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Sensors Market Size to Reach Around USD 508.64 Billion by 2032

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Ottawa, Jan. 20, 2023 (GLOBE NEWSWIRE) — According to Precedence Research, the global sensor market size is expected to hit around USD 226.91 billion in 2023. Rising automobile & machine production, IoT applications, and an inclination towards digitalization & process optimization in the private and industrial sectors drive the sensors industry. Furthermore, the development of novel technologies, including microelectromechanical systems, photoelectronic & optoelectronics, will propel industry development.

Key Highlights:

  • Asia Pacific has captured revenue share of more than 40% in 2022.
  • The North American sensors market is Expected to reach at a CAGR of 8.2% between 2023 to 2032.
  • By type, the biosensor segment has accounted revenue share of 11.93% in 2022.
  • Others type segment has generated revenue share of 60.45% in 2022.
  • By technology, the CMOS segment has held the maximum share in 2022.
  • By end user, the electronics segment has generated highest revenue share of 51% in 2022. However, industrial segment is expected to lead the market in the near future.

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Type Landscape

The market is segmented into biosensors, optical, RFID, image, temperature, touch, proximity, pressure, and level sensors, among others. With a CAGR of 8.7% between 2023-32, the image sensor demand is anticipated to grow due to its increasing use in smartphones coupled with the growing demand for these devices. Moreover, on-demand photography is one of the key factors driving the development of image sensors to produce sophisticated cameras embedded in these devices. 

In addition, the growing trend toward connected automobiles due to the increase in traffic accidents is fueling the demand for small, reliable, and affordable image sensors. These sensors are used in camera-based systems for driver monitoring, automated emergency braking, 360-degree surround vision, autonomous driving, video mirror, rearview, comfortable and secure riding, and more. Additionally, they are used widely in barcode scanners that are becoming more popular in the healthcare sector to obtain real-time information about assets, medical supplies, and personnel. Moreover, the growing need for medical care brought on by the prevalence of chronic diseases is fueling market expansion.

Technology Landscape

Based on technology, the sensor market is differentiated into CMOS, MEMS, and NEMS. The MEMS technology is expected to expand with a CAGR of 8.6% in the projected period, 2023-2032. Inertial sensors made with MEMS technology are low-cost, high-precision devices that can be applied in various industrial settings. There are benefits to MEMS technology on its own, and MEMS sensors offer practical features in every other sensor line with no space limitations.

Additionally, MEMS uses minimal micromachine parts; each MEMS sensor is so tiny that it may easily fit in the palm of your hand. MEMS sensors also feature an IP67 seal. This is necessary since the sensors must be able to tolerate extreme temperatures between 40 and +85 ℃. The majority of sectors that employ MEMS sensors work in harsh environments.

End User Landscape

Based on end users, the sensors market is segmented into healthcare, IT/telecom, automotive, industrial, and aerospace & defense. Due to the demand for safety-critical, safety-related, or high-reliability solutions, the aerospace and defense industry is one of the major consumers of sensors. For instance, sensors can alert a pilot or maintenance professional to most internal faults, decreasing downtime and maintenance expenses. Additionally, sensors are used frequently in various aviation systems, including landing gear, flight control, aircraft doors, cargo loading systems, and evacuation side locks.

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Scope of the Report

Report Attributes Details
Market Size in 2022 USD 204.8 Billion
Revenue Forecast by 2032 USD 508.64 Billion
CAGR 8.40% from 2023 to 2032
Asia Pacific Revenue Share 40% in 2022
Biosensor Revenue Share 11.43% in 2022
Image Sensor Revenue Share 5.37% in 2022
Base Year 2022
Key Players Demant A/S, Starkey Laboratories, Inc., Cochlear Ltd., RION Co., Ltd, Microson, GN Store Nord A/S, Sonova Group

Regional Landscape

Asia Pacific will see the fastest growth rate, accounting for approximately 42% of the global sensors market share by 2032. In contrast to established nations, the APAC region’s application of sensors is still developing and expanding due to the trend of smart devices, industry 4.0, and IoT. The Asia Pacific region’s major sensor markets are nations like China and Japan. 

There is a high demand for various components used in the development and manufacturing of different automotive products and consumer electronics since the Asia Pacific region represents a hub for the manufacturing facilities of numerous companies operating in various industrial verticals, such as the automotive industry. The demand for consumer devices is also fueled by increased consumer discretionary income, accelerating the development of battery-free sensors.

For instance, because of the government’s pro-market policies, the migration to smart or automated manufacturing has quickened in nations like South Korea as businesses quickly change to integrate Industry 4.0 aspects. Over the past few decades, South Korea’s automobile industry has evolved from a small, government-controlled sector to one dominated by major global businesses. Significant companies like Kia, Hyundai, and Renault are based in the nation, and demand for cars is anticipated to increase gradually.

