Internet of Senses Market Size was valued at USD 1.4 Billion in 2022. The Internet of Senses market industry is projected to grow from USD 1.6 Billion in 2023 to USD 4.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.60% during the forecast period (2023 - 2032).Growing emphasis on sustainability, improvements in wireless technologies, and expansion of connected technology, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Today, both businesses and consumers place a high priority on sustainability. The use of non-renewable energy sources has led to an increase in carbon emissions, which can be blamed for this. It is now a top priority for all world inhabitants to build a sustainable future for future generations. Technology based on the "internet of senses" has the potential to significantly cut carbon emissions and build a sustainable future for future generations. This is due to the fact that by 2030, every citizen will have access to the internet, eliminating the need for travel for meetings, errands, medical care, etc. The internet of senses might enable more sustainably run businesses.
adoption of wireless technology like 5G is currently accelerating. The applications for augmented reality and virtual reality have grown as a result of this development. Previously only a notion, networked vehicles, houses, and corporate operations are now becoming more prevalent. The development of wireless technology today has enabled a number of things and is predicted to bring about a significant revolution in connected technology. With the adoption of 6G technology during the coming ten years, the internet of senses is anticipated to reach new heights.
The most crucial elements of loT devices are sensors. They aid in gathering data regarding a physical occurrence or condition. The environment around them, including orientation, motion, light, sound, humidity, and temperature, as well as biometrics like blood pressure and heart rate, can all be measured by sensors. The practicality of the loT across industry verticals and for a variety of application areas will be driven by these sensors. Furthermore, it is anticipated that further sensor technology advancement will increase the capabilities of loT.
The Internet of Senses market has access to a variety of technologies, thus most of the necessary framework is already in place. These underlying technologies can interact with one another to produce an experience that can connect with human senses and interact with them. augmented reality (AR), artificial intelligence (AI), and virtual reality (VR) technologies can enable a network that can communicate with human senses. With the development of VR and AR, it is now possible for people to work in an electronic environment and play games that involve their senses of sight and hearing. However, with the implementation of the Internet of Senses, people can also use their other senses, such as smell, taste, and touch. This type of experience is referred to as an Extended Reality (XR) space where users can interact with people who are far away and experience their physical surroundings in a variety of ways through the use of devices, sensors, actuators, context-aware applications, and networks. Thus, driving the Internet of Senses market revenue.
The Internet of Senses market segmentation, based on component, includes Hardware and Software. Software segment dominated the market in 2022. This can be attributable to the fact that an increasing number of users are responding favourably to the demand for more services in the realm of extended reality, which can only be provided by software.
The Internet of Senses market segmentation, based on technology, includes Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), and Others. Artificial intelligence (AI) segment dominated the market in 2022. This is due to the rise in demand for the internet of senses.
The Internet of Senses market segmentation, based on application, includes Hearing, Sight, Smell, Taste, Touch, and Mind. Smell segment dominated the Internet of Senses market in 2022. Key players in the market are pursuing smell, taste, and touch vigorously so that a wide range of items, including food and beverages, textiles, and other consumer products, can be a part of the Internet of Senses market ecosystem. Manufacturers and advertisers will be able to market their goods for less money and with a wider audience than in the physical world thanks to this.
The Internet of Senses market segmentation, based on end user, includes Consumer, Enterprise, and Retail. Consumer segment dominated the Internet of Senses market in 2022. This is because a larger number of users can adopt new technologies and so contribute to income production, whereas enterprise consumers would only be able to use their applications and available products/services.
Figure 1: Internet of Senses Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The market for the Internet of Senses in North America is anticipated to expand rapidly over the course of the forecast period as a result of the region's rapid automation transition and rising consumer interest in goods with artificial intelligence capabilities. The North America Internet of Senses Market dominated this market in 2022 (45.80%). Further, the U.S. Internet of Senses market held the largest market share, and the Canada Internet of Senses market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: INTERNET OF SENSES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Internet of Senses market accounted for the healthy market share in 2022. This is because connected technology is becoming more prevalent. Further, the German Internet of Senses market held the largest market share, and the U.K Internet of Senses market was the fastest growing market in the European region.
