Global Interaction Sensor Market Size, Share & Industry Trends Analysis Report By Vertical (Entertainment, Consumer Electronics, Automotive, and Others), By Technology (Camera-Based, Voice Recognition, and Others), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Interaction Sensor Market
Market Report Description
The Global Interaction Sensor Market size is expected to reach $98.5 billion by 2028, rising at a market growth of 24.4% CAGR during the forecast period.
The interaction sensor is employed to operate electronic devices without any physical contact, eliminating the necessity for knobs and buttons on the surface of phones, watches, and radios. This is the latest frontier in the domain of human-machine interfaces. A robot, computer, or microcontroller can be operated with a simple hand gesture. Consequently, interaction sensors are essential for touchless gestures.
Interaction sensors recognize and interpret human body movements, enabling the user to engage with a software/computer system. This is utilized in the entertainment, automotive, healthcare, consumer electronics, and education industries. Gestures offer the user a new mode of interaction that mirrors their real-world experience.
They are unobtrusive and require no additional equipment or interruption. In addition, they do not restrict the user to a specific input point, but rather allow multiple interaction possibilities. Consequently, gesture recognition has garnered traction in recent years. These gestures are detected by interaction sensors, which offer the user a convenient experience. Generally, sensors are aiding devices that detect environmental events or changes and produce a corresponding output.
They respond to physical inputs such as heat, light, motion, humidity, pressure, and any other entity by producing a display, or output or transmitting the data in electronic form for subsequent processing. These are the primary applications for environmental monitoring, flood and water level monitoring systems, traffic monitoring and management, energy conservation in remote system monitoring, artificial lighting, equipment fault diagnosis, precision agriculture, and animal tracking.
COVID-19 Impact Analysis
The absence of business stability has had a substantial negative influence on shareholder revenue and returns, which caused financial instabilities in the interaction sensor market. Due to the temporary stoppage of manufacturing units, semiconductor component prices have increased as a result of a supply constraint. However, despite the slowdown, the demand for 5G and industry 4.0 & IIoT in a number of industries grew, which generated growth possibilities for the interaction sensor market following the pandemic's recovery. During the COVID-19 pandemic, the technology also helped in reducing touchpoints and provided facemask verification to ensure optimal employee safety. Therefore, the pandemic had a positive impact on the interaction sensor market.
Market Growth Factors
Expanding Use Of Interaction Sensors Worldwide
With the help of radar, Google has developed an interaction sensor that transforms hand motions into gesture recognition for electrical gadgets. This sensor can be integrated into a chip to track hand movements using radar at a high rate of speed and accuracy. The interaction sensor eliminates the need to incorporate buttons and knobs into the interface of products like phones, watches, and radios by enabling remote control operation of electronic gadgets.
Increasing Adoption Of NFC Technology For Payments
NFC's contactless functionality, worries about the COVID-19 pandemic, and the continuous rise in wearable, mobile phone, and smartwatch users all contributed to the rise in usage of NFC. Studies revealed a pattern that included data demonstrating that over a third of customers have used NFC to engage with things. Nearly half of the users have used NFC to buy public transportation. NFC technology has several applications, but contactless payments are arguably what make it most well-known.
Market Restraining Factors
Increasing Prices Of Automotive With The Inclusion Of Sensors
The cost of a car as whole increases due to the complexity and higher quality of automotive parts. Striking a balance between cost-effectiveness and product quality is another problem for automakers. Because balancing shafts improve automobile functions and features, the number of complicated features and functions raises the cost of the vehicle. Additionally, the price of an automobile as whole increases due to the massive investments made by automakers in their innovative and new products.
Based on technology, the interaction sensor market is categorized into camera-based, voice recognition, and others. The camera-based segment garnered the highest revenue share in the interaction sensor market in 2021. The interaction sensor enables a camera to recognize facial features. User can allow a camera the capacity to record and memorize the face for security purposes, so that every time someone attempt to access anything, the face becomes the passcode.
