Sensor Hub Market Worth 32.53 Billion USD by 2023, at a CAGR of 18.9%
Sensor Hub Market by Processor Type (Application Sensor, Discrete Sensor, Sensor Integrated Microcontroller), End-Use Application (Consumer Electronics, Automotive, Industrial, Military, Healthcare), and Geography - Global Forecast to 2023
Seattle, WA -- (SBWire) -- 07/11/2017 --According to the new market research report "Sensor Hub Market by Processor Type (Application Sensor, Discrete Sensor, Sensor Integrated Microcontroller), End-Use Application (Consumer Electronics, Automotive, Industrial, Military, Healthcare), and Geography - Global Forecast to 2023", the sensor hub market was valued at USD 9.87 Billion in 2016 and is expected to reach USD 32.53 Billion by 2023, at a CAGR of 18.9% during the forecast period. The sensor hub market is driven by factors such as the steady growth in the number of integrated sensors in smartphones and the increasing use of 6-axis and 9-axis sensor solutions or use of sensor fusion within devices.
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"Application sensor processor segment expected to be the largest market during the forecast period"
The application sensor processor segment is anticipated to hold the largest share in the sensor hub market. This solution reduces the cost of the system by eliminating the need for a separate sensor data processor and reducing design built complexities. Discrete sensor processor is expected to hold second-largest share in the sensor hub market during the forecast period. This growth is attributed to the extensive use of discrete sensor processors in wearable devices.
"Consumer electronics end-use application expected to grow at the highest CAGR between 2017 and 2023"
The sensor hub market for the consumer electronics end-use application is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing use of sensors in consumer electronics devices, including smartphones, tablets, wearables, and gaming equipment. The sensor hub technology is used in these devices to provide logical on-loading and offloading of different sensors used for various applications such as gesture recognition, image stabilization, navigation, and motion-based gaming.
"North America dominated the sensor hub market in 2016"
North America is home to some of the prominent companies in the overall sensor hub market including Microchip Technology, Inc. (US), Analog Devices, Inc. (US), Qualcomm Incorporated (US), Intel Corporation (US), Acuity Brands (U.S.), Memsic, Inc. (US) and Texas Instruments Inc. (US). This is the major reason for its dominance in the sensor hub market. Growing demand for home automation products and health monitoring devices are the factors boosting the growth of the sensor hub market in the US. North America is an important hub for consumer electronics products, especially smartphones and wearable devices, which prominently use the sensor hub technology. This region has the highest number of end users for healthcare wearable devices. This market is expected to grow at a steady pace during the forecast period.
More Information @ sensor hub market
Major players involved in the sensor hub market include Microchip Technology, Inc.(US), STMicroelectronics N.V. (Switzerland), Robert Bosch GmbH (Germany), NXP Semiconductors N.V.(Netherland), RoHM Co. Ltd. (Japan), Analog Devices, Inc.(US), InvenSense, Inc. (US), Intel Corp (US), Infineon Technologies AG (Germany), RoHM Co. Ltd. (Japan) and Memsic, Inc. (US).
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