The Asia Pacific Internet of Senses market is expected to register significant growth from 2023 to 2032. This results from the extremely high adoption rates of the citizens of the member nations. The quick development of the 5G network is largely responsible for the early adoption in the Asia-Pacific area. The two most populous nations on earth, India and China have young populations who are growing, digitally savvy, and open to trying new things. Moreover, China’s Internet of Senses market held the largest market share and the Indian Internet of Senses market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Internet of Senses market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Internet of Senses industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Internet of Senses industry to benefit clients and increase the market sector. In recent years, the Internet of Senses industry has offered some of the most significant advantages to medicine. Major players in the Internet of Senses market, including Telefonaktiebolaget LM Ericsson, Mojo Vision, Wisear, OVR Technology, Aryballe, Vocalytics, AudioFocus, Sentien Audio, holoride, AlphaBeats, Sound Scouts, Artiris Parfum, RightHear, Stratuscent, and Moodify, are attempting to increase market demand by investing in research and development Components.
Telephone Company LM A provider of networking and telecommunications goods and services is Ericsson (Ericsson). The business provides infrastructure, software, and services related to cloud, broadband, and mobile technologies. Products and services from Ericsson help telecom operators and other companies increase operational effectiveness. The company's main product line consists of IP core and transport networks, as well as network infrastructure for mobile and fixed communication, including 2G, 3G, and 4G radio networks. Additionally, Ericsson provides consulting services for digital transformation as well as learning services, support services, network roll-out, device and network testing, core consulting, and cloud consulting. The corporation has operations in Latin America, Africa, the Middle East, Europe, North America, and the Asia-Pacific region. The headquarters of Ericsson are in Kista, Stockholm, Sweden.
The company OVR Technology creates technology that appeals to the intellect. In order to augment this ancient tool with cutting-edge developments in virtual reality tech to increase its power exponentially, the company has brought together an alliance of researchers, practitioners, and technologists who are using scent to stimulate and access memory in ways that transform cognition, emotion, and behavioural responses. This will enhance the healing process by creating a completely new experience of reality. OVR Technology launched ION 3 wearable fragrance technology for XR experiences in January 2023.
Telefonaktiebolaget LM Ericsson
Mojo Vision
Wisear
Vocalytics
AudioFocus
Sentien Audio
holoride
AlphaBeats
Sound Scouts
Artiris Parfum
RightHear
Stratuscent
Moodify
June 2023: DigiLens and Mojo Vision collaborated to integrate Mojo Vision's micro-LED technology with the company's surface relief grating and waveguide technologies. The collaboration will hasten the development of goods for the augmented reality/extended reality industry by merging the high-performance, low-cost technologies of each business.
Hardware
Software
Artificial Intelligence (AI)
Virtual Reality (VR)
Augmented Reality (AR)
Others
Hearing
Sight
Smell
Taste
Touch
Mind
Consumer
Enterprise
Retail
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.4 Billion |
| Market Size 2023 | USD 1.6 Billion |
| Market Size 2032 | USD 4.1 Billion |
| Compound Annual Growth Rate (CAGR) | 12.60% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Telefonaktiebolaget LM Ericsson, Mojo Vision, Wisear, OVR Technology, Aryballe, Vocalytics, AudioFocus, Sentien Audio, holoride, AlphaBeats, Sound Scouts, Artiris Parfum, RightHear, Stratuscent, and Moodify |
| Key Market Opportunities | Immersive entertainment and online shopping |
| Key Market Dynamics | Increasing shift towards sustainability and advancements in wireless technologies coupled with increasing connected technology |
Frequently Asked Questions (FAQ) :
The Internet of Senses market size was valued at USD 1.4 Billion in 2022
The market is projected to grow at a CAGR of 12.60% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Telefonaktiebolaget LM Ericsson, Mojo Vision, Wisear, OVR Technology, Aryballe, Vocalytics, AudioFocus, Sentien Audio, holoride, AlphaBeats, Sound Scouts, Artiris Parfum, RightHear, Stratuscent, and Moodify
The Software Component dominated the market in 2022.
The Artificial Intelligence (AI) Technology had the largest share in the market.
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Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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