Industry Vertical Outlook
On the basis of industry vertical, the interaction sensor market is divided into consumer electronics, entertainment, automotive, and others. The consumer electronics segment recorded a substantial revenue share in the interaction sensor market in 2021. The consumer electronics sector has amassed a sizable part of the interaction sensor market as a result of the end-users ability to embrace the technology with relative ease.
|Market size value in 2021||USD 23.3 Billion|
|Market size forecast in 2028||USD 98.5 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 24.4% from 2022 to 2028|
|Number of Pages||183|
|Number of Tables||274|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Technology, Vertical, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Australia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on region, the interaction sensor market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed the maximum revenue share in the interaction sensor market in 2021. Due to a continued emphasis on adopting cutting-edge technology, the North American market is rising at a rapid rate. Increasing security concerns about both physical and digital access contribute to the expansion of the interaction sensor in the region.
Free Valuable Insights: Global Interaction Sensor Market size to reach USD 98.5 Billion by 2028
KBV Cardinal Matrix - Interaction Sensor Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Google LLC are the forerunners in the Interaction Sensor Market. Companies such as Texas Instruments, Inc., Robert Bosch GmbH, NXP Semiconductors N.V. are some of the key innovators in Interaction Sensor Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC, Infineon Technologies AG, NXP Semiconductors N.V., Robert Bosch GmbH, Texas Instruments, Inc., Acconeer AB, Neonode, Inc., Microchip Technology, Inc., TDK Corporation, and Yageo Corporation (KEMET Corporation).
Strategies deployed in Interaction Sensor Market
- Oct-2022: Neonode signed an agreement with Elix Systems, a provider of proven technology platforms and processes for avionics and drones. Under this agreement, the company focused on providing Touch Sensor Modules to Elix to develop touch interaction on screens of medical ultrasound systems. Elix incorporated a 374 mm Touch Sensor Module by Neonode into a Touch Frame System, which enabled touch application on 19" LCDs in medical ultrasound systems.
- Oct-2022: Infineon introduced XENSIV connected sensor kit (CSK), an IoT sensors platform. The CSK is developed for the fast prototyping of IoT sensors connected with microcontrollers and offers secure connectivity. CSK incorporates hardware and software to aid in reducing the IoT products' time-to-market substantially. The product combines XENSIV sensors with high-performance, power-efficient processing for PSoC 6 microcontroller based on advanced uses.
- Jun-2022: Acconeer unveiled A121, a high-efficiency radar sensor. The products' evaluation kit included a connector board, XC120, and an evaluation board, XE121, which together allow the connection of any computer with the EVK by using a C-type USB. The A121 is utilized in power-critical cases like battery-driven IoT applications and gesture-control utilizing micro-motions.
- Apr-2022: Bosch collaborated with AWS, a subsidiary of Amazon. With this collaboration, the companies focused on digitalizing logistics by offering them an interaction platform, which would be powered by AWS. The platform facilitated logistics and transportation companies to take advantage of the possibilities of digitalization by enabling seamless interaction between data and services and thereby rendering the need for cost and resource-intensive IT projects redundant.
- Mar-2022: Bosch acquired Atlatec, a creator of high-resolution 3D maps. Through this acquisition, the companies aimed to strengthen the portfolio of autonomous driving, by bolstering the expertise of Bosch in the domain of high-resolution digital maps. The acquisition established Bosch as a single source that offered all the required technologies of automated driving, from software and maps to actuators and sensors. In the collaboration, Atlatec provided a sensor box, software, processing hardware, and data recording for designing 3D maps for autonomous driving and simulations.
- Feb-2022: Infineon collaborated with SensiML, a SaaS analytics toolkit company. With this collaboration, the companies focused on enabling ML models and sensor data capture for fitness, industry, and smart home applications. The collaboration thereby allowed designers to develop innovative applications for IoT devices by offering them the right tools.
