In a recent published report, Kenneth Research has updated the market report for Digital Scent Technology Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Scent Technology Market products.
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The Digital Scent Technology Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.
Market Synopsis of Digital Scent Technology Market
Market Scenario:
After enhancements in the virtual reality experience, the digital sense technology is targeting the nose. Digital scent technology makes use of hardware devices in order to sense and generate different types of smells. Products like e-nose and scent synthesizer are used to sense, receive or transmit smell through a digital medium.
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Smiths Detection Inc., Scent Sciences Corporation, ams AG, Alpha MOS SA, Electronics Sensor Technology, and ScentSational Technologies LLC are a few major players in the global digital scent technology market. A lot of companies are investing in the digital scent technology market. Also, application of e-nose in the security and military sectors is another factor that will help in driving the growth of digital scent market. Rising adoption of smart devices is another major factor driving the growth of digital scent technology market. Also, growing demand for quality assessmnets with the help of e-nose and scent synthesizers is set to drive the growth of the digital scent technology market.
The product segment in the digital scent technology market comprises of mobile phone, smelling screen, music and video game, explosives detector, quality control product, medical diagnostic product, and others. The quality control product sub-segment of the global digital scent technology market is expected to grow at a significant rate during the forecast period. This is owing to the increasing demand for e-nose based quality assessment techniques for raw material which help in saving the wastage of food and also help in improving its quality. Also, the growing trend of adoption of digital devices such as smartphones is one major factor driving the growth of digital scent technology market.
The North American region holds the largest share of the market across the globe followed by Europe, and Asia Pacific region. The U.S. and Canada are dominating the North America market due to rising technological enhancements and growing adoption of artificial intelligence in the region. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of smart grid deployment is another major factor driving the growth of digital scent technology market in the region.The global digital scent technology market is expected to grow at a CAGR of approximately 30% during the forecast period 2017-2023.
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Key Players
Some of the prominent players in the global digital scent technology market are Smiths Detection Inc. (U.S.), Scent Sciences Corporation (U.S.), ams AG (Austria), Alpha MOS SA (France), Electronics Sensor Technology (U.S.), ScentSational Technologies LLC (U.S.), Scentcom Ltd. (Israel), AIRSENSE Analytics GmbH (Germany), Vapor Communications (U.S.), and The eNose Company (the Netherlands).
Segments
The global digital scent technology market is segmented by product, hardware, and end user. Based on product, the market is segmented into mobile phone, smelling screen, music and video games, explosives detector, quality control product, medical diagnostic product, and others. Based on the hardware, the market is segmented into E-nose and scent synthesizer. The e-nose segment comprises of optical fiber sensor, piezoelectric sensor, polymer sensor and metal oxide semiconductor field effect transistor (MOSFET) sensor whereas, the scent synthesizer comprises of cartridge. Based on the end user, the market is segmented into marketing, food & beverage, entertainment, education, healthcare, communication, military & defense, and others.
Regional Analysis
The global digital scent technology market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements and increased adoption of digital scent technology applications across various industry verticals.
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Intended Audience
Technology Investors
Research/Consultancy firms
Consulting service providers
Technology Providers
System integrators
Clinical Diagnostic Centers
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