Article by: Asst. Prof. Suwan Juntiwasarakij, Ph.D., Senior Editor MEGA Tech Magazine
Toward the digital social technology paradigm shift, the complexity of modern transport and logistics grow, businesses therefore have been increasingly difficult to understand what to focus on. Recently, smart sensor systems have played an important role in logistic ecosystems.
A sensor is a device that provides feedback on a physical process or substance in a predictable, consistent, and measurable way. Smart sensors are different form sensors in that smart sensors are advanced platforms with onboard technologies such as microprocessors, storage, diagnostics, and connectivity tools that transform traditional feedback signals into true digital insight. These smart sensors can underpinnings to power analytical insights that can in turn drive improvements in cost, performance, or customer experience.

Source: Using Smart Sensors to Drive Supply Chain Innovation, Deloitte
SMART SENSOR MARKET AND OVERVIEW
The increasing utilization and penetration of internet of things (IoT), coupled with increasing automation in vehicles and smart wearable systems for health monitoring, is expected to augment the growth of the smart sensor market over the forecast period. Moreover, the governments across the world are fueling market growth, due to favorable regulations and encouragement to foreign companies to invest, which is expected to propel the market growth. The smart sensors market was valued at $30.82 BL in 2018 and is forecasted to reach USD 85.93 billion by the end of 2024, registering a CAGR of 18.82% during the forecast period of 2019-2024.

Source: Smart Sensors Market – Growth, Trends, and Forecast (2019 – 2024), Mordor Intelligence
According to Deloitte’s analysis, the global smart sensor market is growing at a 19 percent annual rate and is expected to reach $60 billion by 2022. Technological advances have miniaturized the devices, improved performance and energy efficiency, and reduced production costs. Smart sensor computing capabilities have strengthened substantially, thereby enabling data processing and analysis at or near the source (“edge computing”) and reducing the amount of data that moves between the device and platform. Additionally, the introduction of microelectro-mechanical systems (MEMS) technology has allowed for more compact, higher functioning smart sensors by effectively incorporating microelectronic functions in minimal space.

Source: Global Smart Sensors Market, Allied Market Research
SENSORS IN SUPPPLY CHAIN
Innovations, such as micro-sensor implants and biodegradable sensors, have made smart sensors more dynamic and improved their business cases. New wireless technologies are offering connectivity solutions that are more scalable and tailored than traditional wireless networks, which are designed for higher bandwidth, larger volume data devices. Low-power wide area networks (LPWAN), for instance, have reduced cost, power consumption, and rage issues for smart sensor usage.

Source: Using Smart Sensors to Drive Supply Chain Innovation, Deloitte
Integrating smart sensors throughout the supply chain can decrease operating costs, increase asset efficiency, improve demand planning, and provide critical insight into customer behavior. As centralized platforms and communication networks continue to evolve for the purposes of IoT devices, companies should consider the variety of smart sensor available and determine how to better sensor-enable their supply chains from end to end.

Source: ZTE
TAKE-HOME MESSAGE
There are several advantages to a smart sensor such as the ability to use the smart sensor in a variety of applications such as the biomedical & healthcare industry, automotive industry, aerospace & defense industry, building automation industry, consumer electronics industry and industrial automation industry. These wide variety of applications are driving the market for the smart sensor market. Factors such as the time it takes for the implementation, as well as the initial cost, is restraining the growth of the market. Some of the major players such as Kionix, Inc., Sensonor AS, Smart Sensors, Inc., XYZ Interactive Technologies Inc., SmarThings, Inc. and Knowles. Despite these big names, firms develop best strategies win.

Source: Uncooled Infrared Imagers and Detectors report, Yole Developpement