According to a recent report by Emergen Research, the market for AI-based sensors would be worth USD 152.55 billion by 2027. The use of artificial intelligence in a variety of industries, including entertainment, education, health, transportation, and utilities, is the key factor driving market demand.
End-user industries including manufacturing, consumer electronics, automotive, and transportation have expanded as a result of the global urbanisation and digitalization trends, and they now rely on technology-driven systems to function.
The use of a machine to mimic human cognitive processes is known as artificial intelligence (AI). With AI, data may be analysed by the computer at a rate faster than a human to derive precise insights from the information presented. The software of artificial intelligence (AI) can be included into the current system and process to make or recommend accurate decisions through increased use of information, improving the system and lowering costs.
Further key findings from the report suggest
Despite being around for years, artificial intelligence has taken over as the dominant force in business intelligence. This is brought on by the expansion of data, the expansion of cloud computing, and AI accelerators.
During the forecast period, the neural network is expected to develop with a considerable CAGR of 37.9%. The use of neural networks in sensors is expanding as a result of ongoing advancements in AI. In the BFSI and e-commerce sectors, it aids in the detection of fraud.
In a variety of construction workflows, including quality control, scheduling, issue tracking, safety management, resource management, and design management, artificial intelligence is combined with machine learning algorithms. The need for AI-based sensors for remote use is rising in various industries as a result of the penetration of COVID-19.
A few notable participants are Versos Systems, Tachyus, Augury Systems, Glassbeam, Siemens AG, PointGrab, Maana, Tellmeplus, Sentenai, and United Technology, among others.
Emergen Research has segmented the global AI-based Sensors Market on the basis of type, application, technology, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Case-based reasoning
- Ambient-intelligence
- Neural networks
- Inductive learning
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Biosensor
- Health Monitoring
- Maintenance and Inspection
- Human-computer interaction
- Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Natural Language Processing
- Machine Learning
- Computer Vision
- Context-aware Computing
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- S.
- Canada
- Europe
- UK
- Germany
- France
- BENELUX
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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