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Digital Scent Technology Market worth $2.0 billion by 2029 - Exclusive Report by MarketsandMarkets™

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MarketsandMarkets

27 Feb, 2024, 15:15 GMT

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CHICAGO, Feb. 27, 2024 /PRNewswire/ -- The Digital Scent Technology market is projected to grow from USD 1.2 billion in 2024 and is estimated to reach USD 2.0 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the Digital Scent Technology market is driven by the growing adoption of e-noses in food industry for process monitoring, freshness evaluation, and authenticity assessment; increasing adoption of compact, portable, and IoT-enabled e-noses.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=118670062

Browse in-depth TOC on "Digital Scent Technology Market" 

180 – Tables
63 – Figures
277 – Pages

Digital Scent Technology Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 1.2 billion

Estimated Value by 2029

$ 2.0 billion

Growth Rate

Poised to grow at a CAGR of 10.5%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Hardware Device, End-Use Product, Application and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Application of hazardous chemicals in scent synthesizers

Key Market Opportunities

Heightened demand to detect explosives in airports and military checkpoints

Key Market Drivers

Growing adoption of e-noses in food industry for process monitoring freshness evaluation, and authenticity assessment

By hardware device, the e-noses are projected to grow at a high CAGR of Digital Scent Technology market during the forecast period.

Electronic sensors for odor detection encompass diverse technologies, including polymer sensors, quartz crystal microbalance (QCM) sensors, and metal-oxide-semiconductor field-effect transistors (MOSFET) sensors. Polymer sensors create an odor "fingerprint by leveraging polymer film conductivity changes. QCM sensors use piezoelectric quartz crystals to detect frequency alterations caused by odor molecules. With rapid response times, MOSFET sensors measure metal oxide layer conductivity changes. Advantages include objectivity, sensitivity, selectivity, and miniaturization. Microprocessors process sensor data, performing tasks like signal conditioning and feature extraction. Neural networks enhance pattern recognition, enabling odor classification, component identification, and concentration quantification. This integrated technology holds promise for applications like food quality control, environmental monitoring, medical diagnosis, and security.

Medical diagnostic products in end-use product segment in Digital Scent Technology market is expected to account for the largest share during the forecast period.

Electronic noses, or e-noses, emulate the human sense of smell through gas sensors that detect volatile organic compounds (VOCs) in breath or other samples. Particularly promising in respiratory diseases, e-nose testing offers a non-invasive, painless, and cost-effective approach to detection. Capable of identifying unique biomarkers, e-noses facilitate early diagnosis by detecting subtle changes in VOC profiles before symptoms manifest. Their quick and easy application makes them suitable for point-of-care settings. For instance, in February 2023, a research team at AIIMS (India) developed an electronic nose (e-nose) for the early detection of lung cancer. The breath print device analyzed volatile organic compounds in exhaled breath, offering a non-invasive method for identifying the disease. The innovation aimed to facilitate early detection, particularly in developing countries like India, where late-stage diagnoses are common. While still in development, ongoing research explores their potential in diseases like asthma, chronic obstructive pulmonary disease (COPD), lung cancer, and tuberculosis, indicating a transformative role for e-noses in revolutionizing respiratory disease diagnosis and management.

Medical segment in Digital Scent Technology Market will account for largest share during the forecast period.

The emergence of electronic nose (e-nose) technology is revolutionizing lung cancer diagnostics by offering a non-invasive and rapid solution. Utilizing sensor arrays to detect unique volatile organic compounds (VOCs) associated with the disease, e-nose technology provides a breakthrough in early-stage detection, surpassing traditional invasive methods. This innovation enhances the prospects of successful treatment by identifying lung cancer at earlier stages and reduces the overall healthcare burden associated with advanced-stage care. Integrating e-nose technology into diagnostic protocols signifies a notable shift toward more efficient and patient-friendly approaches, ultimately contributing to improved healthcare outcomes in lung cancer management.

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Asia Pacific will account for the highest CAGR during the forecast period.

The region is emerging as a pivotal force in the global Digital Scent Technology Industry, poised for rapid growth in the coming years. China dominates with the largest market share among the regional leaders, driven by its vast population, technological advancements, and a surging demand for innovative solutions. India is experiencing the fastest growth, fueled by rising disposable incomes, increasing awareness of scent marketing, and government initiatives supporting startups. Further, Japan leads in technological innovation, exemplified by companies like Aromajoin (Japan), which offers advanced scent delivery systems. Key drivers include the surge in disposable incomes, the recognition of scent marketing's impact on consumer behavior, and ongoing technological advancements in microfluidics, sensor technology, and artificial intelligence. The region's growing urbanization further creates opportunities for targeted scent applications in retail, hospitality, and entertainment sectors. The Asia Pacific region is strategically positioned to capture a substantial share of the global digital scent technology market, leveraging its large population, dynamic economies, and commitment to innovation.

Key Players

Key companies operating in the Digital Scent Technology Companies are Siemens (Germany), Amphenol Corporation (US), Sensirion AG (Switzerland), Honeywell International Inc. (US), Renesas Electronics Corporation (Japan), Envirosuite Ltd (Australia), Alpha MOS (France), Electronic Sensor Technology (US), Aromajoin Corporation (Japan), Figaro Engineering Inc. (US), Bosch Sensortec GmbH (Germany), and Alphasense (UK) among others.

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra

MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/digital-scent-technology-market.asp
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