Home Press Releases Projected Growth of AI Sensor Market to Reach $22.1 Billion by 2028

Projected Growth of AI Sensor Market to Reach $22.1 Billion by 2028

by Press Room

(EMAILWIRE.COM, March 29, 2023 ) The AI sensor market is projected to reach USD 22.1 billion by 2028, from USD 3.0 billion in 2022, at a CAGR of 41.6%. Increasing adoption of AI sensors in agriculture and robotics is one of the major opportunities in the market.

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Automotive application will be the fastest-growing application segment for optical sensors. All-round visibility is critical for autonomous driving, and optical sensors based on infrared lasers and LEDs are key technologies for intelligent systems to ease the burden on the driver. Some major use cases of optical sensors include parking assist, lane changing assist, emergency braking assist, adaptive cruise control, 360-degree outlook, and blind spot detection. The continuous development of light sources for optical sensors will propel the growth of automated and self-driving vehicles.

The US in North America is the largest country-level market in terms of consumption and production of AI sensors, as major market players have set up their manufacturing units in the US. Automotive and consumer electronics are among the well-established industries in the country and contribute significantly to the growth of the AI sensor market in North America.

Key Market Players

Key players in the AI sensor market are grabbing opportunities by indulging in partnership and acquisitions. Product development and expansion were a few of the other strategies adopted by companies in this market to strengthen their market position.

News Also Covered: https://www.prnewswire.com/news-releases/ai-sensor-market-worth-22-1-billion-by-2028—exclusive-report-by-marketsandmarkets-301777524.html

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