CHICAGO, Dec. 1, 2023 /PRNewswire/ — Sensor Fusion Market for Automotive is projected to grow from USD 0.3 billion in 2023 to USD 3.3 billion by 2030, registering a CAGR of 42.4%, according to a new report by MarketsandMarkets™. The sensor fusion market for automotive is experiencing a remarkable surge in growth, revolutionizing the global automotive industry. Integrating sensors, data, and artificial intelligence has transformed how cars perceive and interact with the environment. This technology is instrumental in reducing accidents, enhancing road safety, and improving traffic management.
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Browse in-depth TOC on “Sensor Fusion Market for Automotive”.
315 – Tables112 – Figures387 – Pages
Sensor Fusion Market for Automotive Scope:
USD 3.3 billion by 2030
42.4% of CAGR
Drivers, Restraints, Opportunities & Challenges
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Level of Autonomy, Vehicle Type, Electric Vehicle Type, Sensor Platform, Fusion Level, Sensor Type, Algorithm, Data Fusion Type, Technology, Region
Asia Pacific, Europe, and North America
Updated financial information / product portfolio of players
Key Market Opportunities
Rising demand for safer and sustainable transportation solutions
Key Market Drivers
Increasing advancements in ADAS technology
Data fusion is expected to be the largest market by fusion level
Data fusion refers to combining data from multiple sensors to produce a more accurate and reliable representation of the surrounding environment. This is achieved by combining the complementary strengths of different sensors to overcome their individual weaknesses. LeddarTech (Canada), Robert Bosch GmbH (Germany), and BASELABS GmbH (Germany) provide data fusion for autonomous vehicles. Data fusion serves as an indispensable catalyst for the advancement of autonomous driving technologies. These pivotal systems hinge upon the continuous acquisition of data streams from diverse sensors to facilitate real-time decision-making processes. Through the amalgamation of information from multiple sensors, vehicles can construct an exceptionally resilient and redundant perceptual framework, thereby mitigating the potential risks associated with erroneous judgments in pivotal decision-making scenarios. Data fusion augments situational awareness by enabling a more precise and comprehensive discernment of environmental attributes. This kind of sensor fusion happens with basic data generated from individual sensors and requires higher processing. This also increases accuracy, however, also increases cost associated with sensor fusion.
Autonomous Driving to be the fastest growing market during the forecast period
Autonomous driving technology represents a shift in the automotive industry. It takes the concept of ADAS to a new level, aspiring to relieve drivers of the burden of manual control. Vehicles equipped with this technology use sensors, high-definition mapping, artificial intelligence, and connectivity to navigate and make decisions. A crucial element of autonomous driving technology is sensor fusion. Modern autonomous vehicles are equipped with a wide array of sensors, including cameras, lidar, radar, and ultrasonic sensors. These sensors continuously scan the vehicle’s surroundings, collecting data about nearby objects, road conditions, and other vehicles. Combining the information from these sensors allows the vehicle to create a detailed, real-time map of its environment, which is essential for safe navigation. Another critical aspect of autonomous driving technology is machine learning and artificial intelligence. The vast amount of data collected by sensors is processed and analyzed by sophisticated AI algorithms. These algorithms can recognize and interpret objects in the environment, predict their behavior, and make real-time decisions based on this information. Machine learning enables the vehicle to learn from past experiences and improve its decision-making capabilities.
Mobileye Global Inc., NVIDIA Corporation, Qualcomm Incorporated, Robert Bosch GmbH, Waymo LLC, and Continental AG provide SOCs and operating systems for autonomous vehicle OEMs. Mobileye focuses on developing advanced operating system features with its EyeQ 5, which provides supercomputer capabilities within a low-power envelope. The EyeQ 5 features generic multithread CPU cores to provide a complete and robust computing platform that ADAS/automated driving applications demand. NVIDIA’s Drive Orin and Thor SOCs are also developed for autonomous driving. They are used by OEMs such as Mercedes Benz for Level 3 Autonomy. Other OEMs are working with component providers to develop autonomous driving systems. In June 2022, the BMW Group and Valeo disclosed their collaboration to develop fully automated parking technologies, specifically focusing on achieving Level 4 automation.
