Potential Opportunity worth $250 Bn Opening Up in Sensors and Control Space - Exclusive Research Published by MarketsandMarkets™

CHICAGO, March 25, 2022 /PRNewswire/ -- Disruption – Potential opportunity worth $250 Bn is expected to open up in Sensors and Controls, as IIoT heads to ~$80 Bn sales revenue, making sensors market the next big trend. The growth of the global sensor technology market can be attributed to manufacturing revamp in developed and developing countries as well as increasing advancements in lifestyle products such as wearables, cognitive computing, and extended reality.

According to MarketsandMarkets™ analysis,

• There is $80 Bn potential within sensor technology applications, more than half of which is contributed by consumer electronics.
• Sensor technology market is estimated to grow at a healthy CAGR of 8-10% in the coming 5 years, driven by rising popularity of IoT and connected devices and growing applications in precision agriculture and robotics.
• The sensor technology market is witnessing an increasing penetration of sensors into automation, precision agriculture, connected cars, healthcare monitoring systems etc., which can disrupt the demand for smart sensor devices, in turn impacting the growth of the market.
• Adjacent markets hold a potential of over $125 Bn in sensor technology, majority of which will be contributed by robotics, healthcare, and precision agriculture.

Unknowns & Adjacencies

Currently, businesses have low access to primary intelligence to clarify some unknowns and adjacencies in these opportunity areas –

• Adoption levels of automation in sensors is low. Currently it ranges between 30-40% globally, however, in developed countries it is approaching 50%. As automation reduces TAT, helps in minimization of errors and provides reproducible results, it is largely used in consumer electronics and healthcare applications.
• Increasing focus on personalized health tracking drive the sensors in wearables market.
• Markets such as sensors in healthcare, sensors in automotive, and sensors in manufacturing provide immense growth opportunities, owing to rising popularity of IoT and connected devices.
• In target enrichment, developed countries use compact devices, which are mostly preferred.

Some of the growth problems encountered by sensor companies are:

Customer prioritization and assessing unmet needs:

• What are the disruptions in our clients' businesses? How can we support them for our own growth?
• Who are the most potential customers going forward? Should we prioritize consumer electronics, healthcare, enterprise & industrial applications, or aerospace & defense companies?
• What are the key unmet needs of customers? Who are the key stakeholders in different settings? Do vendor selection criteria differ by settings? Which new product features should be added to the existing products?

Where to play:

• Which applications and technologies should we focus on? Should it be AR/VR, Precision Agriculture, Manufacturing, Commercial Electronics, or any other?
• Which regions should we place our bets on? Should we continue with developed countries or do developing countries offer more growth opportunities?

Building a compelling Right-to-Win (RTW):

• For M&A, which are the right targets for us? Should we target AR/VR, Precision Agriculture, Manufacturing, Commercial Electronics, or any other? Should we enter new markets directly or through partners?
• How can we differentiate from top players? What is their right-to-win vs ours?

Key uncertainties/perspectives which industry leaders seek answers to:

For sensor companies:

• Which sensor technology will be relevant and redundant in the next 5 years?
• Can smart sensor devices become affordable?
• How can companies optimize the manufacturing processes to be more agile and efficient to achieve a more features which higher efficiency?
• What regulatory policies can help strategize and achieve higher sales?
• What can be done to increase the awareness of smart sensor devices in healthcare applications?

For companies in adjacent markets:

• What are the regulations surrounding data privacy and security?
• Which machine learning approaches can be used to address data limitations so that AI models do not lead to misleading insights or faulty predictions?
• How are companies handling machine bias?
• When can a 100% AI integration into smart sensor devices be expected?
• What will be the impact of automation on smart sensor market?

Therefore, MarketsandMarkets™ research and analysis focuses on high-growth markets and emerging technologies, which will become ~80% of the revenues of the players in sensor ecosystem over the next 5-10 years.

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