The total market is expected to generate revenue of $10.46 Billion by 2020 growing at an estimated CAGR of 36% from 2012-2020, according to a recent MarketsandMarkets report.
Smart sensor consist of a sensing element, analog-to-digital converter and a bus interface in a package having features such as self testing, self validation, identification and so on. Miniaturized smart sensor offers various processing technique and multiple sensing technologies uniquely modified for various applications such as aerospace & defense, automotive, biomedical, industrial automation, building automation, consumer electronics and so on. Smart sensors are used in almost every machines or devices that gather data. It also has a vital role in subsequent processing and for the transport of data.