Europe to be the second-fastest growing market during the forecast period
The automotive sector holds a prominent position within the European industrial landscape. As of 2022, the region boasted 322 automobile assembly and production plants, encompassing various vehicle types. Specifically, 127 plants are dedicated to passenger car production, 46 focus on vans, 56 specialize in trucks, 71 are engaged in bus manufacturing, 71 are dedicated to engine production, and 42 are involved in battery manufacturing. Despite the recent global automotive slowdown, the European automotive market has exhibited consistent growth over the past six years. To maintain competitiveness, leading European automotive manufacturers prioritize offering high-performance engines and incorporating advanced safety features. Major players in the European automotive industry, including the Volkswagen Group, Mercedes-Benz, Renault, Hyundai, BMW, Toyota, and Stellantis, are driving demand for sensor fusion technology through the integration of ADAS features in their vehicles. Industry experts anticipate that stringent emission regulations and the pursuit of zero-emission targets in Europe will significantly impact both passenger car and commercial vehicle manufacturers in the forecast period. Consequently, manufacturers are anticipated to increasingly adopt sensor fusion technology in automated vehicles, particularly in the realm of electric vehicles. Notably, Germany, France, and the UK have already granted approval for the operation of autonomous vehicles on roads, with ongoing testing endeavors assessing the viability of these vehicles for road use.
The sensor fusion industry for automotive in Europe is anticipated to experience heightened demand, primarily driven by stringent safety regulations. The EU has set a targeted goal to reduce fatalities and injuries by 50% by the year 2030. As part of this strategic initiative, the EU has mandated the inclusion of major safety features, including lane departure warning, automatic emergency braking, and drowsiness and attention detection, in new vehicles. These regulations came into effect in July 2022, reflecting a comprehensive approach to enhance automotive safety. Several European countries, including Germany, France, and the UK, have already granted approval for the utilization of automated vehicles on specific roadways. Notably, Germany took a pioneering step in July 2021 by enacting the Autonomous Driving Act, positioning itself as the first country globally to permit sensor fusion-based level 4 automated vehicles to operate on public roads without the requirement for a human driver as a backup control. In 2015, the French government declared its intention to mandate the installation of automatic emergency braking (AEB) and lane departure warning (LDW) systems in all new heavy trucks, contributing to an increased demand for safety systems within the country. Furthermore, the support from OEMs and the burgeoning presence of numerous startups dedicated to the development of sensor fusion technology are expected to be pivotal factors propelling market growth in the European region.
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Key Market Players:
The Sensor fusion companies for automotive are Mobileye Global Inc. (Israel), NVIDIA Corporation (US), Qualcomm Incorporated (US), Tesla Inc. (US), and Huawei Technologies, Co., Ltd. (China), among others.
In September 2023, Mobileye Global Inc. and FAW Group unveiled a strategic collaboration, capitalizing on their software, hardware, and technology product strengths. Their joint efforts will focus on developing innovative products utilizing Mobileye SuperVision and Mobileye Chauffeur platforms.In September 2023, Qualcomm partners with Mercedes-Benz to power vehicles using Snapdragon Digital Chassis Solutions. The collaboration aims to enable high-bandwidth, always-on, and always-connected in-vehicle experiences, starting with Mercedes-Benz E-Class sedans.In September 2023, JMC Group partnered with Baidu, Inc. for intelligent driving, combining AI expertise with advanced automotive technologies to promote and develop high-level intelligent driving and urban transportation solutions.In July 2023, Samsung Electronics Co. is designated to produce Tesla Inc.’s forthcoming Full Self-Driving (FSD) chips intended for application in Level-5 autonomous driving vehicles. These chips will be manufactured using Samsung’s cutting-edge 4-nanometer node technology and will be integrated into Tesla’s Hardware 5 (HW 5.0) computers.In May 2023, Waymo LLC and Uber partnered to integrate Waymo’s cutting-edge autonomous driving technology with the extensive reach and scale of Uber’s ridesharing and delivery networks.In May 2023, Vector Informatik GmbH acquired BASELABS GmbH a specialist in sensor fusion for automated driving. The company aims to focus on software-defined vehicles throught this strategic investment.In March 2023, Renesas Electronics Corporation partnered with Tata Consultancy Services to inaugurate an Innovation Center dedicated to crafting semiconductor designs and software solutions for various sectors, including IoT, infrastructure, industrial, and automotive segments.In February 2023, Mercedes-Benz collaborated with NVIDIA Corporation to leverage its software, data, and AI proficiency alongside its Orin system-on-chip. This collaboration aims to augment SAE Level 2 functionalities within urban contexts and ultimately achieve SAE Level 3 capabilities, specifically targeting speeds up to 80 mph (130 km/h).Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id= 260287840
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Two thirds of PR Pros can’t prove their work helps their business or client: CoverageBook
Just 1 in 3 PRs track the commercial impact of their work – while 66% are focused on driving high volumes of coverage31% of PRs have seen budgets cut in the last year, but a staggering 50% of those respondents believe this would have been less likely if they could better prove commercial relevanceNew free tool ‘CoverageImpact’ helps PRs prove the value of their work and bridge this disconnectLONDON, Feb. 22, 2024 /PRNewswire/ — PR may talk the talk when it comes to boardroom relevance, but it’s failing to walk the walk. New research from CoverageBook, the leading PR industry reporting platform, shows that just one third of PR pros align their activity with commercial goals. The survey of over 350 senior PR and marketing professionals reveals a significant disconnect between how the PR industry measures and reports on activity and what senior leaders and budget holders expect to see.
