AI Sensors Market 2019 to Grow at a Tremendous CAGR of 38.39% During the Forecast Period
The global AI sensors market was valued at US$ 8.48 billion in 2018 and is expected to reach US$ 112.91 billion in 2026, growing at a CAGR of 38.39% during the forecast period.
The globalAI sensors marketwas valued atUS$8.48 billion in 2018 and is expected to reachUS$112.91billion in 2026, growing at a CAGR of 38.39% during the forecast period.
The global AI sensors market is expected to grow at a significant growth during the forecast period. The growing integration of AI systems in the healthcare industry further contributing to the growth of the AI sensors market. AI has the potential to expand its capabilities in medical diagnosis through various AI applications. The technology enables in managing and increasing the demand for AI tools as it is a time-efficient process for detecting diseases at the initial stage. The AI Network for Healthcare is designed by the partnership of Microsoft Corp. with Apollo Hospitals in 2018, to provide solutions to eliminate disease burden. The advanced machine learning models enable patients to reduce heart risk and offer a platform for AI-based cardio applications. For instance, in August 2018, as part of Microsoft’s AI Network for Healthcare initiative, Microsoft India and Apollo Hospitals declared the introduction of first-ever AI-powered Cardiovascular Disease (CVD) Risk Score API (application program interface).
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Furthermore, AI and machine learning techniques are used to develop computational tools for screening patients with retinal diseases and provides proper diagnosis and treatment of diseases. Deep learning technology is used to detect the biomolecular target and toxic effects on the environment, chemicals, various household products, and drugs.AtomNet, deep learning technology is a structure-based design for drug design and detect novel biomolecules and target diseases. Moreover, in Jan 2018, Medtronic and Philips partnered to improve patient management with lung nodules. The partnership is aimed to develop and commercialize a platform for lung GPS patient management. The platform uses natural language processing, a kind of AI technology that rapidly searches and analyses data present within multiple medical reports and spot related information for review and follows up. Such technologies in the marketfulfilthe unmet needs of the patients, which in turn contributes to the growth of the market.
Based on the type, the neural network segment is accounted for the largestmarketshare inof32% of the total market, in 2018
Based on application,thehealth monitoringsegmentis expected to grow at the highest CAGRof around52% during the forecast period
North Americaaccounted forthe largest market share in terms of value and accounted for around35% of the globalAI sensorsmarket in 2018
September 2019,HeroElectronixlaunchedAI smart camera and sensors under ‘Qubo’ brand. It introduced AIsensorsfor thevoice-controlled smart indoor camera
July 2019,DFRobotannouncedand revealedHuskyLens,AIvision sensor designedspecificto enhance innovation fordeveloped or manufacturersand individualsusers
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