Smart Sensors Market size was over USD 50.5 Billion in 2023 and is anticipated to reach USD 375.6 Billion by the end of 2036, growing at around 18.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart sensors is evaluated at USD 59.7 Billion.
The market is driven by surging government investment to develop smart cities with advanced technologies. Smart cities enhance city function and boost economic growth using data analytics, and smart technologies. As per the Indian Brand Equity Foundation, the smart cities mission has been allocated USD 268.43 million under the Interim Union Budget 2024-2025. Therefore, installing smart sensors in the city creates efficient product and service delivery systems for businesses and public sector.
Author Credits: Abhishek Verma
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