- Oct-2021: Infineon launched XENSIV TLE4972, an automotive current sensor. The XENSIV TLE4972 is coreless and uses the company's well-recognized Hall technology for stable and precise current measurements. The TLE4972 is best suited for xEV applications such as traction inverters employed in battery-driven and hybrid vehicles, along with its use in battery main switches.
- Oct-2021: Bosch collaborated with Carnegie Mellon University, a privately-owned research university. Under this collaboration, the company focused on developing a framework for XR applications that could demonstrate the interaction of physical and virtual worlds. The architecture for this intended XR was based on the Industrial Internet of Things (IIoT) context and was designed around reliability, real-time performance, and safety.
- Jul-2021: Neonode collaborated with MiTAC Computing Technology, a professional IT solution provider. Through this collaboration, Neonode aimed to deliver Touch Sensor Modules to MiTAC, which were used by MiTAC to develop a contactless self-service kiosk solution incorporating a 32-inch display. The collaboration aided in extensive testing of the contactless solution and was promoted to MCT's broad customer base.
- Mar-2021: Acconeer entered into a partnership with OSM Group, a leading maritime services ship management services provider, and Imagimob, a startup driving innovation. Through this partnership, the companies focused on displaying gesture-controlled in-ear headphones for which the companies prepared a prototype. The working prototype offered a platform that allowed users to bring in-ear headphones to the market. The earphones were developed with AOI touchless technology that enabled customers to control calls and music with simple gestures allowing the customers to begin commercialization projects.
- Oct-2020: Microchip unveiled WFI32E01PC Trust&GO, a Wi-Fi 32-bit MCU module offering advanced peripheral options. The product provides powerful verifiable identity and MCU functionality and is pre-provisioned for leading cloud platforms in the market. The product also contains an innovative demo featuring communication and registration with AWS IoT Core and communication with other sensors present on the board by utilizing Alexa Voice Service (AVS).
- Jan-2019: Google received US Regulator (FCC) approval for utilizing a motion-sensing device based on radar. The device, named Soli sensor, is able to capture motion in 3-D space by utilizing a radar beam to allow touchless control of features or functions, which benefits users with speech or mobility impairments. This virtual tool approximated human hand motion with precision. The sensor could be programmed into phones, computers wearables, and vehicles.
Scope of the Study
Market Segments Covered in the Report:
- Consumer Electronics
- Voice Recognition
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Google LLC
- Infineon Technologies AG
- NXP Semiconductors N.V.
- Robert Bosch GmbH
- Texas Instruments, Inc.
- Acconeer AB
- Neonode, Inc.
- Microchip Technology, Inc.
- TDK Corporation
- Yageo Corporation (KEMET Corporation)
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What would be the size of the Interaction Sensor Market by 2028?
The global Interaction Sensor Market size is expected to reach $98.5 billion by 2028.
What are the key driving factors and challenges in the Interaction Sensor Market?
Expanding Use Of Interaction Sensors Worldwide are driving the market in coming years, however, Increasing Prices Of Automotive With The Inclusion Of Sensors restraints the growth of the market.
What are the major top companies in the competitive landscape?
Google LLC, Infineon Technologies AG, NXP Semiconductors N.V., Robert Bosch GmbH, Texas Instruments, Inc., Acconeer AB, Neonode, Inc., Microchip Technology, Inc., TDK Corporation, and Yageo Corporation (KEMET Corporation).
At what CAGR is the Interaction Sensor Market estimate to grow in the forecast period?
The expected CAGR of the Interaction Sensor Market is 24.4% from 2022 to 2028.
Which segment shows a high revenue share of the Interaction Sensor Market in 2021?
The Entertainment segment is generating highest revenue share in the Global Interaction Sensor Market by Vertical in 2021 thereby, achieving a market value of $38.3 billion by 2028.
Which region dominated the Interaction Sensor Market in 2021?
The North America market dominated the Global Interaction Sensor Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $34.3 billion by 2028.