The global sensors in mobile phones market is prognosticated to witness a significant growth in the forthcoming years, as per the recent report published by a well-known firm, Transparency Market Research (TMR). Some of the leading firms operating in the global smart phone sensors market are Bosch Sensortec, Alps Electric., Fujitsu Limited, InvenSense Inc., Hillcrest Labs, Inc., MEMSVision, Goertek Inc., Murata Manufacturing Co., Ltd., Panasonic Corporation, Qualcomm Technologies, Inc., Pyreos Limited, and Senodia Technologies.
According to the report presented by TMR, the global sensors in mobile phone market is expected to flourish at a robust CAGR of 6.01% within the forecast period from 2018 to 2026. The market of smartphone sensors is likely to reach around a value of worth US$ 20,046.0 Mn by the end of 2026 because of growing popularity of smartphone and sensor innovation in the mobile sector. The security sensors have a significant scope of growth in future in the sensor in mobile phone market because of the increasing usage of fingerprint sensors integrated in smartphones.
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Asia Pacific is leading the smartphone sensors market with over 50% of global share. This is because of increase in advanced technology for sensors and furthermore increased penetration of smartphones in the mentioned region. Moreover, advent of sensor manufacturing players in the region is contributing to development of the market. As China is the leading nation for smartphones manufacturing, Asia Pacific is contributing the most astounding market share in the sensors in mobile phone market.
Rise in R&D Activities to Fuel Market Growth
Key drivers of the sensors in mobile phone market are increase in investments for research and development activities of industrial inventions, popularity of smart phones all over the world, and wide acceptance of sensing applications. Moreover, the demand for smartphones or mobile phones is increasing exponentially because of the innovative features offered by the smartphones. Key players all over the regions are investing more to create more innovative technology for mobile gadgets. Sensors are generally used because of their numerous capacities. For instance, smartphones are produced with different sets of powerful, and affordable embedded sensors, for example, advanced compass, accelerometer, GPS, gyroscope, camera, and microphone which help in making of community scale and personal group level sensing applications.
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If a leaked report is to be believed, Samsung is working on a smartphone with an in-display fingerprint sensor. Afterward, a report tailed it up and asserted that Samsung’s first phone with this innovation would have a place with the Galaxy A Series. Sensors in mobile phones are expected to disrupt economy of various sectors in the market, including healthcare, business, environmental monitoring, social networks, and transportation. The notable hindrance that is being faced by the market is the several difficulties came across by players during the export and import of mobile phones because of the high taxes imposed. The market brings a good scope of opportunities for the players in Canada, Brazil, South Africa, and Indonesia to grow new mobile sensing applications.
This post was originally published on The Market Plan