Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWS· June 2021: China Petroleum and Chemicals to place order for multiple z-nose from Electronic Sensor Technology. zNose is used for monitoring and analyzing contaminated water in water bodies.
The global digital scent technology market is estimated to grow at ~10% CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing advancement in technology, especially the development in the virtual reality technology. Digital scent technology lets one smell the product remotely, which is prominently applied in online shopping. The user can smell products, such as, fertilizers, disinfectants, animal & insect repellents, perfumes and colognes, and chemicals amongst others, using technically advanced products, such as e-nose and smelling screens. Increasing trend for online shopping and delivery system is estimated to boost the market growth. Furthermore, there have been various incidences of product leak or machinery failure at warehouses, leaving workers and delivery executives in a sensitive position. The digital scent technology can help avoid such tragedy, which is estimated to increase its adoption by major manufacturing companies.
The market is segmented by end-user into healthcare, food & beverage, manufacturing, and others, out of which, the manufacturing segment is anticipated to hold the notable share in the global digital scent technology market on account of increasing cases of gas leaks or product mis happening in warehouses, coupled with rising acceptance of distant shopping. The healthcare segment is also anticipated to hold a notable share over the forecast period, owing to the increasing technological innovation in the field of medicine. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global digital scent technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of presence of various key players in the region, along with use of various technology, such as, biosensors, artificial intelligence, and virtual reality. Moreover, this technology is being widely implemented for military applications, which is further projected to drive the market growth.
The market in the Asia Pacific region is estimated to grow at the highest CAGR over the forecast period, on account of rapid digitalization of the market, changing consumer behavior, and rising adoption of technology in countries, such as, Japan, and Singapore.
The global digital scent technology market is further classified on the basis of region as follows:
Our in-depth analysis of the global digital scent technology market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing adoption of advanced technology, including virtual reality, is one of the major growth drivers for the market.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
Delay between two consecutive tests are estimated to hamper the market growth.
The market in the North America region is estimated to gain the largest share over the forecast period owing to advancement in technology and high adoption of innovation in the region.
The major players in the market are the eNose Company, Scent Sciences Corp., Aromajoin Corporation, Electronic Sensor Technology, ams AG, Smith’s Detection Group Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, end-user, and by region.
The e-nose segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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