“A big part of the Internet of Things isn’t so much about smart devices, but about sensors. These tiny innovations can be attached to everything from yogurt cups to the cement in bridges and then record and send data back into the cloud. This will allow businesses to collect more and more specific feedback on how products or equipment are used, when they break, and even what users might want in the future.” – Bernard Marr, Forbes
An extension of human capability senses, the smart sensors are here to dominate the future of business industries. Playing an imperative role, particularly with the focus on the Industrial Internet of things (IIOT), the demand for smart sensors is increasing.
The simulation technology has expansive uses varying from navigation systems, monitoring, healthcare, fashion industries to building autonomous driving, smart railways, etc, with its full potential still unleashed. Sensors have been an effectual means to extend human sensory capabilities and acuity, and we continually move towards a world where we have AI at our disposal to solve our problems and support our business intelligence efforts.
Smart sensors transform the physical world into digital insights that can boast a range of opportunities for increased performance, higher capacity, greater reliability, and advanced innovation. Seeing the numerous perks, the interest of various AI startups, the government, and industries has been vested in the technology for quite some time now.
With the increasing number of smart investments, various global AI startups such as Helium, Flutura, Tempogo, Konux, have been working towards smart sensing and integrating them into creating better industry operations. While Helium has received funding from top investment firms such as GV, Multicoin Capital, another startup- Konux, has backed funding from major multinationals such as Alibaba, New Enterprise Associates, Upbeat Ventures and MIG AG. Recently, the Germany based startup also raised funding from global investment firm Boundary Holding, founded by Rajat Khare.
Driven majorly by new applications and the emerging IoT market, the smart sensor industry saw $4.3 billion in funding for sensor modules over the past decade, according to Lux Research. Some of the investments included $620 million in funding for sensor processing-related technologies, about $200 million for packaging solutions, and about $100 million for energy harvesting.
The software systems provide limited functionality to the automation process, however, sensors infiltrate life into the system by providing real-time information and reciprocating it effectively. One could even argue that sensors form the core of IIoT, and can in turn drive improvements in cost, performance, and the overall customer experience, thus improving the overall industrial operations.