Smart sensors are an exciting new addition to the list of technologically advanced, cutting-edge devices. A smart sensor is a micro-sensor that takes any pre-programmed action when it detects the correct physical input from a human or animal. In this way, the device can detect human speech or movement, and heat or cold temperatures. It can also detect low levels of light and use that information to determine the time of day.
This technology was once laboratory technology, but it has now found its way into many different industries. Retail giants like Amazon use smart sensors in their e-commerce websites to determine stocking levels and to prevent overstocking. In manufacturing applications, smart sensors can detect machinery or other types of moving parts and compute resources to reduce operating costs.
The increasing sales of electric vehicles and smart devices such as smartphones are the main factors, which are responsible for the rapid growth of the global smart sensors market. For instance, according to The Week, in 2020 around 150 million smartphones were sold in India alone, despite the difficulties of the COVID-19 pandemic. Moreover, the key players of the sensor manufacturing market are focusing on developing more advanced technologies in sensors with the help of artificial intelligence, which will help the consumers in their daily lives. This is creating significant propulsion in the global smart sensors market.
The applications for smart sensors are practically endless. They have the potential to provide tremendous benefits to human society, but they also have the potential to be extremely harmful. Therefore, businesses must be very careful how they use these technologies. Even if smart sensors reduce costs, businesses must protect themselves from the possibility of accidents caused by misreading or malfunctioning smart sensors. However, increasing concerns over data privacy is the major restraining factor for the growth of the global smart sensors market. Data privacy is the relation between the dissemination and collection of data, technologies, the public's expectation of privacy, and their legal and social problems surrounding them. It is also sometimes called data security or data privacy.
Owing to the increased consumerism of smartphones and electric vehicles in the region, North America is witnessing high demand in the global smart sensors market. The American Automobile Association, in 2020 around 296,000 units of plug-in light-duty electric vehicles were sold in the US. Moreover, the presence of key market players and the development of technology in the region are benefitting the growth of the global smart sensors market. Owing to these factors, there have been some significant developments in the global smart sensors market. For instance, in June 2018, Fingerprints Card AB introduced a new fourth-generation smart fingerprint sensor for smartphones.
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