According to a new report published by Allied Market Research, titled, “Interaction Sensor Market By Technology and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global interaction sensor market size was valued at $22.91 billion in 2020, and is projected to reach $191.34 billion by 2030, registering a CAGR of 25.5% from 2021 to 2030.
An interaction sensor is a semiconductor component that converts hand movements into motion controls, which are the input for electronic gadgets, allowing these devices to be changed and made to perform as intended. Interaction sensors allow humans and machine to work together without physical, contact, or contact-based components. Interaction sensor receives remote sensor data which then detects & analyzes this data to generate commands. Constant developments in assembling, and reception of advanced innovations have helped interaction sensors to discover applications in customer products.
Significant factors influencing the interaction sensor market growth include, increase in demand for interactive gaming, advancements in sensors and its increasing usage in smartphones, & other electronic devices, and improvement in safety and security features in the automotive industry. However, high manufacturing cost hampers the market growth. On the contrary, the growing popularity of gesture technology is expected to offer lucrative opportunities for the interaction sensor industry during the forecast period.
Emergence of coronavirus has become a global issue. There is a halt in the production process, owing to the global lockdown scenario disrupting the overall supply chain of electronic components. COVID-19 outbreak has also caused a lag in meeting demands for end-users as the epicenter of virus outbreak Wuhan, China accounts for the largest manufacturing items of electronic components. Moreover, the outbreak of the coronavirus constrained governments across the globe to force lockdown initiatives that reduced the sales and production revenue, which in turn disrupted the global economy to a significant extent.
The COVID-19 outbreak has significantly impacted the business globally, both in favorable as well as unfavorable ways by disrupting production cycles and supply chains across industries. However, as vaccines roll out across the globe and the pandemic situation is better controlled, especially in North America and Europe. This boosts the recovery of the interaction sensor market.
On the basis of region, North America holds a significant share in the global interaction sensor market analysis. U.S. dominates the market share in this region, owing to presence of several leading manufacturers in the region. Increase in the demand for consumer electronics has also contributed to the growth of interaction sensor in the region.
Key Findings of the Study
- In 2020, the camera-based segment accounted for maximum revenue and is projected to grow at a notable CAGR of 27.6% during the forecast period.
- The camera-based and voice recognition segments together accounted for more than 65.0% of the interaction sensor market share in 2020.
- The automotive segment of the interaction sensor market is projected to grow at a CAGR of 29.0% during the forecast period.
- North America contributed major share in the interaction sensor market, accounting for more than 45.0% share in 2020.
The key players profiled in the report include Acconeer AB, Google Inc., Infineon Technologies, KEMET Corporation, Microchip Technology Inc., Neonode Inc., NXP Semiconductors NV, Robert Bosch GmbH, TDK Corporation, and Texas Instruments. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the market.