Sensor Fusion Market

1. Sensor Fusion Market Size, Share, Industry Report, Revenue Trends and Growth Drivers 2023 - 2028 The sensor fusion market is projected to grow from USD 8.0 billion in 2023 to USD 18.0 billion by 2028, registering a CAGR of 17.8% during the forecast period. Growing demand for advanced driver assistance systems (ADAS) and deployment of autonomous vehicles, increasing demand for smart homes and buildings, growing trend of miniaturization in electronics, and increasing demand for integrated sensors in smartphones are expected to propel the market in the next five years. However, calibration across multiple sensors and security and safety concern are likely to pose challenges for the industry players. Driver: Increasing demand for integrated sensors in smartphones Consumer electronics is a rapidly changing and dynamic industry with increasing competitiveness among the market players and game-changing technological developments. Latest developments in mobile computing and sensor technologies are making smartphones and tablets popular worldwide. In the present market scenario, smartphone manufacturers are under pressure to bring exclusive and differentiated products. Thus, if a manufacturer successfully offers a unique product to the customers, that product will gain popularity and tend to create a trend in the market. There is a growing trend of integrating various sensors in smartphones. Thus, innovation and development in the sensor fusion technology would assist the smartphones manufacturers in enhancing the features of their products. The 9-axis inertial sensor is one of the common sensor fusion solutions that are being integrated into smartphones for detecting the location of the user. Restraint: Calibration across multiple sensors In order to ensure that the data from various sensors are reliable, precise, and consistent with one another, sensor calibration is a crucial stage in the sensor fusion process. Incorrect or inaccurate sensor fusion outcomes may emerge from sensor data that contains errors, noise, and inaccuracies as a result of improper sensor calibration. The requirement for calibration across numerous sensors, each with its own unique characteristics and properties, is an important challenge in sensor fusion. Differences in the sensitivity, resolution, or noise levels of various sensors may impact the accuracy and consistency of the sensor data. To address these challenges, sensor fusion systems need to incorporate sophisticated algorithms and techniques that can account for sensor variability and adapt to changes in sensor performance over time. This requires a deep understanding of sensor characteristics and properties, as well as expertise in signal processing, machine learning, and statistical analysis. Thus, the lack of proper calibration across multiple sensors is acting as a restrain for the market. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71637844 Opportunities: Growing demand for advanced driver assistance systems (ADAS) and deployment of autonomous vehicles The advanced driver assistance systems depend on the sensing capabilities provided mainly by the combo inertial and image sensors. The MEMS inertial combo sensors are used for the detection of the state of motion in the vehicles. The increasing use of the GPS-IMU (Inertial Measurement Unit) fusion principle and advancements in ADAS are assisting in resolving dead reckoning interval accumulation errors with absolute location measurements. Using information gathered from a forward-facing camera, Tesla's Autopilot automatic driving feature is an

2. example of an ADAS that can carry out tasks like maintaining the vehicle's center in a highway lane and directing the vehicle accordingly. Since many of the functionalities introduced within the ADAS require sensor fusion systems, the growing deployment of ADAS is anticipated to have a positive impact on the sensor fusion market. Challenges: Security and safety concern The sensor fusion market involves integrating data from multiple sensors to obtain a more accurate and comprehensive understanding of the environment. While this technology has many benefits, it also raises security and safety concerns, including: Privacy: Sensor fusion systems have the potential to gather private information that might be misused, such as location data, health status data, or biometric data. It is critical to ensure that users' privacy is maintained and that data is collected and stored securely. About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI- powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.