The global smart sensor market size was US$ 42.1 billion in 2021 and is forecast to reach the value of US$ 170.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 17.4% during the forecast period from 2022-2030.

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The sudden onset of the COVID-19 epidemic disrupted the trade of smart sensors. The global smart sensor industry witnessed a temporary shutdown of manufacturing companies. As a result, it hampered market growth. Moreover, the unavailability of laborers and raw materials created various interruptions in the supply chain. As a result, the growth of the global smart sensors market slowed down. Post-pandemic, the market would grow as the demand for smart technologies increases. Moreover, the rising healthcare expenditure would offer lucrative growth opportunities to the market players in the global smart sensors market.

The Asia-Pacific region is anticipated to emerge as the highest contributor in the global smart sensor market. The growth of the region is due to the strong development of emerging countries like China, India, and Japan. Due to growing urbanization, consumer preferences are also changing. Moreover, trending smart homes and the emergence of smart cities would further contribute to the growth of the region in the global smart sensor market. In addition, the growth of the automotive sector, healthcare sector, and consumer electronics sector would further contribute to the growth of the region in the global smart sensors market.

North America and Europe would hold the second and the third-largest share in the global smart sensors market, mainly because of growing smart cities. Moreover, rising demand for self-diagnosis, energy conservation, wireless technology would raise the demand for efficient technologies across various sectors, including automotive, consumer electronics, and healthcare.

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