Autonomous & Sensor Technology - Serbia

The market size in the Autonomous & Sensor Technology market is projected to reach US$16.96m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 13.75%, resulting in a market volume of US$36.73m by 2030.
In global comparison, the largest market size will be United States (US$6.80bn in 2024).

Definition:
Autonomous and sensor technology refers to the combination of advanced systems and devices that enable machines and vehicles to operate and make decisions independently and without human intervention. Autonomous technology encompasses the areas of perception, decision-making, and control systems that make it possible for machines to autonomously navigate, interact, and respond to their surroundings. Sensors, on the other hand, are devices that detect and measure physical or environmental variables such as temperature, pressure, motion, and light; these variables provide crucial data inputs for autonomous systems to perceive and understand their environments. By leveraging sensor data and autonomous capabilities, these technologies enable applications such as self-driving cars, industrial automation, robotics, and smart infrastructure.

Additional Information:

The market comprises two key performance indicators: market sizes and market sizes by industry. Market sizes are generated by the funding amount of Autonomous and Sensor Technology companies. Key players of the market include companies such as Nvidia, Waymo, and Velodyne Lidar.

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Technologies that enable machines and devices to function autonomously, such as autonomous vehicles, drones, and robotics
Sensors and related hardware that gather data from the environment, such as LiDAR, radar, and cameras.

Technologies that do not involve autonomous or sensor-based functionality, such as traditional software applications or physical goods
Products and services that do not use autonomous or sensor-based technology, such as consumer electronics and home appliances.

The Autonomous & Sensor Technology Market in Serbia is witnessing considerable growth due to rising adoption of artificial intelligence, increasing awareness about health, and the convenience of online services. This growth is driven by various factors, such as advancements in technology, government initiatives, and favorable investment climate.

Customer preferences: As the use of autonomous and sensor technology continues to expand in Serbia, there has been a noticeable shift in consumer preferences towards more advanced and personalized AI solutions. This is driven by a growing awareness of the potential benefits of AI in various industries, including healthcare, transportation, and manufacturing. With an increasingly tech-savvy population, there is a growing demand for AI-powered products and services that can cater to the unique needs and preferences of Serbian consumers. This trend is further reinforced by the country's demographic shift towards a younger and more digitally connected population, highlighting the need for AI solutions that can seamlessly integrate into their evolving lifestyles.

Trends in the market: In Serbia, the Autonomous & Sensor Technology Market within the Artificial Intelligence Market is experiencing a surge in demand for automation and data-driven solutions. This is driven by increasing investments in smart manufacturing and the adoption of Industry 4.0 technologies. Additionally, there is a growing trend towards using AI-powered sensors for predictive maintenance in industries such as automotive and energy. These advancements are significant for industry stakeholders as they improve efficiency, reduce costs, and provide real-time insights for decision making. However, the potential implications include job displacement and the need for upskilling the workforce to keep up with the fast-paced technological changes.

Local special circumstances: In Serbia, the Autonomous & Sensor Technology Market within the Artificial Intelligence Market is driven by the country's growing tech sector and government initiatives promoting innovation. The market is also influenced by the country's unique position as a hub for Eastern and Central Europe, attracting international investment and partnerships. Additionally, Serbia's strong engineering and academic background have contributed to the development of advanced autonomous and sensor technology solutions. These factors make Serbia a favorable environment for the growth of this market.

Underlying macroeconomic factors: The Autonomous & Sensor Technology Market within the Artificial Intelligence Market in Serbia is influenced by various macroeconomic factors, including technological advancements, government support, and investments in infrastructure. The country's strong focus on research and development in the field of AI and its growing IT sector are driving market growth. Additionally, the increasing adoption of AI-powered solutions in industries such as manufacturing, healthcare, and finance is further bolstering the market. However, economic challenges and slower adoption of new technologies in the region may hinder market growth.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

Autonomous & Sensor Technology - Serbia

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