Market Dynamics for the Global Sensors Market 

Market Driver

Elevated Demand for Wearable Devices

Portable electronics are typically used to recognize external signals and act accordingly. The expansion of flexible wearable electronics’ engineering applications for artificial intelligence and health monitoring is a result of their rapid development. Sensing devices are regarded as crucial components of flexible wearable electronics. They are used in health monitoring to transform physiological information into electrical signals, such as blood pressure, heartbeat, and joint bending. 

Due to their straightforward structural design, which translates physical motion into electrical impulses, they are the most often used in human health monitoring and human-machine interface. These sensors can pick up on daily activities carried out by people, such as breathing, pulsation, joint and muscle movement, etc. Significant research efforts have been performed to create a new generation of sensors with mechanical flexibility and potential sensibility. As a result, the aspects above will propel the market for sensors during the anticipated period.

Market Restraint

Rigorous Performance Specifications from a Sophisticated Sensor Application:

Since sensor characteristics differ depending on the final use or application, sensing performance and ensuring measurement accuracy is a critical issue for the growth of this industry. Essential applications for industrial automation firms have unique specifications, such as an enhanced standard of precision. Building automation applications call for ongoing management and supervision. As a result, producers must adhere to strict specifications based on end operations. This issue is amplified by volume discounting in the case of inexpensive sensors. Simplicity in integration, expertise, and high precision levels are requirements for sensors to meet market demand.

Market Opportunity 

Advancements in Environmental Sensors:

Global adoption of customizable environmental-based sensors for environmental condition monitoring has increased. The advancement of artificial intelligence-based interfaces in environmental sensors, such as gas, temperature, and smoke sensors, has resulted in preserving climatic conditions. The system has several advantages on an industrial scale, including constant monitoring of chemical discharges and helping to reduce them to safeguard natural resources. Various environmental-based sensors, including biosensors, are being brought to the market to track adverse environmental pollutants. Thus, several businesses are trying to create and develop environment-based sensors to fulfill the demand.

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Key Developments in the Sensors Market 

  1. In September 2022, DENSO Corporation revealed that it had increased the detecting angle of its vision sensor to improve road safety. This will enable the sensor to identify bicycles and people near a car better.
  2. In May 2022, Advanced global-shutter image sensors from STMicroelectronics were available for reliable, cost-effective driver monitoring safety systems. Using investment in cutting-edge 3D-chip technology, the second-generation automobile global-shutter image sensor streamlines the design of driver monitoring systems (DMS).
  3. In March 2022, the brand-new barometric pressure sensor BMP581 was presented by Bosch Sensortec. The new Bosch BMP581 sensor provides a new level of accuracy while building on the excellent performance and low power consumption of earlier generations of Bosch sensors. 

The key players operating in the global sensor market:        

  1. STMicroelectronics NV
  2. Bosch Sensortec GmbH.
  3. ABB Group
  4. Siemens AG
  5. OMRON Corporation
  6. Texas Instrumental Incorporated
  7. Drägerwerk AG & Co. KGaA
  8. Samsung Electronics Co Ltd.
  9. International Sensor Technology
  10. DENSO Corporation
  11. NXF Semiconductors
  12. Honeywell International Inc.

Segments Covered in the Report

By Type

  • Biosensor
  • Optical Sensor
  • RFID Sensors
  • Image Sensor
  • Temperature Sensor
  • Touch Sensor
  • Flow Sensors
  • Pressure Sensor
  • Level Sensor
  • Others

By Technology

  • CMOS
  • MEMS
  • NEMS
  • Others

By End User

  • Healthcare
  • IT/Telecom
  • Automotive
  • Industrial
  • Aerospace & Defense
  • Others

By Region

  • North America
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Rest of MEA

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Artificial Intelligence

Tata Elxsi and Telefónica Collaborate to Achieve True Cloud-Native Infrastructure Management, Revolutionising Telecommunications Landscape

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BENGALURU, India and BARCELONA, Spain, Feb. 27, 2024 /PRNewswire/ — Tata Elxsi and Telefónica proudly announce a groundbreaking achievement in the realm of the automation of cloud infrastructure for telecommunications, with the successful implementation of true cloud-native infrastructure management powered by ETSI Open-Source MANO (ETSI OSM). This milestone represents a significant evolution in network management, enabling operators to build intent-driven network systems with unprecedented efficiency and agility.

