Market Overview —
The global digital scent technology market has been evaluated as a rapidly growing market and is expected to grow at a robust CAGR of 30% over the forecast period of 2017-2023, reveals Market Research Future (MRFR) in an exhaustive research report. Digital scents have been on the rise lately and finding application in various industry verticals especially the healthcare and the military & defense. It is used for detecting explosives and other intentionally harmful substances. Digital scents find application in the Food & beverage industry as well. It is used for quality evaluation of raw materials. The healthcare sector too employs digital scents for clinical diagnosis. Recent advancements in design and system integration also provide an impetus to the growth of the market. Other than these significant applications, the digital scent technology also finds application in the education sector and filmmaking to make objects more life-like. However, initial high cost of implementation and lack of awareness regarding the technology are likely to be a possible bottleneck for the market growth. Other restraining factors include health dangers of synthetic odors. These factors, in conjunction, will help the global digital scent technology market attain a valuation of USD 1080 Million by the end of 2023.
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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).
Digital Scent Technology Market Segmentation
The global digital scent technology market is segmented on the basis of product, hardware, and end user. However, the hardware segment is classified into e-nose and scent synthesizer. The e-nose segment comprises of optical fiber sensor, piezoelectric sensor, polymer sensor and mosfet sensor. Whereas, the scent synthesizer comprises of cartridge. Increasing demand for implementation of digital scent technology across different industry verticals is driving the growth of digital scent technology market. This is owing to the efficiency being offered by e-nose that helps in providing quality assessment techniques.
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.
Market Research Analysis
North America is estimated to account for the largest share of the market, whereas the Europe market is poised to grow at the highest rate during the forecast period. North America region is witnessing rapid growth owing to the advancements in technology and rise in applications of e-nose in the security and military sectors in this region. The U.S. holds the majority of market share both in terms of revenue as well as owing to the increased demand for digital scent technology.
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• Technology Investors
• Research/Consultancy firms
• Consulting service providers
• Technology Providers
• System integrators
• Clinical Diagnostic Centers
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