Advancements in sensor fusion technology to benefit multiple industries, finds Frost & Sullivan
Frost & Sullivan’s recent analysis on the global sensor fusion market finds that technology developers that can offer full-stack options and focus on contextual sensor fusion will dominate the market.
As sensor manufacturers move toward a configurable data fusion algorithm that can deal with varying sensory outputs, there will be greater end-user awareness regarding the technology and expanded application in new areas.
The global revenue is expected to grow from $4.61 billion in 2020 to $10.85 billion in 2025 by leveraging demand from diverse industries such as consumer electronics, automotive, and healthcare.
“As electronic components become smaller and lighter, sensor fusion manufacturers will look to reduce chip size and develop complex configurations. This will ensure that the sensor fusion transmitters and receivers can be used in unique applications,” said Ranjana Venkatesh Kumar, Senior Research Analyst, Industrial Practice, Frost & Sullivan. “Companies that focus on contextual sensor algorithms as well as offer end-to-end options such as sensor hardware and fusion algorithms are best positioned to succeed. A comprehensive package can be easily deployed and removes the need to liaise with multiple vendors.”
With the demand for cognitive solutions rising, the sensor fusion technology market will continue to create growth opportunities for participants, including:
- Sensor output standardization for plug-in sensor fusion: Manufacturers must standardize sensor outputs for fusion developers to create configurable platforms that eliminate customers’ need to work on sensor fusion.
- Chip-level changes in sensor fusion: Manufacturers can reduce chip size to develop complex configurations, enabling the use of sensor fusion transmitters and receivers in unique applications.
- Emerging economies in sensor fusion: Vendors should focus on strategic expansions in developing economies in Asia-Pacific, which are recording robust growth as digitization and investments increase across industry verticals.