The global sensor hub market is projected to grow at CAGR of 16.92% during the 2018-2023 period
The recent study on the global sensor hub market covers an in-depth analysis of the market on the basis of component, industry vertical, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. According to the report titled “Global Sensor Hub Market – Forecast from 2018 to 2023”, the market is estimated to grow at a CAGR of 16.92% to reach a market size of US$23.299 billion in 2023 from US$9.122 billion in 2017. The report has segmented the global sensor hub market by component (hardware, software, services), industry vertical (consumer electronics, automotive, telecommunication, healthcare, military and defense, others) and geography such as North America (United States, Canada, Mexico, others), South America (Brazil, Argentina, others), Europe (Germany, France, United Kingdom, Spain, others), Middle East and Africa (Saudi Arabia, Israel, others), and Asia Pacific (China, Japan, South Korea, India, others). A sensor hub is a point which connects multiple sensors that use multipoint control, digital signal processor or coprocessor to compile the data gathered from the different sources and provide information at the endpoints. The demand for sensor hub is projected to grow on account of growing investment in connected infrastructure, both for residential and industrial applications. Simultaneously, the anticipated increase in the number of devices utilizing the sensor fusion technology is further projected to drive the global sensor hub market during the forecast period.
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The high growth rate is estimated to originate from the consumer electronics industry.
The individual demand for sensor-enabled experience from smartphones and other smart home devices are driving the adoption of smart hubs. In fact, Samsung Electronics Co., Ltd., and Apple, Inc. recently started using smart hubs in their phones for handling motion processing for fitness and other applications. Furthermore, the anticipated increase in the number of wearable connected devices is projected to rapidly drive the growth of the market during the forecast period.
Some of the major players discussed in the reports are Microchip Technology, STMicroelectronics, TDK Corporation, and Infineon Technologies AG, among others.
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