Through this collaboration, Tata Elxsi and Telefónica have enhanced the capabilities of OSM, introducing innovative features such as infrastructure automation, serverless operations execution environments, and the deployment of multi-cloud Platform-as-a-Service (PaaS) solutions. These advancements mark a new phase in the evolution of Telco Cloud technologies and signify a commitment to driving digital transformation across the telecommunications industry.
The integration of OSM with Tata Elxsi’s award-winning NEURON platform represents a pivotal moment in multi-domain transformation towards autonomous network systems. NEURON’s business intent-driven functionalities, coupled with OSM’s platform, provide operators with unparalleled control and flexibility in managing complex infrastructures.
“In our collaboration with Tata Elxsi, our objective is to advance the boundaries of technology and standardization, propelling operators towards cloud-native agility,” emphasised Francisco-Javier Ramón, Multicloud Tools Manager in gCTIO Unit at Telefónica.
“We are thrilled to partner with Telefónica to revolutionize the orchestration landscape,” commented B. Ramesh Ramanathan, Principal Architect, CTO Office at Tata Elxsi. “This collaboration enhances our presence within the open-source community and propels NEURON towards the realm of 5G and beyond and autonomous networks.”
The strategic collaboration between Tata Elxsi and Telefónica sets the stage for future advancements in Telco Cloud technology, paving the way for cutting-edge solutions that address the evolving needs of the telecommunications industry.  Powered by OSM, NEURON now possesses the capability to seamlessly integrate infrastructure, services, security, networking, and configuration into a unified, intent-driven deployment.
Please visit MWC Hall 2 – 2A53MR to see the joint demonstration by Telefónica and Tata Elxsi.
About Tata Elxsi
Tata Elxsi is a global design and technology services company that blends technology, creativity, and engineering to help customers transform ideas into world-class products and solutions. With expertise in industries such as automotive, broadcast, communications, healthcare, and more, Tata Elxsi is committed to driving innovation and delivering value to its clients worldwide. For more information, visit www.tataelxsi.com.
About Telefónica:
Telefónica is a leading telecommunications company operating in Europe and Latin America. With a presence in over 15 countries and a customer base exceeding 350 million, Telefónica is committed to providing cutting-edge solutions and services that enable individuals, businesses, and communities to connect and thrive in the digital world.
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Netcore Unbxd’s Strategic Expansion in Europe Fuels 150% Revenue Growth, Redefining Ecommerce in Europe

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LONDON, Feb. 27, 2024 /PRNewswire/ — Netcore Unbxd, a leading AI-powered Commerce Search and Product Discovery landscape player, proudly announces exceptional growth in the UK and European markets. This growth which has tripled in the last year, is marked by the successful onboarding of market-leading retailers, including Waitrose, Unilever Europe, Camper Footwear, Dobbies, Alohas, OceansApart, Goodform, and ResMed Europe. What sets this accomplishment apart is its tangible impact on the retailer’s bottom line, as they leverage the advanced capabilities of Netcore Unbxd’s platform, resulting in an impressive 40% surge in revenue and a substantial 25% increase in conversions.

As a wholly owned subsidiary of Netcore Cloud Pvt Ltd, Netcore Unbxd has strategically scaled its teams across key markets in the UK, France, Spain, and Portugal. Unbxd’s data infrastructure spans five regions, including one in the EU. Additionally, the region has established a comprehensive Go-To-Market (GTM) team comprising skilled professionals in customer success, account management, and sales to reinforce its commitment to providing exceptional services and support to its expanding clientele.
Netcore Unbxd’s success lies in the compelling stories of its customers, which include:
Fishpools, a significant player in the UK furniture industry, experienced a 51% increase in Average Order Value (AOV) and a 20% surge in search-related revenue within 12 months of implementing the Unbxd platform.Wex Photo Video, a leading electronics retailer, saw a remarkable 35% reduction in bounce rates within the same period.The company’s recognition as a leader in the Forrester Wave report in the Commerce Search and Product Discovery category in Q3 of 2023 further solidifies its position in the market. This is in addition to Netcore’s previous recognition as a top vendor in Email Marketing Services (Q1 2022) and Cross-Channel Marketing (Q1 2023).
Netcore Unbxd’s advanced AI technology empowers retailers to deliver highly personalised shopping experiences, optimising product discovery and ensuring a seamless shopper journey. The region’s platform has been highly successful, offering enterprise features such as omnichannel search, natural language processing (NLP) models, and multi-language understanding. Recent collaborations with industry leaders such as Unilever and Waitrose highlight the platform’s effectiveness across diverse UK and European sectors.
Nishant Jain, COO of Netcore Unbxd, stated, “Our vision is to revolutionise the ecommerce landscape by leveraging AI technologies like large language models (LLMs) and vector models to enhance product discovery. Netcore Unbxd, a platform designed for enterprise retailers, has observed a significant 150% growth in revenue within the region over the past year.”
Laura Burbedge, Director of Online at Waitrose, said, “We know that our customers are busy and have lots of demands on their time – they need to be able to fill their online shopping trolley quickly and easily with minimal effort. Through working with Unbxd we have already seen a significant improvement in customer satisfaction with our search feature, with more personalised results.”
As AI continues to evolve in ecommerce, Netcore Unbxd remains well-positioned to leverage innovative solutions that empower businesses to stay ahead of the curve.
About Unbxd
Netcore Unbxd is a cutting-edge AI-powered product discovery platform that elevates the ecommerce experience with personalised interactions. By providing a range of solutions, including contextually relevant Search, Personalisation, and Product Recommendations, alongside an intelligent Product Information Management (PIM) platform and an intuitive merchandising console, Unbxd offers brands the tools to optimise their ecommerce objectives. Noteworthy global brands such as Unilever, MattressFirm, Waitrose, Advance Auto Parts, Dillard’s, The Children’s Place, HSN, and Wex have trusted Unbxd. Across the world, Unbxd consistently delivers exceptional shopping journeys to countless online visitors at scale.
Media Contact:Mekhala [email protected] 
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ZwickRoell selects IFS Cloud to drive operational efficiency and support growth

