Internet of Senses Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation

Internet of Senses Market Overview:

The Internet of Senses market is segmented by Component, Technology, Application, End-User and Region. Further on the basis of component the Internet of Senses market is sub-segmented into software and hardware type. Furthermore, on the basis of technology the Internet of Senses market is segmented into Artificial Intelligence (AI), Augmented Reality (AR) and Virtual Reality (VR).   On the basis of application, the market is segmented by hearing, sight, smell, taste, touch and mind. Geographically the market is segmented into North America, Europe, Asia-Pacific and other regions which constitute rest of the world.

 

 

To get more Insights: Request Free Sample Report

 

Internet of Senses Market Dynamics:

Over two decades ago the internet was filled with discussions about a new concept called IoT (Internet of Things) that could be used to describe all the objects that are linked to the internet via a network. Similarly, Internet of Senses has been introduced recently that has taken the internet by storm. Internet of Senses basically is a reference to all the set of technologies that work in tandem with each other to demonstrate how technology can interact with our senses. It creates a platform that can make multi-sensory experiences real via a network in the digital realm.

 

Many technologies that can assist the Internet of Senses market are in existence and hence most of the framework that is required is already there. These constituent technologies can work together to create an experience that can interact with human senses and establish a connection with them. Technologies like Augmented Reality (AR), Virtual Reality (VR) and Artificial Intelligence (AI) can enable the network that can interact with human senses. Today in the technological domain it is possible to work in an electronic environment using virtual reality and augmented reality where users can play games which involve sense of sight and hearing however with Internet of Senses in place users can also involve their other senses like smell, taste and touch. This form of experience can be called as Extended Reality (XR) space where users can experience physical surroundings differently and be together with people who are miles apart by use of devices, sensors, actuators as well as context aware applications and networks that can enable the experiences to become richer by involving all our senses.

 

One of the key driving forces of the Internet of Senses market is the ability of the systems to make the digital interaction as good as physical ones thereby eliminating the need to be present physically which can reduce the need for travelling or even presence of physical offices. This can contribute significantly in reducing greenhouse emissions. Internet of Senses market has the capability to de-materialize products that can imply that there is lesser need of resources and hence drive the cause of energy consumption further. People can taste and smell snacks, feel the texture of the garments online and get many such experiences via the Internet of senses ecosystem.

 

One of the deterrents for the Internet of Senses market is the high capital cost that is required for establishing high speed networks and the subsequent high cost of the experiences and services. Additionally, privacy and security are also of prime concern in the highly volatile virtual reality and Internet of Senses market.

 

Internet of Senses Market Segment Analysis:

The Internet of Senses market is segmented by component, Technology, Application, End-User and region.

On the basis of component, the Internet of Senses market is sub-segmented into software and hardware type. The software segment of the Internet of Senses market is projected to hold majority market share as more and more users have responded positively to the need to extended services in extended reality domain that is possible only with the help of software.

 

 

The Internet of senses market is segmented on the basis of technology with Artificial Intelligence (AI), Augmented Reality (AR) and Virtual Reality (VR). All these technologies enable the interaction of human senses with the digital world. However, amongst the three segments that exist Virtual Reality is projected to hold majority of market share by percentage as the cost of virtual reality devices is lower than other types of technologies moreover when it comes to artificial intelligence it can be incorporated in both AR and VR types. The growth prospect of both the AR and VR market is so big that it has been projected that their combined market size (AR and VR) will be approximately 297 Bn. USD by 2024 itself.

 

On the basis of application, the Internet of Senses market is segmented into hearing, sight, smell, taste, touch and mind. Sense of smell, taste and touch are being aggressively pursued by key players in the industry so that a large range of products like food and beverages, textiles and other consumers products can be included in the whole Internet of Senses market ecosystem. This will enable the manufacturers and advertisers to market their products at minimal costs and gain better reach than physical world.

 

On the basis of End-Users, the Internet of Senses market is segmented into two components i.e., consumers and enterprises. Consumers segment is projected to hold majority share in the Internet of Senses market due to the sheet volume of the users that can adopt new technology and hence can contribute in revenue generation whereas enterprise consumers would be limited to their application and product/service offering utility.

 

Internet of Senses Market Regional Insights:

The Internet of Senses market is segmented regionally into North America, Europe, Asia-Pacific and other regions that comprise of the rest of the world. Asia-Pacific region is projected to hold the majority of market share by region during the forecast period due to the sheer volume of the adoption rate that the citizens of the constituent countries have. Most of the early adoption in Asia-Pacific region can be attributed to rapid expansion of 5G network. China and India are the two most populated countries on the planet with a rising young population that is tech savvy and willing to try out new experiences. Internet of Senses market in North America is also estimated to grow significantly during the forecast period due to rapid shift towards automation and increase in population that is willing to try Artificial Intelligence enabled products. The North American region comprises of USA, Canada and Mexico and these countries have high technology adoption rate. Additionally, USA and Canada are home to many leading key players in the Internet of Senses market that can drive the sales volume of the Internet of Senses products across the region. European market is also projected to experience significant growth rate owing to increasing shift towards connected technology.

 

The objective of the report is to present a comprehensive analysis of the Internet of Senses market to the stakeholders in the industry. The report provides trends that are most dominant in the Internet of Senses market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Internet of Senses Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Internet of Senses market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Internet of Senses market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Internet of Senses market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Internet of Senses market. The report also analyses if the Internet of Senses market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Internet of Senses market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Internet of Senses market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Internet of Senses market is aided by legal factors.

 

Internet of Senses Market Scope:

Internet of Senses Market
Market Size in 2023	USD 16.95 Bn.
Market Size in 2030	USD 83.60 Bn.
CAGR (2024-2030)	25.6%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Component Software Hardware
	by Technology Artificial Intelligence (AI) Augmented Reality (AR) Virtual Reality (VR)
	by Application Hearing Sight Smell Taste  Touch Mind
	by End user Consumers Enterprises
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Internet of Senses Market Key Players

• Telefonaktiebolaget LM Ericsson (Sweden)
• Mojo Vision (US)
• Wisear (France)
• OVR Technology (US)
• Aryballe (France)
• Vocalytics (US)
• AudioFocus (US)
• Sentien Audio (Czech Republic)
• holoride (Germany)
• AlphaBeats (Netherlands)
• Sound Scouts (Australia)
• Artiris Parfum (France)
• RightHear (Israel)
• Stratuscent (Canada)
• Moodify (Israel)