The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Sensor Hub Market. The growth sectors of the Sensor Hub Market are identified with precision for a better growth perspective.
A sensor hub refers to a microcontroller unit that provides information and knowledge through the use of different sensors. Market Research Future (MRFR) has recently suggested that the global sensor hub market is likely to garner a market revenue valuation of a higher value, from USD 9.87 billion at the beginning of the forecast period. Various trends are impacting the functioning of the market and impacting the growth trajectory of the market. Upscaling consumer demand, algorithm and contextual awareness, cost of components, connectivity, always-on sensing, and a higher need for power management are some of the primary drivers of the global sensor hub market over the review period.
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Furthermore, the demand for sensor hubs is anticipated to proliferate significantly owing to the elements used for low-power sensor processing tasks. A sensor hub is integrated as a system-on-chip (SoC) and has applications in a range of wearable health devices and applications. Similarly, Gyro sensors, hall sensors, proximity sensors, magnetic sensors, and temperature sensors are widely used in various smartphones. The smartphone processor, when connected to the camera’s sensors also aids in reducing the power consumption rate. All these factors are anticipated to contribute to the ascension of the global sensor hub market.
The report by Market Research Future (MRFR) has revealed that multiple sensors which use a multipoint control unit, digital signal or a coprocessor for the compilation and processing of data. The report has stated that the global sensor hub market size upscale at a robust CAGR of 20.9% over the forecast period of 2017-2023. Owing to the changes in technology, the global sensor hub market is witnessing fast-paced development.
The global sensor hub market is studied for various segments that are based on different aspects such as processor type, product type, devices, applications, end-users, and region. Based on product type, the global sensor hub market is segmented into hall sensors, gyro sensors, proximity sensors, magnetic sensors, and temperature sensors.
Based on processor type, the global sensor hub market is segmented into application sensor processor, programmable and fixed logic, discrete sensor processor, and sensor integrated microcontroller.
Based on devices, the global sensor hub market is segmented into wearable devices, smartphones, tablets, IoT and connected devices.
Based on applications, the global sensor hub market is segmented into health and fitness, positioning and navigation, augmented reality and gaming, voice command, activity monitoring, and gestures navigations.
Based on end-users, the global sensor hub market is segmented into commercial, consumer electronics, healthcare, education, media and entertainment, automotive, telecommunications, and government and defense.
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