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IFS Cloud ERP will streamline ZwickRoell’s processes to reduce complexity and improve efficiencies to build business resilience.
LONDON, Feb. 27, 2024 /PRNewswire/ — IFS, the global cloud enterprise software company, today announced that ZwickRoell Gmbh & Co.KG, a leading worldwide manufacturer of materials testing equipment, has selected IFS Cloud in a strategic move to harmonize its business processes and deliver enhanced visibility across its operations.

The move to IFS Cloud was driven by the need to modernize its current Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) solution, which could no longer meet the business’ requirements needed to support its strategic growth plans.  Amid industry challenges, including global supply chain disruption, meeting sustainability goals and readiness for increased automation, ZwickRoell sought a new solution that would simplify its daily operations and eliminate existing IT operating risks.
IFS Cloud will enable the company to harmonize its disparate systems and simplify processes across its operations, driving continuous improvements and efficiency. With IFS Cloud, ZwickRoell will benefit from a single, composable digital platform that is designed to fit the needs of its complex manufacturing cycle today, from product development through to service and maintenance, and scale in future.
A key advantage of IFS Cloud is its evergreen model, which allows ZwickRoell to seamlessly integrate composable business applications across ERP, Enterprise Asset Management (EAM) and Field Service Management (FSM) as needed, enabling a solid data foundation across organization, and therefore delivering faster time to insight and minimizing costs. IFS Cloud will also enable the company to easily integrate users from MS Dynamics CRM systems, one of ZwickRoell’s key requirements.
Klaus Cierocki, CEO of ZwickRoell, said: “We are excited to begin a new chapter with IFS. Their manufacturing industry expertise and leading enterprise software differentiated them during the competitive selection process and they have given us complete confidence that they will support. IFS Cloud will provide us with the single platform that we knew was necessary to properly support our entire manufacturing and production cycle, ultimately helping us deliver better value to our customers and to build resiliency and agility into our business.”
Frank Beerlage, Managing Director DACH, IFS, said: “ZwickRoell is a strong family-run organization with traditions reaching back 160 years. Its values of honesty and fairness and its commitment to its customers are deeply aligned with IFS’s own mission. Globally, we are seeing manufacturers are increasingly accelerating their adoption of cloud-enabled solutions to enable the agility needed in the face of global challenges. We look forward to partnering with ZwickRoell on their digital transformation journey with IFS Cloud a core part of their strategic growth plans.”
The scale of deployment will include 1,390 users and two sites in Germany and Austria, with an 18-month global rollout to follow.
About ZwickRoell
For more than 160 years ZwickRoell has delivered outstanding technical performance, innovation and quality, in materials and component testing. ZwickRoell testing machines are used in R&D and quality assurance in more than 20 industries with one common goal – reliable test results This is ensured by a team of 1,900 dedicated employees in +50 countries, with competence, openness and passion.
Learn more about how automation and digitalization can make testing processes more efficient, simpler and safer at zwickroell.com  
About IFS
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers-at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of over 6,000 employees every day live our values of agility, trustworthiness, and collaboration in how we support our 6,500+ customers. Learn more about how our enterprise software solutions can help your business today at ifs.com.
IFS Press Contacts:EUROPE / MEA / APJ: Adam GillbeIFS, Director of Corporate & Executive CommunicationsEmail: [email protected]: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi MorganIFS, Director of Corporate & Executive CommunicationsEmail: [email protected]: +44 7018 607 299
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