Press Releases

Artificial Sensing Systems Market to See 6.0% Annual Growth Through 2023

August 14, 2018

WELLESLEY, Mass., Aug 14, 2018–The market for artificial sensing expects steady growth as the systems find use in virtual reality gaming and military targeting applications, according to a new report by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 6.0% through 2023, when it could be worth more than $26.7 billion, according to the report Artificial Sensing Systems: Global Markets to 2023.

Major players in the market mentioned in this report include: Allied Vision, Cognex, Fanuc, National Instruments, OmniVision, Omron, STM Electronics, Yaskawa Motoman, Amazon, Baidu, Google, Introlab, Microsoft, Nuance, Rethink Robotics, Agrivi, GelSight, Ossur, Shadow Robot, Sparkfun Electronics, Syntouch and Touch Bionics, among many others.

Research Highlights

  • The Asia-Pacific region will lead growth, with a CAGR through 2023 of 6.7%, although North America will lead by size, with an estimated 2023 value of $9.1 billion.
  • Vision systems will lead other usage segments, with a CAGR through 2023 estimated at 6.7%, although touch will lead the segment by size, with a 2023 value estimated at $9.7 billion.
  • Consumer applications will lead use, with a CAGR through the period of 7.4%, followed by industrial (7.2%) and medical applications (5.5%). Medical will lead by size, with an estimated 2023 value of $11.5 billion.

“Medical uses accounted for 45.1% of the artificial sensing market in 2017 and are expected to remain dominant due to the demand for human sensor replacement and augmentation.  Medical artificial sensing is driven by large ongoing research and development efforts and well-established commercialization markets,” said report author Michael Sullivan. “However, consumer and industrial applications will be growing at the fastest rate of better than 7.0% CAGR between 2018 and 2023. Less expensive, more flexible and powerful applications are driving this usage as artificial sensors become embedded in consumer feedback and enhanced experience applications,  robotics and industrial machine applications.”

Artificial Smell Emerging in a Variety of Consumer Applications

Artificial smell and electronic noses are being applied to a variety of consumer uses. Recent innovations have combined the superior smelling abilities of some animals with enhanced scent distinction, and the resulting capabilities are being employed in the drug, chemical and explosives sniffing industries. Commercial applications include digitized aromas for therapy and air freshening as well as in cooking schools and the culinary entertainment industry. Additional artificial smell security applications include a crossover between sniffers for security and robotics to provide bomb-handling teams with safer alternatives for defusing explosives.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Artificial Sensing Systems: Global Markets to 2023( IAS021B )
Publish Date:     

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.