AI (Artificial Intelligence) and sensors are the vital components of the Internet of Things (IoT). Together, they are going to make a huge impact on industries, enterprises, and businesses. The demand for AI in the IoT market has witnessed a gradual increase and this will increase the demand for AI sensor market in the coming days.
The global AI sensor market to witness impressive growth in the coming years. The market was valued at USD 8.48 billion in 2018 and is projected to reach USD 112.9 billion by 2026. The market is to register an exceptionally high CAGR of 38.39% from 2019 to 2026.
AI helps analyze data and identify patterns and thereby, get useful insights. This, in turn, facilitates effective decision-making. AI solutions are driving industries like BFSI, healthcare, education, manufacturing, and others. This will increase the demand for and adoption of AI sensors in these industries.
The growth of the global AI sensors market will be driven by the increasing adoption of AI in various industries due to its capability to solve complex issues. The rising demand for AI sensors for road safety, fraud prevention, financial asset management, drug development, medical diagnosis, and predictive maintenance will give a major boost to the global market.
Further, huge investments are undertaken for enhancing the broadband speed and government initiatives to increase the implementation of AI in IoT in the automotive sector will also drive the growth of the global market.
North America accounted for about 35% share in the global AI sensors market in 2018. The region is projected to dominate the global market in the coming years as well. The growth of this region can be attributed to increased sales of AI-enabled home appliances, rising adoption of AI in hospitals, automotive, and educational institutes.
The presence of major market players in the North American region is also fueling the growth of this regional market. Europe and Asia-Pacific regions will also hold significant shares in the global market. Increasing investments in the automobile sector and the development of smart grid systems in the European region will drive the growth of this regional market.
The growth of the Asia-Pacific AI sensor market will be driven by initiatives taken by governments to improve the IT infrastructure. The Latin American market will also play an important role in the growth of the global market due to the increasing adoption of smart sensors in various industries of this region.
The global AI sensors market is presently being dominated by market players like Siemens AG, Augury Systems, Glassbeam, PointGrab, Maana, Sentai, United Technology, Tachyus, and Versos Systems, among others.