT, and 5G technologies are highly demanding in several industries which are expected to create an opportunity to regain the growth of the interaction sensor market from the pandemic. The interaction sensor market statistics are going to be increased rapidly.
The rising interactive gaming demand is one of the major factors propelling the interaction sensor market growth. Growing safety and security features in the automotive industry are enhancing the growth of the market. Additionally, introducing advanced technologies in sensors and rising these technologies in smartphones, and other electronic devices are accelerating the market growth.
The growing demand for connected devices, the rise in disposable income, and the several innovative products launched by market players are escalating the growth of the market. The growing usage of smartphones by the youth coupled with rising demand and advancement in the interactive gaming industry is boosting the growth of the market. One of the popular associations, The Consumer Technology Association and US Census Bureau report states that the sales of smartphones in the United States witnessed USD 77.5 billion in 2019.
The manufacturing cost of the interaction sensors is very expensive which is limiting the market growth.
The rise in the popularity of gesture technology is an interaction sensor market opportunity to boost the growth of the market. The rapid increase in virtual reality and augmented reality technologies is also expected to accelerate market growth.
The lack of skilled professionals for designing complex interaction sensor technology and handling large data sets is challenging the market growth.
The global interaction sensor market has been divided into segments based on technology, industry vertical, and region.
The interaction sensor market analysis by technology is classified into a few types as RFID, camera-based, voice recognition, and others. Among them, camera-based technology is dominating the largest market share during the forecast period.
By industry vertical, the interaction sensor is categorized into various types such as entertainment, consumer electronics, healthcare, automotive, aerospace & defense, and others. Out of these industry verticals, the consumer electronics segment is holding the largest market share for using interactive gestures in various applications for controlling. It is predicted that the automotive segment is growing at a significant CAGR in the coming years due to the integration of head-up display units and other technologies designed in a car to attain a surreal experience for the owner of the car.
Region-wise, the global interaction sensor market is divided into four main geographies such as Europe, Asia-Pacific, North America, and the Rest of the World. Out of these regions, North America is holding the largest market share due to its continuous focus on adopting advanced technologies.
Geographically, the interaction sensor market based on regions is analyzed into four major regions like Asia-Pacific, North America, Europe, and the Rest of the World. Due to the regular focus on adopting innovative technologies, North America is holding the highest interaction sensor market share. Rising security concerns for both physical and cyber access are propelling the growth of the market in this region. Due to rising demand for domestic automotive in emerging countries like India and China, Asia-Pacific is projected to be the fastest-growing region during the review period.
The key competitors in the interaction sensor market outlook are the following:
This global interaction sensor market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the interaction of sensor market drivers, restraints, challenges, and opportunities. The interaction sensor market forecast segments are technology, industry vertical, and region.
The interaction sensor market trends have been segmented globally based on the technology, industry vertical, and region.
RFID, camera-based, voice recognition, and others are a few technologies of the market.
By Industry Vertical
Entertainment, consumer electronics, healthcare, automotive, aerospace & defense, and others are the various industry verticals.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the global market of the interaction sensor.
|Market Size||USD 44.75 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Industry Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Google Inc. (US), Analog Devices, Inc. (US), Omron Corporation (Japan), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (US), ABB Ltd. (Switzerland), Texas Instruments Inc. (US), TDK Corporation (US), STMicroelectronics N.V. (Switzerland), Robert Bosch GmbH (Germany), Atmel Corporation (US)|
|Key Market Opportunities||Rapid surge in virtual reality as well as augmented reality technologies can also be a growth inducer in the global market.|
|Key Market Drivers||
The global Interaction Sensor Market is predicted to reach USD 44.75 billion by 2017-2023.
The key competitors in the interaction sensor market are Analog Devices, Inc. (US), NXP Semiconductors N.V. (Netherlands), ABB Ltd. (Switzerland), TDK Corporation (US), Robert Bosch GmbH (Germany), Google Inc. (US), Omron Corporation (Japan), Infineon Technologies (US), Texas Instruments Inc. (US), STMicroelectronics N.V. (Switzerland), Atmel Corporation (US).
There is high competition between the players in the market and also increasing the adoption of advanced technologies like IoT. To increase the efficiency and product life span, most of the enterprises are constantly upgrading their production technologies and processes. In addition to that, they highly focused on improving the ongoing process along with the financial flexibility by investing in the effective strategies to claim long-term lucrative opportunities.
Rising domestic automotive demand in emerging countries like India and China.
Automotive, consumer electronics, entertainment, healthcare, aeroWhat are the factors driving the growth of the market in the North American region?space& defense.