Autonomous & Sensor Technology - South Africa

The market size in the Autonomous & Sensor Technology market is projected to reach US$108.20m 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$234.30m 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 South Africa is experiencing considerable growth, driven by the adoption of AI and sensor technologies, increasing awareness of health, and the convenience of online services. Factors such as government initiatives and investments in the market are also contributing to its growth rate.

Customer preferences: As South Africa continues to embrace technological advancements, consumers are increasingly looking for autonomous and sensor technology solutions to enhance their daily lives. This trend is driven by the need for convenience and efficiency, as well as the desire for a more connected and seamless experience. With the rise of smart homes and smart cities, the demand for AI-powered devices and systems is on the rise, indicating a shift towards a more tech-savvy and digitally-driven population. This trend is also influenced by the growing adoption of IoT and the integration of AI in everyday products, such as home appliances and vehicles.

Trends in the market: In South Africa, the Autonomous & Sensor Technology Market within the Artificial Intelligence Market is experiencing a surge in adoption of autonomous vehicles and smart sensors in industries such as transportation, manufacturing, and agriculture. These technologies are enabling efficient and cost-effective operations, improved safety measures, and enhanced decision-making processes. Additionally, there is a growing trend of integrating AI and sensor technology in healthcare, with the aim of improving patient outcomes and reducing healthcare costs. This trajectory is expected to continue as the government promotes the use of AI and invests in research and development in this field. Industry stakeholders can expect increased competition and partnerships among companies to tap into this growing market. Furthermore, the implementation of AI and sensor technology in various industries has the potential to boost economic growth and create job opportunities.

Local special circumstances: In South Africa, the Autonomous & Sensor Technology Market within the Artificial Intelligence Market is heavily influenced by the country's unique regulatory environment. The government has implemented strict data privacy laws, which have led to the development of advanced security measures in the market. Additionally, the country's diverse population and geography have created a demand for customized solutions, driving the growth of AI-powered localization technologies. This has also resulted in a rise of initiatives aimed at addressing socio-economic challenges, such as rural healthcare access and transportation infrastructure.

Underlying macroeconomic factors: The growth of the Autonomous & Sensor Technology Market within the Artificial Intelligence Market in South Africa is heavily influenced by macroeconomic factors such as government initiatives, technological advancements, and investment in infrastructure. As a developing country, South Africa has been actively investing in innovative technologies to drive economic growth and improve efficiency. Moreover, the country's favorable regulatory environment and increasing investments in AI have created a conducive market for autonomous and sensor technology. Furthermore, the rising demand for AI-powered solutions in various industries, such as manufacturing and healthcare, is also contributing to the growth of this market in South Africa.

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 - South Africa

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