Artificial Intelligence
Optical Sensing Market Size to Hit USD 6.7 Billion at a CAGR of 14.67% by 2030 – Report by Market Research Future (MRFR)
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New York, US, March 06, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Optical Sensing Market” Research Report: By Type, Applications, End-Users – Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 6.7 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 14.67% during the assessment timeframe.
The optical sensors pick up on tools used to measure light intensity and translate them into electrical signals that can be read by cutting-edge technology. Because of their small size, versatility, and usage of non-toxic materials throughout the assembly processes, optical sensors are widely employed in the oil and gas industry as well as the medical field. Many important end-client industries that use optical sensors include the automotive, consumer hardware, oil and gas, healthcare, development, and other basic end-client industries.
Optical Sensing Market Key Players:
- Oxsensis Ltd (U.K.)
- TE Connectivity Ltd. (Switzerland)
- AMS AG. (Austria)
- ABB Ltd. (Switzerland)
- Texas Instrument Incorporated (U.S.)
- Infineon Technologies AG. (Germany)
- Sony Corporation (Japan)
- ROHM Company Ltd (Japan)
- Hamamatsu Photonics K.K. (Japan)
- Analog devises Inc. (U.S.)
- STMicroelectronics N.V. (Switzerland)
- Teledyne Technologies Incorporated (U.S.)
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 6.7 Billion |
| Growth Rate | CAGR of 14.7% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increasing adoption of optical sensors in machine vision applications. |
| Key Market Drivers | The increasing penetration of smartphones. The rising adoption of optical sensors. |
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Although there are a few end-user applications, programmed lighting, position identification sensors when moving objects obstruct the light bar, streak recognition sensors, and photoelectric sensors that identify distance, absence, and presence of the objects, among other things, are of significant interest. Nevertheless, smartphone manufacturers are actually utilising optical sensors to adjust the screen brightness naturally according to the weather. Moreover, smartwatches use optical sensors to detect the wearer’s heartbeat. The overall growth of the optical detecting market is being driven by potential features like energy improvement and other streamlining features in optical detecting gadgets. Yet, as a result of the pandemic, there has been a greater increase in interest in biosensors and biomarkers, which has also contributed to the growth of the optical detecting business.
The optical sensing sector is thought to be primarily driven by the increasing use of smartphones and smartwatches, which are both considered to be heavy users of optical sensors. The key growth-stimulating element for the optical sensing market is thought to be the potential advantages of optical sensors and their capacity to function well in challenging conditions. Also, ambient sensors are being used more frequently in businesses, hospitals, and residential buildings; these developments are fueling the overall expansion of the optical sensing sector.
The various end-user applications of the optical sensing market, such as the oil and gas industry, healthcare, construction, and transportation, as well as the rising demand of these industries, have a significant impact on market growth.
The market’s overall expansion is anticipated to be fueled by rising consumer awareness of optical sensing devices, extensive use of those devices in medical and monitoring equipment, and extensive use of such devices during crucial operations.
The overall expansion of the optical sensing market is being hampered by the rising use of substitutes for optical sensors. The microlens arrays in camera sensors’ lower pixel sizes are unable to concentrate on the micro-pixels. These elements cause the image’s corners to be darker and its centre to be brighter. These elements are limiting the market for optical sensing’s overall growth.
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The cost of optical sensors and the increase in end-user adoption are attractive issues for the Optical Sensing Market. Higher costs are necessary due to the cost and volume of operations they carry out. These elements have intensified the demand on new market participants to reduce the use of optical sensors. With rising consumer electronics demand, there is a greater need for lenses with higher resolution. Despite the fact that the sensors’ size has not altered. The older versions of the lenses cannot transfer optical data and are incompatible with devices of the current generation. These elements are regarded as the optical sensing market’s main obstacles.
The need for optical sensing has been driven by the expanding use of market 4.0 in many nations and the rising manufacturing facility automation. Also, the demand for medical and biometric services on a global scale has recently had an impact on the optical sensing industry. By 2023, the optical sensing market is anticipated to surpass the current market value of USD 4.85 billion while achieving a CAGR of 21.4%. The market for tracking characteristics and biometrics has experienced remarkable expansion, which has had an effect on the overall development of the optical sensing industry. Also, according to analysts, the automotive market is anticipated to grow in popularity for optical sensing devices’ distance tracking capabilities. Additionally, it is anticipated that the optical sensors’ efficient communication capability will be put into cars to reduce the likelihood of traffic accidents.
Optical Sensing Market Segment Overview:
Optical sensing market is segmented on the basis of Type, method, operations, technology, applications, and regions.
Based on Type, the market is segmented into Image sensors, Fiber optic sensors, Ambient light sensors, Position sensors, and Others.
Based on Method, the market is segmented into Intrinsic and Extrinsic.
Based on Operations, the market is segmented into Displacement sensing, Temperature sensing, Pressure sensing, Vibration sensing, and Others.
Based on Technology, the market is segmented into Laser Doppler Velocimetry, Fiber Braggs Grating, Fabry-Perot interferometers, Spectroscopy, and Others.
