Digital Scent Technology Market – Overview
Development of the virtual reality sector has opened up new avenues for growth, one of which is the digital scent technology industry. Market Research Future which focusses on reports for the market connected to the semiconductors & electronics sector among others lately made available a report on this sector. The industry is anticipated to expand at a CAGR of 30 percent approximately in the forecast period.
Growing use of smart devices has provided an impetus for the development of the market. High penetration of devices has increased its application range to sectors such as military and clinical applications. Rising need to enable technology to achieve more has fuelled the development of this sector. Creation of a better internet structure will fuel a higher rate of development through uninterrupted technological progress and shrinking costs through the forecast period.
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Jan 2017 Aryballe Technologies which is a French based startup, is addressing a gap in the market in the field of increasingly smart devices. Aryballe has created a “digital nose,” which is capable of measuring and recognizing odors as well as storing all these smells in a dedicated database. The product called Neose which is a mobile device that has the ability to detect up to 350 different smells in about 15 seconds. The company uses patented technology which copies the working of a human nose by the use of an array of biochemical sensors and combination of optical resonance technology, smart artificial intelligence-matching algorithms for identification and cloud database of “odor signatures”.
Some of the prominent players in the global Digital Scent Technology Market are Smiths Detection Inc. (U.S.), Scent Sciences Corporation (U.S.), ams AG (Austria), Alpha MOS SA (France), Electronics Sensor Technology (U.S.), ScentSational Technologies LLC (U.S.), Scentcom Ltd. (Israel), AIRSENSE Analytics GmbH (Germany), Vapor Communications (U.S.), and The eNose Company (the Netherlands).
The digital scent technology industry is segmented into the segments of hardware, product, and end user. The product segment of the market comprises of smelling screen, explosives detector, mobile phone, music and video games, medical diagnostic product, quality control product and others. The hardware segment of the digital scent technology has segmented the industry into scent synthesizer and E-nose. The e-nose segment consists of piezoelectric sensor, optical fiber sensor, polymer sensor and metal oxide semiconductor field effect transistor (MOSFET) sensor whereas, the scent synthesizer includes cartridge. Lastly on the basis of end user, the industry is segmented into food & beverage, entertainment, marketing, education, communication, healthcare, military & defense among others.
The digital scent technology industry globally includes regions such as North America, Asia Pacific, Europe, and Rest of the World. The North American region is projected to account for a major share of the market, while the Asia Pacific region is expected to expand at the fastest rate through the forecast period. The development of the industry in the North American region is credited to the technological developments and heightened adoption of digital scent technology applications across various industry verticals.
Competitors who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario, while also simultaneously delivering customer value unfailingly. The ability to sustain their competitive edge is one of the main causes fuelling their efforts in this period. The scope for development in the industry appears to be promising through the forecast period. The rising interest for diversification in the industry, has indirectly allowed the players to utilize many prospects available in the industry. This scenario has created opportunities for portfolio improvements along with diversification in the sector, which has improved the scenario for market competitors tremendously in this industry. The organizations in this industry are also trying to enhance and maintain financial liquidity that can be crucial to invest in growth opportunities as and when they become available.
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- Technology Investors
- Research/Consultancy firms
- Consulting service providers
- Technology Providers
- System integrators
- Clinical Diagnostic Centers
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