This research comes at a time when clients are putting increased scrutiny on PR teams to demonstrate impact. While the industry is finally putting outdated metrics like AVE (used by just 7% of respondents) to bed – there’s no consensus on how to prove the value of PR and communications.
To help build that consensus and allow every PR to prove the value of their work, CoverageBook is launching CoverageImpact, a revolutionary free tool designed to simplify PR reporting and impact measurement. The tool aims to bridge the gap between PR professionals’ activities and their clients’ commercial goals, ensuring that there’s no disconnect between agency and client or within a business.
This is particularly important as less than half of PR professionals currently consider new biz and sales when measuring the impact of their work – just 41% of UK respondents and 34% of US respondents take the new business/sales pipeline into account. These numbers drop significantly when asked about investment generation – 14% of UK respondents and 13% of US respondents.
So what are they measuring? Well unsurprisingly, the focus is on outputs and audience, with 96% citing target audience as a key measurement criteria and 66% high volumes of coverage.
Lack of commercial proof has a financial impact
The result of all this lack of commercial certainty? Unfortunately, it’s budget cuts. When asked about their 2023 budgets, 31% of all respondents said they had seen cuts (33% agencies, and 22% in-house).
Unsurprisingly, 50% of those respondents believe this would have been less likely if they could better prove commercial relevance. Breaking that figure down clearly shows the correlation between impact proof and budget decisions, with 75% of agency respondents and 25% of in-house respondents in the UK agreeing with that statement, alongside 79% of agency respondents and 21% of in-house respondents in the USA.
Commenting on the findings, Alastair McCapra, CIPR CEO said: “These findings show how PR practitioners are putting more time into measurement and evaluation, but the lack of a common approach is costing us credibility. With one in three PR budgets being cut and a sluggish economy, we need to be more effective than ever in telling our story, and communicating the impact and value of our work.”
When asked about the biggest challenges they face in measurement, 54% of all respondents cited a lack of a universal measurement framework, while 52% mentioned a lack of measurement tools. These findings underscore the urgent need for tools that simplify measurement and reporting, making it easier for PR professionals to demonstrate the value of their work.
CoverageImpact, developed by the creators of CoverageBook and Answer The Public, offers a simple solution for turning coverage tracker spreadsheets into visually appealing ‘coverage over time’ graphics. With CoverageImpact, users can easily add impact data to their reports without the need for complex pivot tables or data visualisation skills. The tool is compatible with popular PR tools such as Excel, Google Sheets, Cision, MuckRack, TalkWalker, Meltwater, and CoverageBook, making it accessible to PR professionals worldwide.
“The truth is everybody needs to level up on telling the story of their impact; how their work correlates to organisational impact – the stuff leadership and boards actually care about. We know this is happening in small pockets, there are some case studies of PR measurement already,” said Gary Preston, CEO & Co Founder at CoverageBook. “But only a few can afford dedicated teams with Python, Excel & Data viz skills to do the job. Our aim is to democratise PR measurement for everyone to start having credible impact stories.”
In addition to simplifying reporting, the tool is designed to help PR practitioners start credible conversations with senior business leaders and budget holders, create graphs that support strategic decision-making, and save time in generating reports.
To try out CoverageImpact, visit – https://coverageimpact.com/
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Travel and Expense Management Software Market Size to Grow USD 15.7 Billion by 2032 at a CAGR of 18.3% | Valuates Reports
BANGALORE, India, Feb. 22, 2024 /PRNewswire/ — Travel and Expense Management Software Market Size, Share, Competitive Landscape and Trend Analysis Report by Deployment Type (On-premise, Cloud), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (IT and Telecom, BFSI, Manufacturing, Public Sector, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The global travel and expense management software market was valued at USD 3 Billion in 2022, and is projected to reach USD 15.7 Billion by 2032, growing at a CAGR of 18.3% from 2023 to 2032.
