Digital Scent Technology Market Segmentation by Product (Smelling Screens, Smartphones, E-Nose, and Others); by End-User (Healthcare, Food & Beverage, Manufacturing, and Others) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3360 | Published Date: Feb 08, 2023
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.
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The global digital scent technology market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global digital scent technology market includes the following segments:
By Product
By End-User
Growth Drivers
Challenges
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Growing adoption of advanced technology, including virtual reality, is one of the major growth drivers for the market.
Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
Ans: Delay between two consecutive tests are estimated to hamper the market growth.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by product, end-user, and by region.
Ans: The e-nose segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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