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.
AI is the technology to bring human cognitive functions with the aid of a machine. With AI, data can be analysed by the computer to gain accurate insights from the information provided at a speed higher than that of a human. The software of the AI can be integrated into the existing system and process to make or suggest accurate decisions through enhanced use of information, resulting in the improvement of the system and reduction of cost. AI sensors play as an essential sensor that is specifically utilized for detecting faults and changes that occurs in the AI environment. AI techniques including deep and machine learning, as well as NLP (Natural Language Processing), are augmenting the various industries such as automobile, BFSI, manufacturing, education, healthcare, and others to develop software and services for technological assistance.
The growth of AI sensors is primarily driven by the expansion of AI in various applications. AI technology is gaining maximum traction as it enables to solve complex issues in several industries, including education, entertainment, health, utilities, and transport. AI applications can be classified into five categories, such as reasoning, knowledge, planning, communication, and perception. The reasoning capability of AI technology enables solving problems through logical deduction. This makes AI an ideal solution for financial asset management, financial application processing, games, legal assessment, and autonomous weapon systems. Moreover, AI can project knowledge about particular operations, such as medical diagnosis, media recommendation, financial market trading, fraud prevention, and drug development. For planning purposes, AI provides the ability to set and achieve goals with demand forecasting, logistics, predictive maintenance, scheduling, and navigation. The technology enables to understand spoken and written languages, such as real-time transcription, intelligent assistants and voice control. As a result, it is useful in healthcare and everyday business applications.
Based on type, the neural network segment is expected to lead the AI sensors market during the forecast period due to the continuous advancements in AI are expanding the scope of neural network applications
Based on type, the AI sensors market has been segmented into neural networks, case-based reasoning, inductive learning, ambient- intelligence and others. The neural networks segment is projected to have the largest share of 32% in the global AI sensors market. Moreover, continuous developments in AI are further increasing the scope for applications of neural networks. AI can bring a significant transformation with the new technique, such as Recurrent Neural Networks (RNN) that can assist to detect fraud at initial stages across industries, such as BFSI and e-commerce. It is an advanced deep learning algorithm that is used for modelling sequences to sequence information. RNN focuses on cases where there is a significant probability of fraud and thereby, and also saves time.
Based on the application, the health monitoring market is projected to be the fastest-growing segment in AI sensors with a CAGR of 55% during the forecast period owing to the growing integration of AI technology in the healthcare industry
Based on application, the global AI sensors market has been segmented into health monitoring, maintenance & inspection, biosensor, human-computer interaction, and others. The health monitoring market is projected to be the fastest-growing segment with a CAGR of 55% during the forecast period owing to the growing integration of AI technology in the healthcare Industry. AI platforms have been proved to be a crucial tool in the healthcare industry as it utilizes software and algorithms for analysis of complex medical data. AI-based applications and technologies are adopted at a significant pace that supports to analyse relationships between prevention and treatment methods. It supports the diagnosis, treatment, drug development, monitoring of patient’s health and also contributes to personalized medicines that further propel the AI sensors market growth.
Based on region, North America is expected to dominate the AI sensors market throughout the forecast period owing to the higher sale of AI-enabled home appliances
North America accounted for nearly a 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 AI sensors market. The presence of key AI sensors market players in the North American region is fuelling the growth of the AI sensors market in North America. Further, government support is also contributing to AI sensors market growth. For instance, In February 2019, the US president signed an executive order for the American AI initiative. This initiative recognized 5 key lines of attempt, consisting of growing AI research investment, unleashing Federal AI computing and data resources, placing AI technical standards, constructing America’s AI workforce, and engaging with global allies. These lines of attempt had been codified into regulation as a part of the National AI Initiative Act of 2020.
The report also provides an in-depth analysis of AI sensors market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the AI Sensors Market Analysis:
The COVID-19 outbreak had a significant impact on the global AI sensors market. Due to the slowdown and the lack of available workers, electronics and semiconductor production facilities are halted. The COVID-19 outbreak resulted in a big and protracted drop in manufacturing utilization, as well as travel bans and facility closures that prevented workers from returning to their factories, resulting in a slowdown in the growth of the COVID-19 are expected to harm the AI sensor market for a short term period, and by early 2021, the AI sensors market is anticipated to recover strongly due to growing demand for IoT devices in numerous industries and expansion of the smart city and smart grid technologies.
The report also provides an in-depth analysis of key trends in the AI sensors market:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis