Sensor Fusion Market

Sensor Fusion Market by Algorithms (Kalman Filter, Bayesian Filter, Central Limit Theorem, Convolutional Neural Networks), Technology (MEMS, Non-MEMS), Offering (Hardware, Software), End-Use Application and Region - Global Forecast to 2028

Report Code: SE 4460 Jun, 2023, by marketsandmarkets.com

[240 Pages Report] According to MarketsandMarkets, the sensor fusion market is projected to grow from USD 8.0 billion in 2023 to USD 18.0 billion by 2028, registering a CAGR of 17.8% during the forecast period. Growing demand for advanced driver assistance systems (ADAS) and deployment of autonomous vehicles, increasing demand for smart homes and buildings, growing trend of miniaturization in electronics, and increasing demand for integrated sensors in smartphones are expected to propel the sensor fusion market in the next five years. However, calibration across multiple sensors and security and safety concern are likely to pose challenges for the industry players.

The objective of the report is to define, describe, and forecast the sensor fusion market based on algorithms, offering, technology, end-use application, and region.

Sensor Fusion Market

Sensor Fusion Market

Sensor Fusion Market Forecast to 2028

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Sensor Fusion Market Dynamics

Driver: Increasing demand for integrated sensors in smartphones

Consumer electronics is a rapidly changing and dynamic industry with increasing competitiveness among the market players and game-changing technological developments. Latest developments in mobile computing and sensor technologies are making smartphones and tablets popular worldwide.

In the present market scenario, smartphone manufacturers are under pressure to bring exclusive and differentiated products. Thus, if a manufacturer successfully offers a unique product to the customers, that product will gain popularity and tend to create a trend in the market. There is a growing trend of integrating various sensors in smartphones. Thus, innovation and development in the sensor fusion technology would assist the smartphones manufacturers in enhancing the features of their products. The 9-axis inertial sensor is one of the common sensor fusion solutions that are being integrated into smartphones for detecting the location of the user.

Moreover, manufacturers of smartphones like Apple Inc., Samsung Electronics Co., Ltd., and Huawei Technologies Co. are investing in R&D to create sensor-based applications that will set their products apart from the competitors. For instance, in 2022, Xiaomi and Leica launched a series of smartphones with advanced optical and imaging sensors. For example, Apple released iPhone X with a front-facing 3D sensor for face ID, a facial recognition technology that takes the place of a fingerprint sensor to unlock the device. This factor is expected to drive the market over the forecast periods.

Restraint: Calibration across multiple sensors

In order to ensure that the data from various sensors are reliable, precise, and consistent with one another, sensor calibration is a crucial stage in the sensor fusion process. Incorrect or inaccurate sensor fusion outcomes may emerge from sensor data that contains errors, noise, and inaccuracies as a result of improper sensor calibration.

The requirement for calibration across numerous sensors, each with its own unique characteristics and properties, is an important challenge in sensor fusion. Differences in the sensitivity, resolution, or noise levels of various sensors may impact the accuracy and consistency of the sensor data. To address these challenges, sensor fusion systems need to incorporate sophisticated algorithms and techniques that can account for sensor variability and adapt to changes in sensor performance over time. This requires a deep understanding of sensor characteristics and properties, as well as expertise in signal processing, machine learning, and statistical analysis. Thus, the lack of proper calibration across multiple sensors is acting as a restrain for the market.

Opportunities: Growing demand for advanced driver assistance systems (ADAS) and deployment of autonomous vehicles

The advanced driver assistance systems depend on the sensing capabilities provided mainly by the combo inertial and image sensors. The MEMS inertial combo sensors are used for the detection of the state of motion in the vehicles. The increasing use of the GPS-IMU (Inertial Measurement Unit) fusion principle and advancements in ADAS are assisting in resolving dead reckoning interval accumulation errors with absolute location measurements. Using information gathered from a forward-facing camera, Tesla's Autopilot automatic driving feature is an example of an ADAS that can carry out tasks like maintaining the vehicle's center in a highway lane and directing the vehicle accordingly. Since many of the functionalities introduced within the ADAS require sensor fusion systems, the growing deployment of ADAS is anticipated to have a positive impact on the sensor fusion market.

Further, the increasing deployment of autonomous vehicles also creates an opportunity for the market. Autonomous vehicles require sensors such as, camera, LiDAR, and radar to view and evaluate their surroundings. In addition, increasing collaboration between car manufacturers and sensor fusion platform developers is expected to boost the adoption of the sensor fusion technology. For instance, in December 2022, Baidu, a Chinese automobile manufacturer, and Pony.ai, a startup company backed by Toyota Motors, announced that they were granted their first license to test fully autonomous vehicles in Beijing.

Challenges: Security and safety concern

The sensor fusion market involves integrating data from multiple sensors to obtain a more accurate and comprehensive understanding of the environment. While this technology has many benefits, it also raises security and safety concerns, including: Privacy: Sensor fusion systems have the potential to gather private information that might be misused, such as location data, health status data, or biometric data. It is critical to ensure that users' privacy is maintained and that data is collected and stored securely.
Cybersecurity: Sensor fusion systems are susceptible to hacking or cyberattacks, which could compromise the system's accuracy and dependability. To defend against such attacks, strong cybersecurity measures like encryption and authentication must be put in place.

Safety: Sensor fusion systems can be in applications requiring high levels of safety, like driverless vehicles, where a system failure could lead to significant harm or even death. It is essential to confirm that the system has been developed and tested in accordance with safety requirements.

Market Map/Ecosystem

Sensor Fusion Market by Ecosystem

Sensor Fusion Market: Key Trends

The prominent players in the sensor fusion market are InvenSense Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), and Bosch Sensortec GmbH (Germany), among others. These companies boast mixing trends with comprehensive product portfolio and strong geographic footprint.

Hardware offering to acquire significant share in sensor fusion market

The hardware offering is expected to hold the largest market share during the forecast period. The hardware segment comprises the physical components of sensor fusion systems, such as processors, communication modules, sensors, and microcontrollers. Development kits, evaluation boards, and reference designs are examples of hardware products. In addition, various product type has been taken into consideration such as inertial combo sensor, radar + image sensors+ lidar, environment sensors, IMU + GPS, and others.

Consumer electronics end-use application holds largest share in sensor fusion market in 2023

The consumer electronics segment accounted for the largest market share in 2023. The consumer electronics segment is an important market for sensor fusion. A wide range of consumer electronics devices use sensors, including smartphones, tablets, wearables, and gaming equipment. Sensor fusion technology is used in these devices to provide logically fused data from different sensors for various applications such as gesture recognition, image stabilization, navigation, and motion-based gaming. The major players providing consumer electronics products are InvenSense Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), and Bosch Sensortec GmbH (Germany). Bosch Sensortec is one of the major players for the development of smartphones by sensor fusion. For instance, December 2021, Bosch Sensortec partnered with Nextnav, a one of the leaders in next-generation GPS. Bosch Sensortec will make use of the partnership to assess measurement precision and provide original equipment manufacturers (OEMs) that utilise its sensors in widely available products like smartphones, tablets, and wearables with strict performance guarantees.

Sensor fusion market to witness highest demand from Asia Pacific

The governments in the Asia Pacific are also playing a crucial role in promoting the growth of the sensor fusion market through various initiatives and policies. For instance, the government of China has set targets to become a world leader in autonomous driving. It is investing heavily in the development of advanced sensor technologies such as LiDAR and radar. Thus, the above factor is driving the sensor fusion market growth in the region.

Further, China held the largest share of the sensor fusion market in the Asia Pacific in 2023 and is projected to dominate both markets during the forecast period. China is witnessing rapid economic development. It has been focusing on shifting from a manufacturing-driven to an innovation-driven economy. China is a global manufacturing hub for industries for semiconductor and consumer electronic devices, which produce smartphones, smart TVs, and wearables. Considering the country's large population and growing economy, China is a high potential market for sensor fusion technology for consumer electronic devices. The country has seen considerable increase in sales for innovative devices in smartphones and wearable devices which use sensor fusion technology. This is helping the growth of the market for sensor fusion. According to Mobile Economy China 2021 published by GSM Association, the country's total number of smartphone connections is estimated to reach ~1.5 billion in 2025.

Sensor Fusion Market by Region

Sensor Fusion Market by Region

To know about the assumptions considered for the study, download the pdf brochure

Key Market Players

Major vendors in the sensor fusion companies include include STMicroelectronics (Switzerland), InvenSense, Inc. (US), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (US), Renesas Electronics Corporation. (Japan), Amphenol Corporation (US), Texas Instruments (US), and Qualcomm Technologies, Inc. (US), among others.

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Scope of the Report

Report Metric

Details

Market Size Available for Years

2019–2028

Base Year

2022

Forecast Period

2023–2028

Units

Value (USD Million/USD Billion)

Segments Covered

Offering, Algorithms, Technology, End-Use Application, and Region

Regions Covered

North America, Europe, Asia Pacific, and RoW

Companies Covered

include STMicroelectronics (Switzerland), InvenSense, Inc. (US), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (US), Renesas Electronics Corporation. (Japan), Amphenol Corporation (US), Texas Instruments (US), and Qualcomm Technologies, Inc. (US), among others.
A total of 25 players are profiled in the report.

Sensor Fusion Market Highlights

This report categorizes the sensor fusion market based on algorithms, offering, technology, end-use application,  and region.

Segment

Subsegment

By Algorithms

  • Kalman Filter
  • Bayesian Filter
  • Central Limit Theorem
  • Convolutional Neural Networks

By Technology

  • MEMS
  • Non-MEMS       

By Offering

  • Hardware
  • Software

By End-Use Application

  • Consumer Electronics
  • Automotive
  • Home Automation
  • Medical
  • Military
  • Industrial
  • Others

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • RoW
    • Middle East & Africa
    • South America

Recent Developments

  • In February 2023, 221e srl, an innovator in embedded AI software, leader in intelligent precision sensing, and ST Authorized Partner, has extended its collaboration with STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications, to include the latest offerings of both companies.
  • In January 2023, Bosch Sensortec announced a new smart sensor system that delivers a best-in-class performance/power consumption ratio. . However, it is simple to integrate due to its small size and built-in, ready-to-use software algorithms.
  • In June 2022, Infineon Technologies AG launched its battery-powered Smart Alarm System (SAS). The technology platform achieves high accuracy and very low-power operation using sensor fusion based on artificial intelligence/machine learning (AI/ML). This technology, combined with low-power wake-on acoustic event detection, provides remarkable performance.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION 
    1.1 OBJECTIVES OF THE STUDY 
    1.2 MARKET DEFINITION 
    1.3 INCLUSIONS AND EXCLUSIONS  
    1.4 STUDY SCOPE 
           1.4.1 MARKETS COVERED
           1.4.2 REGIONAL SCOPE
           1.4.3 YEARS CONSIDERED FOR THE STUDY
    1.5 CURRENCY 
    1.6 LIMITATION 
    1.7 STAKEHOLDERS 
    1.8 SUMMARY OF CHANGES  
           1.8.1 RECESSION IMPACT 
 
2 RESEARCH METHODOLOGY
    2.1 INTRODUCTION 
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Key industry insights
                    2.1.2.3 Breakdown of primaries
    2.2 MARKET SIZE ESTIMATION 
           2.2.1 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
    2.3 MARKET BREAKDOWN & DATA TRIANGULATION 
    2.4 RESEARCH ASSUMPTIONS 
    2.5 APPROACH FOR RECESSION IMPACT   
 
3 EXECUTIVE SUMMARY 
    3.1 RECESSION IMPACT  
 
4 PREMIUM INSIGHTS 
    4.1 SENSOR FUSION MARKET, 2013–2022 (USD MILLION) 
    4.2 SENSOR FUSION MARKET, BY PRODUCT TYPE 
    4.3 SENSOR FUSION MARKET, BY REGION 
    4.4 CONSUMER ELECTRONICS APPLICATIONS HELD THE LARGEST SHARE OF THE SENSOR FUSION MARKET IN APAC IN 2015 
    4.5 SENSOR FUSION MARKET IN APAC EXPECTED TO GROW  AT THE HIGHEST RATE BETWEEN 2016 AND 2022 
    4.6 SENSOR FUSION MARKET, BY END-USE APPLICATION 
    4.7 SENSOR FUSION MARKET, BY REGION 
 
5 MARKET OVERVIEW 
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           5.2.1 DRIVERS
                    5.2.1.1 Increasing demand for integrated sensors in smart phones
                    5.2.1.2 Growing trend of miniaturization in electronics
                    5.2.1.3 Growing demand for advanced driver assistance systems (ADAS)
           5.2.2 RESTRAINTS
                    5.2.2.1 Lack of standardization in MEMS and sensor fusion systems
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Sensor fusion applications using context awareness systems  and IoT
                    5.2.3.2 Growing demand for wearable devices
           5.2.4 CHALLENGE
                    5.2.4.1 Increasing complexity in sensor fusion systems and software
    5.5 VALUE CHAIN ANALYSIS  
    5.4 ECOSYSTEM/MARKET MAP  
    5.6 AVERAGE SELLING PRICING ANALYSIS 
           5.6.1 ASP Trends 
           5.6.2 ASP OF KEY PLAYERS 
    5.7. TECHNOLOGY ANALYSIS  
           5.7.1  Sensor Hub 
             13.2.1 MCU 
             13.2.2 DSP 
    5.8 PORTER'S FIVE FORCES ANALYSIS  
    5.9 KEY STAKEHOLDERS AND BUYING CRITERIA  
    5.10 CASE STUDY ANALYSIS  
    5.11 TRADE AND TARIFF ANALYSIS  
    5.12 KEY CONFERENCE AND EVENTS  
    5.13 REGULATORY LANDSCAPE  
    5.14 REVENUE SHIFT AND NEW REVENUE POCKETS FOR CUSTOMERS’ BUSINESSES  
    5.15 PATENTS ANALYSIS  
 
6 ALGORITHMS USED IN SENSOR FUSION 
    6.1 KALMAN FILTER 
    6.2 BAYESIAN FILTER 
    6.3 CENTRAL LIMIT THEOREM  
    6.4 CONVOLUTIONAL NEURAL NETWORKS  
 
7 SENSOR FUSION MARKET, BY TECHNOLOGY
    7.1 INTRODUCTION 
    7.2 MEMS 
    7.3 NON-MEMS 
 
8 MARKET, BY PRODUCT TYPE 
    8.1 INTRODUCTION 
    8.2 INERTIAL COMBO SENSORS 
             8.2.1 ACCELEROMETERS + GYROSCOPES
             8.2.2 ACCELEROMETERS + MAGNETOMETERS
             8.2.3 9-AXIS (3-AXIS GYROSCOPE, 3-AXIS ACCELEROMETER, & 3-AXIS MAGNETOMETER)
             8.2.4 12-AXIS (3-AXIS GYROSCOPE, 3-AXIS ACCELEROMETER, 3-AXIS MAGNETOMETER, LIGHT SENSOR, TEMPERATURE SENSOR, & PRESSURE SENSOR)
    8.3 RADAR + IMAGE SENSORS 
    8.4 ENVIRONMENT SENSORS (TEMPERATURE SENSORS + PRESSURE SENSORS + HUMIDITY/LIGHT/GAS SENSORS) 
    8.5 IMU + GPS 
    8.6 OTHERS (IMU + LIGHT SENSOR & LIDAR + RADAR + IMAGE SENSOR + V2X BOX & IMU) 
 
9 SENSOR FUSION MARKET, BY END-USE APPLICATION
    9.1 INTRODUCTION 
    9.2 CONSUMER ELECTRONICS 
             9.2.1 SMARTPHONES
             9.2.2 TABLETS AND NOTEBOOKS
             9.2.3 GAMING CONSOLES
             9.2.4 WEARABLE DEVICES(EXCLUDING THE PERSONAL HEALTH  WEARABLE DEVICES)
             9.2.5 SMART TV
    9.3 AUTOMOTIVE 
             9.3.1 ADVANCED DRIVER ASSISTED SYSTEMS
             9.3.2 ELECTRONIC STABILITY CONTROL
             9.3.3 COLLISION AVOIDANCE SYSTEMS
             9.3.4 PARKING ASSIST SYSTEMS
    9.4 HOME AUTOMATION 
             9.4.1 REMOTE CONTROLS
             9.4.2 ENVIRONMENTAL CONTROLING
             9.4.3 OTHERS
    9.5 MEDICAL 
             9.5.1 WEARABLE HEALTH DEVICES
             9.5.2 NON-WEARABLE HEATH DEVICES
    9.6 MILITARY 
             9.6.1 ADAPTABLE NAVIGATION SYSTEMS (ANS)
             9.6.2 UNMANNED AERIAL VEHICLES (UAVS)
    9.7 INDUSTRIAL 
    9.8 OTHERS (AGRICULTURE, EDUCATION, AND RESEARCH ) 
 
10 REGIONAL ANALYSIS 
     10.1 INTRODUCTION 
     10.2 NORTH AMERICA 
             10.2.1 U.S.
             10.2.2 CANADA
             10.2.3 MEXICO
     10.3 EUROPE 
             10.3.1 U.K.
             10.3.2 GERMANY
             10.3.3 FRANCE
             10.3.4 REST OF EUROPE
     10.4 ASIA PACIFIC 
             10.4.1 CHINA
             10.4.2 JAPAN
             10.4.3 INDIA
             10.4.4 SOUTH KOREA
             10.4.5 REST OF APAC
     10.5 REST OF THE WORLD (ROW) 
             10.5.1 SOUTH AMERICA
             10.5.2 MIDDLE EAST
             10.5.3 AFRICA
 
11 COMPETITIVE LANDSCAPE 
     11.1 INTRODUCTION 
     11.2 REVENUE ANALYSIS: TOP 5 COMPANIES 
     11.3 STRATEGIES ADOPTED BY KEY PLAYERS 
     11.4 MARKET SHARE ANALYSIS 
     11.5 COMPANY EVALUATION QUADRANT 
             11.5.1 STAR
             11.5.2 PERVASIVE
             11.5.3 EMERGING LEADER
             11.5.4 PARTICIPANT
     11.6 COMPANY FOOTPRINT 
     11.7 START-UP/SME EVALUATION QUADRANT 
             11.7.1 PROGRESSIVE COMPANY
             11.7.2 RESPONSIVE COMPANY
             11.7.3 DYNAMIC COMPANY
             11.7.4 STARTING BLOCK
     11.8 COMPETITIVE SITUATIONS & TRENDS 
     11.9 DETAILED LIST OF KEY STARTUPS/SMES 
     11.1 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 
 
