Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Internet of Senses Market information by Technology, by Components, by Application and Region – forecast to 2030” market size to grow at a significant compound annual growth rate by 2030.
Market Scope:
Increasing connected technology and advances in wireless technology will offer lucrative opportunities for the market in the forecast period. Wireless technologies like 5G technology is being launched rapidly all across the world. Such advances has bolstered the use cases of VR and AR. Connected homes, connected cars, and connected business processes are turning more common as this was merely a concept a couple of years ago. The advances in technology in wireless technology today have made various things probable and are predicted to create a huge revolution in the connected technology. In short, the internet of senses technology is likely to attain new heights with the rollout of 6G technology in the upcoming decade.
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Market USP Exclusively Encompassed:
Market Drivers
Immersive online shopping and entertainment will boost market growth over the forecast period. From online social gatherings and digital malls to immersive entertainment, digital sensory experiences have the promise of completely reshaping several industries. These will open full new avenues for value creation, unlocking novel means for brands in connecting with consumers and transforming how people perceive the life around them. Digital malls in the years to come will offer texture, taste, and smell for making online shopping experiences indistinguishable to buy things at a brick and mortar store. Digital taste manipulation will revolutionize the food industry via providing new taste experiences sans any health drawbacks. Further, in the media and entertainment industry, advertisements and films can be experienced in a completely new, immersive way. Thus, online shopping and immersive entertainment are likely to offer new revenues for the internet of senses market.
Privacy Constraints and High Cost to act as Market Restraint
Though the internet of senses is extremely promising and will greatly improve the connected experience, there are certain concerns related to the technology. Such concerns stem from the fact that the internet of senses technology of late is quite pricey and has privacy risks. For the soaring prices related to such digital multi-sensory devices, there is automatically a worry regarding how easily this technology will get adapted unless there is a significant drop in price. Also, data privacy concerns in the technology are also a major restraint. Advertisers will be leveraging individual’s personal digital sensory information. The data ultimately is leveraged via the internet of senses is a highly critical and personal information and the usage of this data conveys marketers enough about a person. As this technology has become widely used, digital data laws will require beginning in regulating the usage of this sensitive data.
Segmentation of Market Covered in the Research:
The global internet of senses market has been bifurcated based on component, technology, application, and end user.
By component, the global internet of senses market is segmented into hardware, software, and services. Hardware segment is again bifurcated into sensors and devices.
By technology, the global internet of senses market is segmented into artificial intelligence, augmented reality, virtual reality, and others.
By application, the global internet of senses market is segmented into hearing, sight, smell, taste, touch, and mind.
By end user, the global internet of senses market is segmented into consumers and enterprises. Enterprises is further segmented into retail, manufacturing, healthcare, automotive, education, media entertainment, aerospace defense, government, and others.
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Regional Analysis
APAC to Have Lions Share in Internet of Senses Market
The APAC region will possess the lions share in the internet of senses market over the forecast period. The region being a quick internet of senses technology adopter, rapid expansion of 5G networks over other regions, rapid development, China and South Korea being leading adopters of this technology coupled with increasing adoption rapid development done in shorter time period to deploy 5G, these two countries being pioneers in 6G vision, China developing 6G strategy by rolling out the first every 6G satellite in the world into space for testing this technology, South Korea’s Ministry of Science and ICT having established a 6G research and development implementation plan which calls to invest approximately $194 million by 2025 in 6 focus areas, 6G playing a pivotal part in the digital senses experience are adding to the global internet of senses market growth in the region.
North America to Have Admirable Growth in Internet of Senses Market
North America will have admirable growth in the internet of senses market over the forecast period for the rapid automation, increasing shift towards connected technology, and increased use of AI, VR, and AR and automation among enterprises and consumers.
COVID-19 Impact on the Global Internet of Senses Market
The outbreak forced lockdown situations across every major economy and imposed numerous restrictions like import-export ban, work from home, closure of the shops and markets, travel barriers, and others. Governments all over the world made different guidelines to stop the further spread of the COVID-19 virus. The coronavirus cases despite this increased significantly and also continued to rise. The crisis hit every major industry like transportation, automotive, tourism, oil and gas, leisure, hospitality, trade, manufacturing, and others.
Besides, the 5G rollout got postponed or impacted in few of the countries for the unexpected outbreak. Some countries however spent billions of dollars and also considerably expanded the 5G network at the unprecedented time. China is a key country which has expanded the 5G rapidly and now the country reached 450 million 5G users. Apart from this, the US and South Korea also deployed 5G at the time of the crisis at a higher scale and this deployment is predicted to support the early probability for the internet of senses technology.
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