Based on End-User Applications, the market is segmented into Construction, Aerospace, Healthcare, Transportation, Consumer electronics, Navigation and sensing, Free space communication, and Others.
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Optical Sensing Market Regional Analysis:
Optical sensing market share is now dominated by North America on a global scale. Optical sensing technology is widely used in the US, Canada, and Mexico to measure parameters including pressure, strain, and temperature. On the other hand, one of the top market participants in the European region, ROHM Semiconductors, recently unveiled a heart rate monitor that is designed for wearables. The market’s innovation and rising demand for smartphones and other gadgets, which are significant optical sensor end-users, are affecting the market’s overall growth. The automotive manufacturing industries in the Asia-Pacific area are demonstrating rising technological advancement, rising adoption of automotive standards, and rising use of artificial intelligence. These elements are encouraging the growth of the market.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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WESTFORD, Mass., April 25, 2024 /PRNewswire/ — The growing need for automation, technological developments, and long-term cost reductions are driving a robust expansion in the worldwide robotics market. SkyQuest projects that Global Robotics Market size is poised to grow from USD 41.50 Billion in 2023 to USD 126.96 Billion by 2031, at a CAGR of 15% during the forecast period (2024-2031).
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Browse in-depth TOC on the “Robotics Market”
Pages – 202Tables – 64Figures – 75Robotics Market Overview:
Report Coverage
Details
Market Revenue in 2023
$41.50 billion
Estimated Value by 2031
$126.96 billion
Growth Rate
Poised to grow at a CAGR of 15%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Application, End Users, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Collaborative Robotics
Key Market Opportunities
Prompting Several Industries to Adopt Automation Technologies
Key Market Drivers
Increasing Demand for Automation
Surge of Automation is Supporting Growth of Robotics Industry
The industrial sector is generating high revenues for the global robotics market owing to extensive automation in manufacturing, which increases productivity and lowers overall production costs. Assembly line, painting, and welding robots have become essential, thereby propelling substantial market expansion in the automotive, electronics, and heavy duty sectors. Due to the increased usage of robots for non-manufacturing functions such as customer service, shipping, and healthcare, the services sector is expanding quickly. This rapid growth is being driven by technological improvements and the push for automation in services.
Surge in Advance Robotics is Bolstering Market Growth
The use of robotics in manufacturing processes is growing, and innovation in this field is happening quickly worldwide. By increasing productivity, efficiency, and precision, advanced robotics technologies—such as AI-driven automation systems and collaborative robots, or cobots—are transforming the manufacturing sector. The dominance of manufacturing in the worldwide robotics market is fuelled by the integration of robotics into manufacturing facilities, which helps businesses remain competitive in today’s dynamic market scenario.
Rising Interest in Service Robotics is Driving Demand for Robotics in Asia Pacific
Due to the strong demand for industrial and service robots in the region, Asia Pacific now leads the global robotics industry. China, Japan, and South Korea are among the nations that have made significant investments in the robotics sector recently. The Middle East and Africa are anticipated to register the fastest-growing rate for the global robotics market. The expansion is ascribed to the region’s growing adoption of automation technology, especially in the manufacturing and logistics industries.
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Drivers:
Increasing Demand for AutomationAdvancements in AI and Machine Learning TechnologiesRestraints:
High Initial InvestmentsLack of Skilled WorkforceProminent Players in Global Robotics Market:
FANUC America Corporation (US)Epson Robotics (Japan)Staubli International AG (Switzerland)YRG Inc. (US)Comau S.p.A. (Italy)Northrop Grumman Corporation (US)Honda Motor Co., Ltd. (Japan)Seiko Epson Corporation (Japan)Yamaha Motor Co., Ltd. (Japan)Adept Technology, Inc. (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/robotics-market
Key Questions Answered in Global Robotics Market Report
How big is the global robotics market, and what compound annual growth rate (CAGR) is it anticipated to deliver between 2024 and 2031?Which industries are fuelling the need for automation and fostering the expansion of the robotics sector?What impact have recent technological advancements and innovations had on the direction of the robotics market?Which well-known companies in the robotics industry are also major players in the global robotics market?This report provides the following insights:
Analysis of key drivers (increasing demand for automation across industries, improved the overall efficiency, productivity of the processes, demand for automation), restraints (high initial investments, difficult for small and medium-sized enterprises to invest, robots, sensors, and other equipment required not delivered), opportunities (advancements in AI and machine learning technologies, new opportunities for the robotics market, perform complex tasks with high accuracy), and challenges (lack of skilled workforce, maintenance of these robotics systems) influencing the growth of robotics marketMarket Penetration: Comprehensive information on the product portfolios offered by the top players in the robotics marketProduct Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the robotics marketMarket Development: Comprehensive information on lucrative emerging regionsMarket Diversification: Exhaustive information about new products, growing geographies, and recent developments in the marketCompetitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.Related Reports:
Global Service Robotics Market
Global Soft Robotics Market
Global Warehouse Robotics Market
Global Cloud Robotics Market
Global Robotic Welding Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
View original content:https://www.prnewswire.co.uk/news-releases/robotics-market-to-surpass-usd-126-96-billion-by-2031–skyquest-technology-302127230.html
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