Increasing prevalence of chronic diseases across the globe is expected to drive the global AI sensors market growth during the forecast period
The Global AI Sensors Market was valued at USD 15.6 Bn in 2020 and is expected to reach USD 138.5 Bn by 2027, with a growing CAGR of 36.5% during the forecast period.
The growing incidence of chronic infectious disease which includes COVID-19 is developing the need for advanced remote diagnosis devices to restrict the spread of disease and Hospital-Acquired infections (HAIs). Support from the government for human-computer interface insurance is also encouraging AI sensors market demand. Research and development in the production of the latest progressive technology may also increase the demand for the product. The inclusion of AI sensors in smart farming is a trend that will drive the growth of the market.
AI sensors market growth is primarily driven by the adoption and emergence of artificial intelligence and analytics systems and growth potential in research and development. One of the most widely used applications on the conversational platform is the virtual agent. The COVID-19 outbreak prompted the introduction of chatbots into every vertical in response to the problems customers may be experiencing via voice, chat, and social media. For instance, in August 2019, Babylon Health obtained total funding of USD 550Mn to develop its chatbot Ask Babylon that's developing an artificial intelligence driven healthcare platform for medical experts which consists of a consumer dealing with a chatbots.
The AI sensor market can be divided into types, applications. A share of nearly 40% was held by the software sub-segment during the base year due to the sensible improvements in data storage capacity, high computing power, and parallel processing capabilities that enable it to convey high-end AI software in dynamic end-use verticals. AI software solutions incorporate libraries for designing and deploying artificial intelligence applications, such as those for sparse matrix matrices, video analytics, primitives, linear algebra, and inference, as well as multiple hardware communication capabilities.
The high cost associated with AI sensors technology is the major restraining factor for the growth of the market. Moreover, the advent of industry 4.0 creates a lucrative opportunity for the development of the AI sensors market. Furthermore, the increasing threat of cybercrime is the major challenge that hindered the growth of the AI sensors market.
Global AI Sensors Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, North America accounted for nearly around 42% share of the global AI sensors market in 2019 and is expected to dominate the market throughout the forecast period followed by Europe and Asia-Pacific. The growth in the North American region is attributed to the higher sale of AI-enabled home appliances. Further, the high adoption of AI in hospitals, automotive, educational institutes and training centres are also contributing to the growth of the market.
The Global AI Sensors Industry Segmentation:
Global AI Sensors Market by Type Industry Outlook (Revenue, USD Billion, 2021-2027)
Global AI Sensors Market by Application Industry Outlook (Revenue, USD Billion, 2021-2027)
The key players operating in the AI sensors market are: