What Fueled The Previous Growth In The Sensor Hub Market?
The sensor hub market has seen considerable growth due to a variety of factors.
• The sensor hub market is set to grow exponentially from $35.7 billion in 2024 to $43.57 billion in 2025, at a CAGR of 22.1%.
This growth can be attributed to the increased adoption of smart home devices, rising consumer awareness and demand, enhanced integration of AI and machine learning, government smart city initiatives, and the increasing digitalization of various sectors.
What Can Be Expected from the Sensor Hub Market Size?
The sensor hub market is expected to maintain its strong growth trajectory in upcoming years.
• The sensor hub market is expected to grow to $95.55 billion by 2029, with a CAGR of 21.7%.
This growth is driven by increasing internet penetration, low-power solutions demand, internet and data consumption, consumer electronics evolution, and urbanization. Trends include product innovation, IoT tech advancements, wireless communication progress, smart home adoption, and strategic mergers and acquisitions.
What Are the Critical Driver Fuelling The Sensor Hub Market's Growth?
The upswing in the acceptance of digitalization is projected to accelerate the expansion of the sensor hub market. The evolution towards digitalization, which involves harnessing digital advancements to revamp business models, opens up fresh paths for revenue and value creation. The proliferation of digitalization owes to the technological savvy demographic, transparency, automation, minimization of human mistakes, and operational optimization. Sensor hubs cater to the necessity for sensor amalgamation, data processing, and managerial effectiveness indispensable for constructing advanced digital merchandise, services, and IoT infrastructure. For instance, as reported by the Australian Bureau of Statistics, a governing body based in Australia, between 2021 and 2022, digital activities in Australia soared by 8.6%, amounting to $10.9 billion. During the same timeline, the general Australian economy experienced an 11.7% growth. All digital action sectors expanded in 2021-22. Notably, e-commerce retail observed a significant increase of 12.6% in 2021-22, after a monumental leap of 41.8% during the preceding year. As a result, the increasing preference towards digitalization is propelling the sensor hub market's progression.
How Is The Sensor Hub Market segmented?
The sensor hub market covered in this report is segmented –
1) By Processor Type: Application Sensor Processor, Discrete Sensor Processor, Sensor Integrated Microcontroller, Other Processor Types
2) By Devices: Smart Phones, Tablets, Wearable Devices, Internet Of Things And Connected Devices, Other Devices
3) By Applications: Positioning And Navigation, Health And Fitness, Augmented Reality And Gaming, Activity Monitoring, Voice Command, Gestures Navigations, Other Applications
4) By End-Use Application: Consumer Electronics, Automotive, Industrial, Military, Healthcare, Telecommunications, Other End-Use Applications
Subsegments:
1) By Application Sensor Processor: Multi-Core Application Processors, Low-Power Application Processors
2) By Discrete Sensor Processor: Dedicated Sensor Processing Units, High-Performance Discrete Processors for Sensor Integration
3) By Sensor Integrated Microcontroller: Microcontrollers, Low-Power Microcontrollers
4) By Other Processor Types: Hybrid Processors, Digital Signal Processors (DSPs), System-on-Chip (SoC)
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How Are New Trends Impacting The Size Of The Sensor Hub Market?
Major players in the sensor hub market are developing IoT sensor engineering kits using printed electronics technology. These kits, which contain tools and components, assist engineers, researchers, and hobbyists in the creation and prototyping of IoT sensors using printed electronics. An example of this is the Henkel Qhesive Solutions Sensor INKxperience Kit launched by Henkel, a multinational chemical and consumer goods company based in Germany, in February 2023. This kit showcases Henkel's advanced inks used for smart product applications and features four key technologies: a leak detection sensor, a non-contact liquid level sensor, a positive temperature coefficient (PTC) heater, and single and multi-zone force sensitive resistors (FSR). The components are reusable and pre-set with hardware and software for quick data reading, thus simplifying the process of designing, prototyping, and engineering future IoT sensors.
Who Are the Key Players In The Sensor Hub Market?
Major companies operating in the sensor hub market are:
• Robert Bosch GmbH
• Intel Corporation
• Broadcom Limited
• Qualcomm Technologies Inc.
• Infineon Technologies AG
• STMicroelectronics N.V.
• TE Connectivity Ltd.
• NXP Semiconductors N.V.
• TDK Corporation
• Renesas Electronics Corporation
• Microchip Technology Inc.
• Marvell Technology Group Ltd.
• Rohm Co. Ltd.
• Imagination Technologies Limited
• Bosch Sensortec GmbH
• Hillcrest Labs
• Memsic Inc.
• Montronix GmbH
• LAPIS Semiconductor Co. Ltd.
• Omega Engineering
What Is The Most Dominant Region In The Sensor Hub Market?
Asia-Pacific was the largest and fastest region in the sensor hub market in 2023. The regions covered in the sensor hub market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