12 COMPANY PROFILES 
     12.1 INTRODUCTION 
     12.2 STMICROELECTRONICS 
             12.2.1 BUSINESS OVERVIEW
             12.2.2 PRODUCTS OFFERED
             12.2.3 RECENT DEVELOPMENTS
             12.2.4 MNM VIEW
     12.3 INVENSENSE, INC. 
             12.3.1 BUSINESS OVERVIEW
             12.3.2 PRODUCTS & SOLUTIONS
             12.3.3 RECENT DEVELOPMENTS
             12.3.4 MNM VIEW
     12.4 NXP SEMICONDUCTORS N.V. 
             12.4.1 BUSINESS OVERVIEW
             12.4.2 PRODUCTS OFFERED
             12.4.3 RECENT DEVELOPMENTS
             12.4.4 MNM VIEW
     12.5 BOSCH SENSORTEC GMBH 
             12.5.1 BUSINESS OVERVIEW
             12.5.2 PRODUCTS OFFERED
             12.5.3 RECENT DEVELOPMENTS
             12.5.4 MNM VIEW
     12.6 BASELABS GMBH  
             12.6.1 BUSINESS OVERVIEW
             12.6.2 PRODUCTS & SOLUTIONS
             12.6.3 RECENT DEVELOPMENTS
     12.7 AMPHENOL CORPORATION  
             12.6.1 BUSINESS OVERVIEW
             12.6.2 PRODUCTS & SOLUTIONS
             12.6.3 RECENT DEVELOPMENTS
     12.8 ANALOG DEVICES, INC. 
             12.7.1 BUSINESS OVERVIEW
             12.7.2 PRODUCTS OFFERED
             12.7.3 RECENT DEVELOPMENTS
     12.9 RENESAS ELECTRONICS CORP. 
             12.8.1 BUSINESS OVERVIEW
             12.8.2 PRODUCTS & SOLUTIONS
             12.8.3 RECENT DEVELOPMENTS
     12.10 QUALCOMM TECHNOLOGIES 
             12.9.1 BUSINESS OVERVIEW
             12.9.2 PRODUCTS OFFERED
             12.9.3 RECENT DEVELOPMENTS
     12.11 TEXAS INSTRUMENTS 
             12.10.1 BUSINESS OVERVIEW
             12.10.2 PRODUCTS OFFERED
             12.10.3 RECENT DEVELOPMENTS
    
13 OTHER PLAYERS 
     13.1 HILLCREST LABS.
     13.2 ASAHI KASEI MICRODEVICES CORP.
     13.3 MEMSIC, INC.
     13.4 CEVA
     13.5 TE CONNECTIVITY LTD.
     13.6 CONTINENTAL AG
     13.7 PLUS AI
     13.8 AI MOTIVE
     13.9 REIVR
     13.10 ALTERIA AUTOMATION
     13.11 INFINEON TECHNOLOGIES
     13.12 MICROCHIP TECHNOLOGY
     13.13 APTIV PLC
     13.14 SENION
     13.15 INTEL CORPORATION
     13.16 KIONIX, INC.
 
14 APPENDIX 
     14.1 INSIGHTS OF INDUSTRY EXPERTS 
     14.2 DISCUSSION GUIDE 
     14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     14.4 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 
     14.5 AVAILABLE CUSTOMIZATIONS 
     14.6 AUTHOR DETAILS  
     14.7 RELATED REPORTS 
      

The research process for this study included systematic gathering, recording, and analysis of data about customers and companies operating in the sensor fusion market. This process involved the extensive use of secondary sources, directories, and databases (Factiva, Oanda, and OneSource) for identifying and collecting valuable information for the comprehensive, technical, market-oriented, and commercial study of the sensor fusion market. In-depth interviews were conducted with primary respondents, including experts from core and related industries and preferred manufacturers, to obtain and verify critical qualitative and quantitative information as well as to assess growth prospects. Key players in the sensor fusion market were identified through secondary research, and their market rankings were determined through primary and secondary research. This research included studying annual reports of top players and interviewing key industry experts such as CEOs, directors, and marketing executives.

Secondary Research

In the secondary research process, various secondary sources were referred to for identifying and collecting information important for this study. Secondary sources included corporate filings, such as annual reports, investor presentations, and financial statements; trade, business, and professional associations; white papers, sensor fusion products related journals, certified publications; articles by recognized authors; directories; and databases.

