Global Digital Scent Technology Market Highlights over 2022 – 2030
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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Digital Scent Technology Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global digital scent technology market includes the following segments:
By Product
- Smelling Screens
- Smart Phone
- E-Nose
- Others
By End-User
- Healthcare
- Food & Beverage
- Manufacturing
- Others
Growth Drivers
- Increasing Technological Advancements, such as, Virtual Reality
- Application of Digi Scent in Military Services
Challenges
- Delay Between Two Consecutive Tests
- Lack of Awareness Regarding the Technology
Top Featured Companies Dominating the Market
- Envirosuite Limited
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- The eNose Company
- Scent Sciences Corp.
- Aromajoin Corporation
- Electronic Sensor Technology
- ams AG
- Smith’s Detection Group Ltd.
- Alpha MOS
- AIRSENSE Analytics GmbH
- ScentSational Technologies