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Major Factors Driving the Growth of Travel and Expense Management Software Market
The market for travel and expenditure management software is expanding due in large part to companies’ growing use of digital solutions to automate and streamline their travel and expense management procedures, which boost productivity and cut expenses. Further propelling the market development are the growing requirement for real-time visibility and control over spending, the necessity of regulatory compliance, and the increasing globalization of companies. Additionally, the incorporation of cutting-edge technologies like artificial intelligence (AI), machine learning, and data analytics into these software programmes is propelling market expansion by providing improved user experiences, predictive capabilities, and insights.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL TRAVEL AND EXPENSE MANAGEMENT SOFTWARE MARKET:
The global increase in corporate travel activities is a major factor driving the growth of the travel and expense management software market. Businesses are sending more staff on business trips, conferences, and customer meetings as a result of globalization and growing corporate operations. Organizations are adopting travel and expenditure management software solutions to simplify procedures, track spending in real-time, and guarantee compliance with corporate regulations as a result of the spike in corporate travel, which makes effective administration of travel expenses necessary.
Businesses in a variety of sectors are looking for solutions to streamline and automate their spending and travel management procedures in order to increase productivity and cut expenses. Travel & Expense Management Software reduces mistakes and eliminates human data entry duties with features including automatic receipt scanning, automated expense report production, and connectivity with accounting systems.
Accurate tracking and reporting of travel costs is mandated by strict business rules and regulatory regulations. Through the use of travel and expense management software, businesses may make sure that workers follow company policy on spending limits, prompt approval of charges, and tax compliance. The capacity of these software solutions to uphold compliance requirements and enforce policy adherence is what propels their acceptance by companies of all sizes.
Having real-time insight into spending trends and travel expenditures is essential for efficient money management and budgetary selection. Travel and Expense Management Software gives businesses centralized platforms to manage expenditure, keep an eye on bills, and instantly analyze spending patterns. The demand is driven by this real-time insight, which enables firms to find cost-saving possibilities, make educated decisions, and reduce financial risks.
Travel and expense management software is starting to need integration capabilities with current business systems, such as ERP (business Resource Planning) and HR (Human Resources) systems. Processes are streamlined, data accuracy is improved, and data synchronization across various business operations is made possible through seamless integration. Adoption of software solutions with strong integration capabilities is fueled by organizations’ preference for integrated solutions that can combine travel and cost data with other financial and operational data.
The importance of data analytics and reporting tools in travel and expense management software is growing. Companies need to know about vendor performance, policy compliance, and travel expenditure trends in order to drive strategic decision-making and maximize costs. Organizations are able to get meaningful insights from travel and spending data by utilizing advanced analytics tools that are integrated into these software packages. These tools include predictive analytics, data visualization capabilities, and customisable reporting dashboards.
The increasing popularity of cloud-based travel and expense management software can be attributed to advantages including cost-effectiveness, scalability, and flexibility. By doing away with the requirement for on-premises infrastructure, cloud-based solutions enable businesses to access software from any place or device that has an internet connection. Small and medium-sized businesses (SMEs) find cloud-based solutions especially appealing due to their scalability and accessibility.
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TRAVEL AND EXPENSE MANAGEMENT SOFTWARE MARKET SHARE ANALYSIS
In 2022, the market was led by the cloud segment based on deployment mode. This may be ascribed to the rise in developments in cloud-based infrastructure, as cloud technology offers a number of advantages including easy access to diverse apps from far-off locations, virtual reservations, and other creative solutions.
In 2022, the travel and expenditure management software market was dominated by North America. This is explained by the region’s rapid adoption of cloud-based technology. On the other hand, the Asia-Pacific area is growing faster. This is explained by the rise in small-, medium-, and large-scale technological companies in the area.
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Automating Efficiency: Saudi Arabia Warehouse Automation Market Gears Up for 14.2% CAGR, Driven by E-commerce Boom and Vision 2030: Ken Research
GURUGRAM, India, Feb. 22, 2024 /PRNewswire/ — The Kingdom of Saudi Arabia’s warehouse automation market is on a trajectory for exponential growth, fueled by a surging e-commerce sector and ambitious national goals outlined in Vision 2030. Ken Research’s comprehensive report, Saudi Arabia Warehouse Automation Market Outlook to 2028: Automating the Path to Progress, sheds light on this dynamic market, poised for a remarkable 14.2% CAGR in the coming years. This press release summarizes the key findings and offers valuable insights for investors, logistics companies, and technology providers seeking to capitalize on this flourishing landscape.
