MEMS segment is expected to exhibit highest growth during the forecasted period
MEMS segment is expected to exhibit the highest CAGR during the forecasted period. This is
owing to increasing usage of IoT and rise in usage of wearable devices such as smart watches.
For instance, according to the Coherent Market Insights’ analysis, the sales of smart watches in
2016 was 0.038 billion and it has witnessed an increase of 0.075 billion in 2017. Smart watches
consists of small size sensors, which in turn help in increasing demand of MEMS technology for
application in these smart watches .Therefore, with increasing sales of smart watches is
expected to help in fuelling demand for MEMS technology during the forecasted period.
Moreover, increasing inclination towards smart home will provide another factor for propelling
the demand of the MEMS technology during the forecasted period
Rising concerns over data privacy is expected to be a major restraining factor for
growth of the market
Low consumer awareness regarding smart systems and increasing safety concerns of security of
the data is a major restraint for growth of smart sensors market. For instance, according to
Coherent Market Insights’ analysis, number of data breaches in 2015 was 781 million and it
reached up to 1,095 million in 2016. The rate of generation of data is very high and the rate of
data analysis is not as quick as required. As a result, the life of a new algorithm or platform is
short and it gets obsolete quickly thus, leading to failure of system to handle the heavy traffic of
data generated from smart sensors. This hampers the efficiency of entire system and is a major
cause of concern for many companies as it results in loss of revenue. This is a major problem and
is expected to be a factor negatively impacting growth of the market.
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Global Smart Sensors Market: Regional Insights
On the basis of regions, the global smart sensors market is segmented into North America,
Europe, Asia Pacific, Latin America, Middle East, and Africa. North America accounted for the
largest share in the global smart sensors market in 2016. The U.S. is the major growth engine in
North America. This is owing to increasing initiatives from the U.S. government towards
improvement of transportation facilities and implementation of intelligent transportation systems
(ITS). For instance, the America's Surface Transportation Act or 'FAST Act' was passed in 2015, in
order to solve congestion issues, enhance transportation within the country, improve working
efficiencies in transportation systems and commercial vehicles, and minimize vehicle emissions.
Thus, increasing government support for improving transportation facilities has led to increasing
demand for electric vehicles. Electric vehicles are incorporated with sensors for performing
various functions. Therefore, as the sales of electric vehicle increases, it will lead to increasing