The major drivers for this market include the growing concern toward security & surveillance, rising need for energy-efficient devices, and favorable government initiatives. The growing consumer electronics sector, surge in automotive industry on a global basis, and the growing trend of miniaturization in sensors are the other major factors driving the smart sensor market.

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The tremendous technological developments in the past decade have led to considerable reduction in the size of sensors; for instance, the size of pressure sensor has been reduced from approximately 0.5um to 1 mm. The reduction in the size of these sensors and the adoption of MEMS technology have resulted in a wide horizon of applications for sensors in the fields of automotive, aviation, healthcare, wireless and optical communications, and consumer products. Moreover, the growing demand for smart devices and wearable electronics in the consumer electronics sector are some of the major growth drivers.

Some of the major players considered in the research study are Analog Devices, Inc. (U.S.), Infineon Technologies AG (Germany), STMicroelectronics N.V. (Switzerland), TE Connectivity, Inc. (U.S.), Atmel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), InvenSense, Inc. (U.S.), Robert Bosch GmbH (Germany), and Sensirion AG (Switzerland) among others.

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The smart sensor market in the Americas is expected to hold the major market share between 2016 and 2022 owing to the growing demand for smart homes and IoT in the U.S., presence of major players in the region, early adoption of new technologies, and growing automotive and consumer electronics industry. The APAC market is expected to grow at the highest CAGR between 2016 and 2022 owing to the increasing demand from end-user industries such as consumer electronics and automotive.