Research on the Sensor industry and collect data and a list of competitors

In preparation for the course project do some outside secondary research on the Sensor industry and collect data and a list of competitors. Share here what you have learned about this industry.

Research on the Sensor industry and collect data and a list of competitors

In preparation for the course project do some outside secondary research on the Sensor industry and collect data and a list of competitors. Further, share here what you have learned about this industry. Show the industry profitability, size, growth, and characteristics. Additionally, describe the competitive landscape. Who are the key competitors? Moreover, what are their strengths and weaknesses? Approximate their market shares.

Submit a 2 to 3 page Word document from your team. Be sure to use good sources and include citations and sources in the document.

More details;

The Sensor Industry: Growth and Transformation Through Innovation

Innovation is the name of the game when it comes to sensors technology. Different types of sensors are in development for various applications. A lot of ongoing research and development activities have made things possible that were unimaginable before.

From the healthcare sector to agriculture, these sensors have proved their significance. Scientists have developed a sensor that can be installed in a smartphone camera and used to determine chemicals. Additionally, newly developed sensors can monitor the wound healing process.

On the other hand, farmers can be benefits if they know the quality of crops they have grown along with the quality of soil. A handheld crop sensor would facilitate the process. Sensors that can be used for monitoring the moisture content are helpful in the industrial processes. Moreover, sensors that can withstand extreme radiations have been developed for implementation in wireless 5G network connectivity.

The industry for sensors is flourishing with advent of innovative sensors. According to the research firm Allied Market Research, the global sensor market will reach $241 billion by 2022. Following are some of the activities taking place in the industry:

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Approximately 250 words