Autonomous & Sensor Technology - United Kingdom

The market size in the Autonomous & Sensor Technology market is projected to reach US$823.00m 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$1.78bn 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 the Artificial Intelligence Market of the United Kingdom is experiencing considerable growth, driven by factors such as the increasing use of digital technologies, growing health consciousness among consumers, and the convenience of online health services. This growth rate is impacted by the demand for advanced autonomous and sensor technologies in various industries, including healthcare, automotive, and manufacturing.

Customer preferences: In the United Kingdom, there has been a notable increase in consumer demand for autonomous and sensor technology in the artificial intelligence market. This can be attributed to the growing adoption of smart home devices and virtual assistants. Additionally, there has been a rise in the use of AI-powered chatbots for customer service and support, as well as the integration of AI in transportation and logistics for improved efficiency and safety measures. Such trends are driven by a desire for convenience and enhanced productivity in daily life.

Trends in the market: In the United Kingdom, the Autonomous & Sensor Technology Market within the Artificial Intelligence Market is experiencing a surge in demand for advanced sensor systems. This trend is driven by the increasing adoption of AI-powered autonomous vehicles and the need for more sophisticated sensors to enable them. Additionally, there is a growing emphasis on developing autonomous technology for use in agriculture, healthcare, and industrial applications. These developments are significant as they have the potential to improve efficiency, reduce costs, and increase safety across various industries. However, it also raises concerns about job displacement and the need for regulations to ensure the ethical use of AI technology.

Local special circumstances: In the United Kingdom, the Autonomous & Sensor Technology Market within the Artificial Intelligence Market is thriving due to the country's strong investment in research and development in the field. The UK government's AI Sector Deal has also spurred growth by providing funding and support for AI startups. Additionally, the country's well-established regulatory framework and strong data protection laws have created a favorable environment for the development and adoption of AI technologies. This has led to a high demand for AI solutions in various industries, including healthcare, finance, and manufacturing.

Underlying macroeconomic factors: The growth of the Autonomous & Sensor Technology Market within the Artificial Intelligence Market is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong economic growth, favorable regulatory environments, and high levels of investment in AI technology are experiencing faster market growth compared to regions with economic challenges and limited government funding. Additionally, the increasing demand for automation and efficiency in various industries, coupled with the rising adoption of IoT and connected devices, is driving the growth of the Autonomous & Sensor Technology Market in the UK and other developed countries.

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 - United Kingdom

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