New York, US, July 07, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Smartphone Sensors Market information by Smartphone Type, by Price, by Manufacturer and Region – forecast to 2027” the market valued at USD 69,339.5 Million in 2019 and is expected to reach USD 1,01,389.8 Million by 2026 with a CAGR of 6.24%.
Smartphone Sensors Market Scope:
The global smartphone sensors market is increasing, heading with the vast advances in wireless technologies suitable for personal health assistants and wearables. Increasing adoption of wireless technologies for high-end, mid-level, and low-end applications drives market growth. Moreover, rapid advances and increasing uses of wearables & other intelligent sensing devices influence the market revenues. With various wireless sensing devices expected to be introduced in the recent future, the market is projected to witness substantial traction.
Dominant Key Players on Smartphone Sensors Market Covered Are:
- AMS AG (Austria)
- DYNA IMAGE Corporation (China)
- Epticore Microelectronics Co. Ltd. (China)
- Broadcom Inc. (US)
- Epson Europe Electronics GmbH (Germany)
- Everlight Electronics Co. Ltd. (Taiwan)
- Melexis (France)
- Maxim Integrated (US)
- Murata Electronics Oy (Finland)
- Omron Corporation (Japan)
- NEXT Biometrics Group ASA (Norway)
- Samsung Electronics Co. Ltd.(South Korea)
- Panasonic Corporation (Japan)
- Sony Corporation (Japan)
- Vishay Intertechnolog Inc. (US)
- STMicroelectronics (France)
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Market USP exclusively encompassed:
Smartphone Sensors Market Drivers
Rising Uses of Wireless Technologies for Energy & Environment Monitoring Applications Is a Major Driving Force
Additionally, the emergence of 5G networks, vast digital transformation & automation across industries, and proliferation of Industry 4.0, are megatrends boosting the smartphone sensors market size. Smart connected devices' uses are anticipated to grow in personal as well as industrial applications. Besides, improvements in 5G/4G/LTE technologies and the connectivity would drive the market growth, powering new applications.
Volatility in Raw Materials’ Prices & Demand-Supply Gap Pose Challenges
Increasing innovations in smart home and gaming applications and the rising use of smartphone sensors in manufacturing IoT applications are major factors pushing the market's growth. Furthermore, the growth of digital technologies used in the collection, storage, analysis, and distribution of information provides various opportunities.
However, all these innovative applications also bring alone several security concerns, which hamper the smartphone sensors market growth. As the 5G implementations increase, the need for good security would become even more critical.
In the future, smartphone sensors would be increasingly used for remote health monitoring and healthcare devices. Recently, on Feb 04, 2021, Swift Sensors, a leading global provider of industrial IoT sensor solutions, launched its secure wireless vaccine storage unit monitoring and alert system. This new device enables medical facilities and pharmacies to monitor COVID-19 vaccine storage temperatures remotely, automate data logging, and quickly respond to equipment or power failure problems.
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Segmentation of Market Covered in the Research:
The smartphone sensors market forecast is segmented into smartphone types, prices, manufacturers, applications, and regions. The smartphone types segment is sub-segmented into standard smartphones, rugged smartphones, smartwatches, and other wearables.
The price segment is sub-segmented into USD 300 to USD 500, USD 100 to USD 300, Above USD 500, and Under USD 100. The manufacturer segment is sub-segmented into Apple Inc., Samsung Electronics, Huawei Technology, Xiaomi Inc., Oppo, Sony Corporation, HMD, and others. Further, the application segment is sub-segmented into high-end, mid-level, and low-end. The region segment is sub-segmented into North America, Europe, Asia-Pacific, and Rest-of-the-World.
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Regional Analysis
The Asia Pacific region dominates the global smartphone sensors market. The largest market share attributes to the presence of major players and the well-established semiconductor industry in this region. Moreover, the increasing user base of smartphones, smartwatches, and wearables provides significant market players opportunities.
Also, the rapid growth in major industries, such as medical, transportation, logistics & supply chain, and consumer electronics industries, contribute to the region's smartphone sensors market share. Besides, the proliferation of consumer electronics & electronic devices and growing demand for smartphone sensors from the gaming, medical device, and automobile electronics industries create substantial market demand.
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COVID-19 Impact on the Global Smartphone Sensors Market
The COVID-19 outbreak has positively impacted the smartphone sensors industry. With increasing transformations in the IT & telecom sectors, digital transformations across industries, and the downward global economy contributed to the market upend. Ordering groceries from the comforts of homes was a significant trend during COVID-19 lockdown restrictions, unlocking major revenue opportunities.
Many organizations have digitized their business processes, including supply chain & product management, sales & marketing, and others. Also, solution providers are fostering R&D investments to develop wireless technologies and 5G-enabled smartphone sensors. The smartphone sensors market is expected to witness a constant uptick over the next few years.
Competitive Analysis
The smartphone sensors market is estimated to witness significant product launches and several strategic approaches, such as mergers & acquisitions, collaboration, expansion, and product/technology launches. Major industry players make significant investments to drive research and development activities and expansion plans.
For instance, on Jul 02, 2021, Vivo (China), a leading smartphone maker, announced patenting a smartphone with a drone inside, revealing a detachable flying camera. The flying camera can detach from the phone and work the same way drone cameras do. The module houses four propellers and two cameras that have three proximity sensors and an infrared sensor.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.