Global Bioacoustics Sensing Market 2018 Revenue, Opportunity, Forecast and Value Chain 2025
The global bioacoustics sensing market is expected to grow from USD 5.6 Billion in 2017 to USD 8.7 Billion by 2025 at a CAGR of 5.6% during the forecast period from 2018-2025. The North America region is dominating the market as the region is widely adopting this technology and are investing significant resources on R&D and are combining bioacoustics sensing with other applications.
Global Bioacoustics Sensing Market by Hardware (Microphones, Detectors, Ultra Sound Recorders, Sound Recorders, Instrument Recorders, Others), Software, Application, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
Prominent companies in the industry include Matsushita Electric Industrial, Panasonic Corporation, Honeywell, Pacesetter, Samsung Electronics, among others. Various regions like U.S, Germany, U.K, China and Japan are tapping greater opportunities and major leaders are continuously focusing their attention on new product developments and venture capital investments to capture a large market share. For instance, in 2018, RVINE, Calif.â??(BUSINESS WIRE)â??Masimo (NASDAQ: MASI) announced FDA clearance of RAS-45, an acoustic respiration sensor for rainbow Acoustic MonitoringÂ® (RAMÂ®), for infant and neonatal patients.
The hardware segment is classified into microphones, detectors, ultra sound recorders, sound recorders, instrument recorders, computing devices and others. The ultra sound recorders segment is dominating the bioacoustics sensing market with USD 1.47 Billion in 2017 as are used to record various sound from the environments and understand nature by using higher frequency equipment. Software segment includes sound analytics, video streaming software, automated identification, audio editing tools, other sound related software, recording software, visual comparison software and audio analysis plugins. Sound analytics is dominating the market with the highest share of 22.60% in 2017 as it helps to understand the analytics behind bioacoustics sensing. Application segment is divided into segments such as wearable consumer electronics and healthcare. Healthcare segment is growing with the highest CAGR of 8.9% in the forecast period. The bioacoustics sensing technology is increasingly used in the healthcare sector as it helps to improve human comfort, convenience, and security as well as monitors health conditions
Increasing acceptance of artificial intelligence is a major factor driving the growth of the market. The bioacoustics sensing system is integrated with Artificial Intelligence (AI) technology in consumer electronics devices to provide better features and better customer experience. In addition, due to its flexible and light weight structure, it is preferred over integrated or discrete sensors. Few manufacturers produces the bioacoustics sensing technology as it incurs high cost which in turn may lead to hampering in growth of the market. However, integration of chemical vapor deposition (CVD) and atomic layer deposition (ALD) by manufacturers is expected to boost up the market in the coming years.
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