Global Sensors Market for Smartphones 2019-2023| Emergence of Sensor Fusion Technology to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Jun 17, 2019--
The global sensors market for smartphones is expected to post a CAGR of close to 2% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth.
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Technavio has published a new market research report on the global sensors market for smartphones from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global sensors market for smartphones is the integration of more sensors in premium range smartphones. The number of technologies that are integrated into smartphones is increasing, which include 3D sensing, NFC, fingerprint scanning, air gesture, and facial recognition. These functionalities require the integration of a higher number of sensors. As a result, premium smartphones are being integrated with more than five sensors to enable features such as facial recognition sensing and fingerprint sensing. Therefore, the growing integration of advanced technologies is expected to increase the demand for sensors during the forecast period.
As per Technavio, the emergence of sensor fusion technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global sensors market for smartphones 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global smartphones sensors market: Emergence of sensor fusion technology
Sensor fusion is gaining immense popularity in the sensors market for smartphones. It enables the combination of the sensory inputs derived from diverse sources to provide a highly accurate result. Sensor fusion technology allows smartphones to combine data from various sensors, including compass, gyroscopes, and accelerometers to calculate elevation, linear translation, gravity, direction, and rotation. Sensor fusion solutions are mainly being deployed in smartphones and tablets for AR applications. Most of the deficiencies of individual sensors can be eliminated by combining data from multiple sensors. As a result, the adoption of sensor fusion solutions is expected to increase significantly, which will fuel the growth of the sensors market for smartphones during the forecast period.
“Apart from the emergence of sensor fusion technology, other factors such as the growing popularity of multiple-lens camera modules, increasing implementation of mobile AR application by enterprises, and the rise in M&A activities will have a significant impact on the growth of the smartphone sensors market size during the forecast period,” says a senior analyst at Technavio.
Global sensors market for smartphones: Segmentation analysis
This market research report segments the global smartphone sensors market by price (premium range, medium range, and low range), and geographic regions (APAC, the Americas, and EMEA).
The APAC region led the sensors market for smartphones in 2018, followed by the Americas, and EMEA, respectively. The growth of the smartphone sensors market share in APAC can be attributed to factors such as the presence of major smartphone OEMs in the region. These smartphone manufacturers have well-established production facilities in the region. Moreover, most OEMs prefer APAC for setting up manufacturing facilities because of the easy availability of raw materials and lower cost of labor.
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Five Forces Analysis
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- Vendors covered
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PUB: 06/17/2019 10:30 AM/DISC: 06/17/2019 10:30 AM