Digital Scent Technology Market Size to Grow USD 354.7 Million by 2029 with a CAGR of 14.9% | Valuates Reports
BANGALORE, India, Aug. 4, 2023 /PRNewswire/ -- The Global Scent Technology Market is Segmented by Type (E-nose, Scent Synthesizer), by Application (Entertainment, Education, Food & Beverage, Healthcare, Communication): Global Opportunity Analysis and Industry Forecast 2023 - 2029.
Due to the COVID-19 pandemic, the global Digital Scent Technology market size is estimated to be worth USD 132.7 million in 2022 and is forecast to a readjusted size of USD 354.7 million by 2029 with a CAGR of 14.9% during the forecast period 2023-2029.
Major Factors Driving the Growth of the Digital Scent Technology Market
More and more industries, including entertainment, gaming, marketing, and virtual reality, require more advanced sensory experiences. The incorporation of olfactory sensations into these experiences is made possible by digital scent technology, making the environment more realistic and immersive. This factor is expected to drive the growth of the Digital Scent Technology market
The medical industry is currently exploring the potential of digital scent technology for therapeutic applications, such as treating specific mental illnesses and enhancing memory. Therefore, the need for sensory enhancement, immersive experiences, and creative applications across various industries is driving the growth of the global digital scent technology market.
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TRENDS INFLUENCING THE GROWTH OF DIGITAL SCENT TECHNOLOGY MARKET:
e-nose technology development and expanded applications: Numerous more advantages, including anomaly detection and pattern identification, are driving up demand for e-nose. The e-nose can identify odor nuisance risks or other gas-related dangers by detecting changes in the composition of the air. The e-nose will inform users of unusual air conditions by adding alarm levels. Signal patterns produced by e-noses are related to the exposed gas composition. It makes an attempt to determine the type of gas composition that resulted in an odd air composition. Additionally, the use of small, transportable, and Internet of Things-enabled e-noses and platforms has increased recently. This factor is expected to drive the growth of the digital scent technology market.
The use of fragrance in various gaming contexts can improve a game's narrative capabilities. With the use of digital smell technology, players may sense the scent of the forest, the burning wood in the fireplace of the mansion, or the garden's flowers. varied gaming areas have varied backdrops. The game experience gains a completely new dimension as a result, making it more interesting and fun. New games with a scent-focused theme may now be made thanks to digital smell technology. This factor is expected to drive the growth of the digital scent technology market.
Smell has been shown to help people remember things better and improve their memory. When learning materials are combined with digital scent technology, teachers can offer students a multimodal experience that can enhance their information retention. Second, greater participation. This factor is expected to drive the growth of the digital scent technology market.
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DIGITAL SCENT TECHNOLOGY MARKET SHARE
Alpha MOS, AIRSENSE Analytics, Odotech, Electronics Sensor Technology, and Owlstone are the top 5 producers of digital scent technology, together holding roughly 72% of the market.
In 2020, the market for digital smell technology was dominated by North America. Due to the presence of many important players in the area, North America is anticipated to continue to dominate the market over the projection period. The market is being driven by a number of key factors, including increased customer adoption of enhanced digital services, the use of biosensors for disease early detection, strict US regulations governing indoor air quality, and significant advancements in e-nose technology with regard to applications in the agricultural and medical sectors.
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Key Companies:
- Alpha MOS
- AIRSENSE Analytics
- Odotech
- Electronics Sensor Technology
- Owlstone
- Sensigent
- The eNose Company
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SIMILAR REPORTS
- Scent Synthesizer and E-Nose Product market was valued at USD 41 million in 2022 and is anticipated to reach USD 74 million by 2029, witnessing a CAGR of 8.7% during the forecast period 2023-2029.
- AI Digital Scent Devices Market
- Digital Smell Technology Market
- Olfactory Technology Product market was valued at USD 237.6 million in 2022 and is anticipated to reach USD 1833.9 million by 2029, witnessing a CAGR of 33.5% during the forecast period 2023-2029.
- Digital Olfactory technology market was valued at USD 72 million in 2022 and is anticipated to reach USD 705.3 million by 2029, witnessing a CAGR of 38.0% during the forecast period 2023-2029.
- Floral Scented Candles Market
- Air Fresheners market was valued at USD 9074.7 million in 2022 and is anticipated to reach USD 11370 million by 2029, witnessing a CAGR of 2.8% during the forecast period 2023-2029.
- Virtual Reality Headsets market size is projected to reach USD 42100 million by 2027, from USD 9457.7 million in 2020, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period 2021-2027.
- Chemical Sensors market size was USD 28750 million and it is expected to reach USD 47700 million by the end of 2027, with a CAGR of 7.5% during 2021-2027.
- IoT Device Management market size is projected to reach USD 7668.1 Million by 2028, from USD 1783.2 Million in 2021, at a CAGR of 22.6% during 2022-2028.
- Digital Process Automation market size is projected to reach USD 11770 Million by 2027, from USD 6451.8 Million in 2020, at a CAGR of 8.5% during 2021-2027.
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