AI Sensors Market by Type (Case-based Reasoning, Ambient-intelligence, Neural Networks, Inductive Learning, Other); by Application (Biosensor, Health Monitoring, Maintenance and Inspection, Human-computer Interaction, Others); and by Region (North America, Europe, Asia Pacific, Latin America, MEA); - Global Forecasts 2022 to 2027

The global AI Sensors market gathered revenue around USD 20.6 billion in 2021 and market is set to grow USD 139.5 billion by the end of 2027 and is estimated to expand at a modest CAGR of 37.9% during the prediction period 2022 to 2027.

AI is the technology to bring human cognitive functions with the aid of a machine. With AI, data can be analysed by the computer to gain accurate insights from the information provided at a speed higher than that of a human. The software of the AI can be integrated into the existing system and process to make or suggest accurate decisions through enhanced use of information, resulting in the improvement of the system and reduction of cost. AI sensors play as an essential sensor that is specifically utilized for detecting faults and changes that occurs in the AI environment. AI techniques including deep and machine learning, as well as NLP (Natural Language Processing), are augmenting the various industries such as automobile, BFSI, manufacturing, education, healthcare, and others to develop software and services for technological assistance.

AI Sensors Market Dynamics:

The growth of AI sensors is primarily driven by the expansion of AI in various applications. AI technology is gaining maximum traction as it enables to solve complex issues in several industries, including education, entertainment, health, utilities, and transport. AI applications can be classified into five categories, such as reasoning, knowledge, planning, communication, and perception. The reasoning capability of AI technology enables solving problems through logical deduction. This makes AI an ideal solution for financial asset management, financial application processing, games, legal assessment, and autonomous weapon systems. Moreover, AI can project knowledge about particular operations, such as medical diagnosis, media recommendation, financial market trading, fraud prevention, and drug development. For planning purposes, AI provides the ability to set and achieve goals with demand forecasting, logistics, predictive maintenance, scheduling, and navigation. The technology enables to understand spoken and written languages, such as real-time transcription, intelligent assistants and voice control. As a result, it is useful in healthcare and everyday business applications.

The report also provides an in-depth analysis of AI sensors market dynamics such as drivers, restraints, opportunities, and challenges

Drivers

• Increasing prevalence of chronic diseases across the globe
• Growing cases of Human-computer interaction malpractice
• Supportive government policies for human-computer interaction insurance

Restraints

• Concerns associated with policy wording and coverage availability

Opportunities

• The advent of industry 4.0
• Increasing adoption in emerging economies

Challenges

• The increasing threat of cybersecurity

Report Coverage

Based on type, the neural network segment is expected to lead the AI sensors market during the forecast period due to the continuous advancements in AI are expanding the scope of neural network applications

Based on type, the AI sensors market has been segmented into neural networks, case-based reasoning, inductive learning, ambient- intelligence and others. The neural networks segment is projected to have the largest share of 32% in the global AI sensors market. Moreover, continuous developments in AI are further increasing the scope for applications of neural networks. AI can bring a significant transformation with the new technique, such as Recurrent Neural Networks (RNN) that can assist to detect fraud at initial stages across industries, such as BFSI and e-commerce. It is an advanced deep learning algorithm that is used for modelling sequences to sequence information. RNN focuses on cases where there is a significant probability of fraud and thereby, and also saves time.

Based on the application, the health monitoring market is projected to be the fastest-growing segment in AI sensors with a CAGR of 55% during the forecast period owing to the growing integration of AI technology in the healthcare industry

Based on application, the global AI sensors market has been segmented into health monitoring, maintenance & inspection, biosensor, human-computer interaction, and others. The health monitoring market is projected to be the fastest-growing segment with a CAGR of 55% during the forecast period owing to the growing integration of AI technology in the healthcare Industry. AI platforms have been proved to be a crucial tool in the healthcare industry as it utilizes software and algorithms for analysis of complex medical data. AI-based applications and technologies are adopted at a significant pace that supports to analyse relationships between prevention and treatment methods. It supports the diagnosis, treatment, drug development, monitoring of patient’s health and also contributes to personalized medicines that further propel the AI sensors market growth.

Based on region, North America is expected to dominate the AI sensors market throughout the forecast period owing to the higher sale of AI-enabled home appliances

North America accounted for nearly a 45% share of the global AI sensors market in 2021 and is expected to dominate the market throughout the forecast period followed by Europe and Asia-Pacific. The growth in the North American region is attributed to the higher sale of AI-enabled home appliances. Further, the high adoption of AI in hospitals, automotive, educational institutes and training centres are also contributing to the growth of the AI sensors market. The presence of key AI sensors market players in the North American region is fuelling the growth of the AI sensors market in North America. Further, government support is also contributing to AI sensors market growth. For instance, In February 2020, the US president signed an executive order for the American AI initiative. This initiative recognized 5 key lines of attempt, consisting of growing AI research investment, unleashing Federal AI computing and data resources, placing AI technical standards, constructing America’s AI workforce, and engaging with global allies. These lines of attempt had been codified into regulation as a part of the National AI Initiative Act of 2021.

Some of the prominent players in the AI Sensors Market include:

Augury Inc.

Siemens

Glassbeam Inc.

PointGrab Inc.

Sentenai Inc.

IBM Corporation

Tachyus

Versos Systems

United Technology

Infineon Technologies AG

Panasonic Corporation

Qualcomm Technologies, Inc.

Robert Bosch GmbH

Sony Corporation

STMicroelectronics

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

By Type

• Case-based Reasoning
• Ambient Intelligence
• Neural Networks
• Inductive Learning
• Other

By Application

• Biosensor
• Health Monitoring
• Maintenance and Inspection
• Human-computer Interaction
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

COVID-19 Impact on the AI Sensors Market Analysis:

The COVID-19 outbreak had a significant impact on the global AI sensors market. Due to the slowdown and the lack of available workers, electronics and semiconductor production facilities are halted. The COVID-19 outbreak resulted in a big and protracted drop in manufacturing utilization, as well as travel bans and facility closures that prevented workers from returning to their factories, resulting in a slowdown in the growth of the COVID-19 are expected to harm the AI sensor market for a short term period, and by early 2021, the AI sensors market is anticipated to recover strongly due to growing demand for IoT devices in numerous industries and expansion of the smart city and smart grid technologies.

The report also provides an in-depth analysis of key trends in the AI sensors market:

• The expansion of IoT across various sectors are the key trend for the development of the AI sensors market
• The increasing data-driven decision in the healthcare sector. For instance, AI help diagnoses specific illnesses with 90-97% accuracy

The report also provides an in-depth analysis of recent news developments and investments:

• In March 2021, IOTech, a company that specializes in edge software, launched Edge XRT, its time-critical edge platform for Microsoft Azure Sphere.
• In February 2021, Oracle introduced a solution that uses man-made intelligence to analyze project data for the real estate industry. Users can use this suite of applications to detect risks and make better decisions about their projects.

Key Points Covered in AI Sensors Market Study:

• Growth of AI Sensors in 2022
• Market Estimates and Forecasts (2017-2027)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for AI Sensors and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  AI Sensors Consumption Analysis
•  AI Sensors Production Analysis
•  AI Sensors and Management