Most of the things we use our smartphones for work because of a sensor, and there are many sensors in modern smartphones. Biometric sensors read our fingerprints; gyroscopes orient our phones for driving directions; light sensors automatically lighten or darken the screen based on the ambient light in the room. The magnetometer tells the phone which way is north, and proximity sensors are used to tell you how long until you take your next turn. Without these smartphone sensors, these slim slabs of microchips wouldn’t be near as helpful as they are now.
As technology improves, the number of things smartphone sensors can be used for increases, especially in the face of ever-expanding uses for virtual reality and increased IoT technology. For those looking to invest in smartphone components—or even for those who want to keep a pulse on the smartphone market in general—watching the smartphone sensor industry is one such way to keep a finger on the pulse of the overall global phone market.
According to a new report from Orion Market Research Private Limited published on Research and Markets, CAGR for the smartphone sensor market is expected to grow at a rate of 6.2% between now and 2027. This is a significant rate of growth that reflects the ever-increasing demand for smartphones.
According to the report, released in April 2021, smartphone sensor manufacturers are beginning to make strategic partnerships with smartphone companies to increase funding for research and development into sensor improvements. Competition is high as sensor manufacturers scramble to make their sensors more useful, efficient, cost-effective and smaller.
There are several smartphone aspects that are taking center stage as far as sensor development is concerned. Improvements to cameras, battery function, gaming and display are the top features that sensor developers are working to improve and update ahead of their competitors. Due to increased concerns with data privacy and security, incorporating better encryption features and ensuring a sensor’s software cannot be hacked is increasing R&D time and resources. Nevertheless, the projected CAGR of the sensor market is a strong indicator of the continued growth of the smartphone market across the globe.
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