The Latin America, Middle East and Africa Smart Sensor Market would witness market growth of 15.5% CAGR during the forecast period (2021-2027). A smart sensor refers to a device that obtains input from the physical environment and utilizes in-built compute resources to carry out the pre-assigned functions when detecting any input and data processing before transmitting it. One of the crucial and integral components of the Internet of Things (IoT) is the smart sensor.
The growth of the smart sensor market is boosted by the rise in the number of favorable government initiatives. Moreover, the growth of the overall market is also augmented by the fact that numerous governments across the world are actively putting investment in the innovation of smart technologies. Further, the smart sensor innovation has shown its capabilities in cutting down the carbon emission levels and hence coping up with the emerging environmental challenges. This has increased the utilization of these sensors in this industrial domain, where power plant industries are increasingly deploying this technology.
Smart sensors made for smart hotels help in reducing the overall cost, create revenue streams, and substantially enhance the guest experiences. For example, occupancy sensors and thermostats enable smart energy management that prudently uses energy. Smart sensors also provide some additional advantages such as push-notifications for room service, automated guest interactions, improved experience delivery with guest information, and self-check-in/check-out and automated room entry. Therefore, all these factors are expected to boost the growth of the smart sensors market during the forecast period.
The Consumer Electronics market dominated the South Africa Smart Sensor Market by End Use 2020, thereby, achieving a market value of $242.5 million by 2027. The Automotive market is experiencing a CAGR of 15.6% during (2021 - 2027). Additionally, The Industrial market is expected to witness a CAGR of 17.2% during (2021 - 2027).
Based on Type, the market is segmented into Image Sensor, Motion Sensor, Touch Sensor, Pressure Sensor, Temperature Sensor, Position Sensor, Light Sensor and Others. Based on End User, the market is segmented into Consumer Electronics, Automotive, Industrial, Healthcare, Infrastructural and Other. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Smart Sensor Market is Predict to reach $89.9 Billion by 2027, at a CAGR of 12.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infineon Technologies AG, STMicroelectronics N.V., Microchip Technology, Inc., NXP Semiconductors N.V., ABB Group, Siemens AG, Robert Bosch GmbH, Honeywell International, Inc., General Electric (GE) Co., and Analog Devices, Inc.
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