Sensor technology has been around for over a decade but the rise of Big Data — coupled with manufacturers' increased software capabilities, pressures on lead times and inventory levels — has led many companies to procure and produce sensor-enabled products. Sensors, like RFID or HVAC tags, are being widely implemented in various industries due to their data, safety and tracking benefits. The growing global sensor market is predicted to reach $57.77 billion by 2022, growing by more than $39 billion since 2015. In the retail sector, RFID tags have long promised to disrupt inventory management, as tracking capabilities permit faster stock replenishment — and even cashier-free stores. In the automotive sector, a newly proposed rule would require manufacturers to include sensors on all vehicles so as to enable vehicle-to-vehicle communications. Meanwhile, Fitbits and smart watches show the technology is useful not just for industrial purposes, but as consumer goods for entertainment or healthcare needs.
The rise in Big Data has led to the sharp increase in sensor - enabled offerings from manufacturers , with industries now using sensors to track data , performance measures and other metrics for business . The global sensor market has been forecast to reach $ 57.77bn by 2022 , $ 39bn higher than in 2015 . Sensors can streamline business operations , with RFID tags potentially revolutionising inventory management and sensors in automobiles enabling vehicle - to - vehicle transmissions . Sensors are improving safety by detecting issues in real time , and reducing inefficiency as a result .