The recently published report by Acquire Market Research Titled “Global Image Sensor Market Report 2020”, encloses significant discernments on the market, its challenges, its opportunities and how the market is likely to shape up while maintaining a relatively optimistic growth, in the past four years. According to the report the Image Sensor market size is projected to maintain an average annual growth rate of 0.0574906464196 from 10730.0 million $ in 2014 to 14190.0 million$ in 2019. The team of analysts after exhaustive data scrutiny has led us to believe that in the next few years, Image Sensor market size is likely to further broaden, and by 2024 the market size of the Image Sensor is expected to garner 22600.0 million$.
The market has exhibited an exponential penetration of handheld gadgets such as smartphones and tablets, driving the adoption of smart sensing techniques with remote monitoring and diagnostic ability, thereby considerably widening the application scope. The industry has witnessed a steady growth in the past few years owing to the growing number of application segments and technological advancements boosting the sophisticated sensing technology. The success of the technology lies in its ability to devise smaller pixels and facilitate more resolution at a low cost. Facilitating and ingraining these devices with communication and computation, has boosted the need to develop improved processes for enhanced optical performance.
Since sensors are fitted with both diagnostic and preventive features, they tend to vary between being smart to being intelligent. Most sensors are likely to be predictive to combat mishaps and unfortunate occurrences. Sensors being designed as smart are leading to the adoption of effective cost and time-saving decisions. There is still a wide chasm lying between requirements for focal plane processing and on-chip integration. The industry is now moving towards incorporating an increasing number of pixels along in addition to superior picture quality. The image sensor market has fostered intense competition leading to significant price discounts in recent years. The industry is benchmarked by a growing number of market entrants offering varied and feasible cost-effective solutions.
Digital imaging is one of the fastest emerging technological feats to be adopted in the growing electronics and semiconductor market. The rising popularity of social networking drives its many users to upload their latest images, thereby leading to the growing demand for camera utilities in all technological devices such as smartphones and high-image resolution /video quality tablets.
Though the fastest-growing application of image sensors is exhibited in the segment of smartphones and tablets, the need for image sensors in the automotive, healthcare (medical), industrial, security and surveillance areas is also an emerging trend. Factory automation has bolstered the demand for image sensors in the machine vision segment.
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