Several key factors are propelling the Saudi Arabian warehouse automation market towards a bright future:
E-commerce Boom: The exponential growth of e-commerce is driving demand for efficient and high-throughput warehouse operations, necessitating automation solutions. Vision 2030: The government’s ambitious Vision 2030 plan emphasizes logistics sector development, creating a conducive environment for automation adoption. Rising Labor Costs: Increasing labor costs are prompting companies to seek automation solutions for cost-efficiency and productivity gains. Increased Demand for Storage: Growing population and economic diversification are leading to higher storage requirements, making automation crucial for efficient space utilization. Interested to Know More about this Report, Request a Free Sample Report
Ken Research provides a detailed segmentation of the market, allowing you to pinpoint your target audience effectively:
By Technology: Automated Storage and Retrieval Systems (ASRS) dominate the market, followed by Automated Guided Vehicles (AGVs) and robots. By Application: E-commerce and retail sectors are the primary adopters, followed by manufacturing, healthcare, and automotive industries. By Solution Provider: Global players like Honeywell, Siemens, and Vanderlande compete alongside regional players like Fawaz Refrigeration and Nesma & Partners Contracting Company. Competitive Landscape:
The market features a mix of established players and emerging entrants:
Global players: Honeywell, Siemens, Vanderlande, Swisslog, and Knapp. Regional players: Fawaz Refrigeration, Nesma & Partners Contracting Company, Abdullah Hashim Abunayyan Trading Company, and Al-Obeikan Group. Start-ups: Innovative start-ups are offering customized and cost-effective automation solutions. Recent Developments:
Investment in automation: Major logistics companies and government entities are investing heavily in warehouse automation solutions. Focus on cloud-based solutions: Cloud-based warehouse management systems (WMS) are gaining traction for improved scalability and flexibility. Adoption of collaborative robots (cobots): Cobots are increasingly used for tasks requiring human-robot collaboration. Visit this Link :- Request for custom report
The Saudi Arabian warehouse automation market is expected to witness exciting developments in the coming years:
Growing demand for advanced technologies: Technologies like artificial intelligence (AI) and machine learning (ML) will be integrated for optimized operations. Rise of integrated solutions: Integrated automation solutions encompassing hardware, software, and services will gain popularity. Focus on sustainability: Environmentally friendly automation solutions will be increasingly sought after. Challenges to Address:
Despite its promising future, the market faces some hurdles:
High initial investment costs: The upfront costs of automation implementation can be a barrier for some companies. Lack of skilled workforce: Training and upskilling the workforce to operate and maintain automated systems is crucial. Data security concerns: Addressing data security concerns associated with connected automation systems is essential. Why This Report Matters:
This report empowers various stakeholders to navigate the Saudi Arabian warehouse automation market:
Investors: Identify lucrative investment opportunities across different technologies and segments. Logistics companies: Gain insights into emerging trends, optimize their operations, and improve efficiency. Technology providers: Tailor their offerings to meet specific market needs and expand their reach. Government entities: Formulate policies that support market growth and achieve Vision 2030 goals. Request free 30 minutes analyst call
By Product Category
Semi-AutomatedFully AutomatedBy Product Component
Conveyor System/ Sortation SystemAutomated Storage & Retrieval SystemWarehouse Management SystemAMR/AGVOthers (Pick-to-Light and Put-to-Light Systems and automated packaging: wedging, volume reduction, personalization and more)Automatic Identification and Data Capture (AIDC)By Automated Technology
E-CommerceRetail (Supermarkets, Hypermarket, Consumer Durables & More)3PL/LogisticsOthers (Health & Beauty, Pharma, Furnishing)For More Insights On Market Intelligence, Refer To The Link Below: –
Saudi Arabia Warehouse Automation Market
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According to Ken Research estimates, the Market Size of South Korea Warehousing has shown increasing trend from 2019 to 2022. South Korea’s strategic location as a gateway between Europe, Asia, and Africa makes it an attractive hub for trade. The country has been actively promoting foreign trade and industrialization, attracting international companies to set up manufacturing facilities and distribution centers. This leads to an increased demand for warehousing services to support import, export, and local supply chains.
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