Secondary research was conducted to obtain key information about the industry supply chain, market value chain, key players, market classification and segmentation as per industry trends to the bottom-most level, geographic markets, and key developments from both market- and technology-oriented perspectives. Data from secondary research was collected and analyzed to determine the overall market size, which was further validated by primary research.

Primary Research

In the primary research process, various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side included industry experts such as CEOs, VPs, marketing directors, technology & innovation directors, and key executives from major companies in the sensor fusion market.

After going through market engineering (which includes calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers obtained. Primary research was conducted to identify segmentation types, industry trends, key players, competitive landscape, and key market dynamics such as drivers, restraints, opportunities, and challenges, along with the key strategies adopted by players operating in the market.

Sensor Fusion Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market size Estimation

In the complete market engineering process, both top-down and bottom-up approaches were used, along with several data triangulation methods, to estimate and forecast the size of the market and its segments and subsegments listed in the report. Extensive qualitative and quantitative analyses were carried out on the complete market engineering process to list the key information/insights pertaining to the sensor fusion market.

The key players in the market were identified through secondary research, and their rankings in the respective regions were determined through primary and secondary research. This entire procedure involved the study of the annual and financial reports of top players, as well as interviews with industry experts such as chief executive officers, vice presidents, directors, and marketing executives for quantitative and qualitative key insights. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in this report.

Sensor Fusion Market: Bottom-up Approach

Sensor Fusion Market Size, and Bottom-up Approach

Sensor Fusion Market: Top-Down Approach

Sensor Fusion Market Size, and Top-Down Approach

Data Triangulation

After arriving at the overall size of the sensor fusion market from the market size estimation process explained above, the total market was split into several segments and subsegments. Where applicable, the market breakdown and data triangulation procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size was validated using top-down and bottom-up approaches.

Market Definition

Sensor fusion is a process of combining the outputs from various sensors to provide an integrated and more refined sensor output than individual sensors. The most common type of sensor fusion is inertial combo sensors. In general, sensor fusion entails combining data from various sensors to produce a more precise and comprehensive picture of the environment or system under observation.

Sensor fusion is crucial in the context of autonomous vehicles since it enables the car to sense its surroundings much more accurately and consistently. For instance, a self-driving car may employ a variety of sensors, including cameras, lidar, radar, and others, to identify obstacles, pedestrians, and other moving vehicles. The car can build a complete 3D map of its surroundings and make better navigational judgements by combining the data from all these sensors.

Stakeholders

  • Semiconductor product designers and fabricators
  • Application providers
  • Business providers
  • Professional services/solutions providers
  • Research organizations
  • Technology standard organizations, forums, alliances, and associations
  • Technology investors

Report Objectives

  • To describe and forecast the sensor fusion market, in terms of value, based on algorithms, offering, technology, and end-use application
  • To describe and forecast the sensor fusion market size, in terms of value, with respect to four regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW)
  • To provide detailed information about the drivers, restraints, opportunities, and challenges influencing the growth of the sensor fusion market
  • To provide a detailed overview of the supply chain of the sensor fusion ecosystem
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
  • To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the market
  • To benchmark the market players using the proprietary company evaluation matrix framework, which analyzes the market players on various parameters within the broad categories of business strategy excellence and strength of product portfolios
  • To strategically profile the key players and comprehensively analyze their market positions in terms of ranking and core competencies2, along with a detailed competitive landscape of the market
  • To analyze competitive developments in the sensor fusion market, such as acquisitions, product launches, partnerships, expansions, and collaborations

Available Customizations

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Product Analysis

  • Detailed analysis and profiling of additional market players

The following customization options are available for the report:

  • Market sizing and forecast for additional countries
  • Additional five companies profiling
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
SE 4460
Published ON
Jun, 2023
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