Visual Data - A Necessity Creating Demand for Image Sensors Market

As per the market outlook foreseen by the IndustryARC’s market research report titled “Image Sensors Market: By Technology (CMOS, CCD); by Application (Consumer Electronics, Industrial, Medical, Security and Surveillance) & Geography – Forecast (2018 - 2023),” the market is poised for exponential growth mainly owing to the increasing consumer electronics image-capturing devices trade. Other prominent areas of employment for image sensors are the flourishing automotive industry, surveillance and security, and industrial and medical sectors.

According to an article on digital data by Forbes, a whopping 1.2 trillion digital photos were taken alone in 2017. To further elaborate the calculations, Snapchat users share 527,760 images and Instagram is loaded with 46,740 photos per minute. Facebook is not behind either, with 300 million images being uploaded per day. All these statistics from Forbes definitely provide us with an insight of the robustly growing market of the image capturing devices with image sensors being an integral part of it.

Browse 51 Market Tables, 176 Figures spread through 140 slides and an in-depth TOC on “Image Sensors Market (2018 - 2023)”

Global Image Sensors Market- Disruptive Trends:

• Consumer electronics-As per an online release by CNBC, 6 billion smartphones will be in circulation by 2020. The growth rate is estimated to be 50%, ascending the market to a worth of $335 billion. It is to be noted that smartphones and tablets account for an enormous 60% of consumer electronics devices arcade. Mobile phone innovations and technologies are accelerating every market adjacent to it. Complementary metal oxide semiconductor (CMOS) image sensor type is all set to enter this stride due to its low power consumption rate, which is a major necessity in smart devices. Owing to the billion dollar smartphones and tablets industry, the market is full of opportunities to divert a good share of revenue from the consumer electronics market.
• Automotive Industry- According to the Insurance Institute for Highway Safety (IIHS), the United States, around 14% of vehicle damaging collisions occur in parking lots. Considering this alarming percentage, the National Highway Traffic Safety Administration (NHTSA) has made it mandatory that all automobiles entering the market should employ a rear-view camera by 2018. Such regulations in the United States are seen to be implemented by various developed and developing countries. As per OICA, the global automobile sector is all set to sell 100 million units per year, which relevantly is going to consume a huge chunk of image sensors supply. CMOS type sensors are mostly employed in vehicles considering its low power consumption rate.
• Other prominent roaring industries of application for image sensors are CCTV surveillance camera. The trend can be supported by the fact that China alone will install 570 million static public surveillance smart cameras by 2021. Smart-homes are an emerging trend in America, which utilizes various devices and their connectivity to form an intelligent network. CCTV cameras are an integral part of such systems. 13 camera devices per American household by 2022 is an estimation by Forbes. All these innovations are forecast to stroke the image sensors market with abundant demand.

The market for image sensors has evolved tremendously from its employment only in the image generating and video recording devices to high-end smartphones, commercial and premium vehicles, and CCTV surveillance cameras. Out of the 2.5 quintillion bytes of data created each day over the internet, a good amount of it is in the form of images and videos recorded by camera installed devices. Owing to such emerging technological trends, the image sensors market is projected to propel toward robust growth and profits.