Digital Scent Technology Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Hardware (E-nose and Scent Synthesizer); Application (Medical, Entertainment, Food & Beverage, and Others); and Region/Country
Detailed Analysis of COVID-19 Impact on the Digital Scent Technology Market
The global digital scent technology market is expected to register a CAGR of around 9% over the period of 2021-2027. The global digital scent technology market is uplifting on account of the rising adoption of smart devices along with advancements in e-nose technologies. Moreover, the expanding applications of digital scent technology followed by the rising use of e-nose in the food industry for quality assurance will positively stimulate the industry landscape. With digital scent technology, consumers are able to sense, transmit and receive the smell through the internet. Earlier, technology targeted only our sense of sight and sound due to which we have realistic-looking games, graphic cards, various sound technologies, HDTV, and many more technologies. Since digital scent is a reality now, several market players are conducting research and development programs to develop effective and useful digital scent technologies which are driving the growth of this market. It is also applicable to E-commerce; it will make online shopping more interesting and enjoyable. With the help of digital scent technology customers would be able to smell a perfume online before buying, and the freshness of the food that is ordered online would be checked digitally. As this technology advances, it can be implemented in all areas of the digital world, hence its applications in the E-commerce industry are going to drive the growth of this market.
Electronics Sensor Technology Inc., ScentSational Technologies LLC, Smiths Detection Group Ltd., Odotech Inc., AIRSENSE Analytics GmbH, The eNose Company, Scentcom Ltd., AMS AG, Stratuscent Inc., AerNos Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst hardware, e-nose category held a prominent share in the market in 2020”
Based on hardware, the digital scent technology market is bifurcated into e-nose and scent synthesizer. The e-nose segment grabbed a significant share of the market in 2020 and is expected to register a robust CAGR during the forecast period. This is due to many benefits, such as electronic aroma detection, anomaly detection, and pattern recognition. The e-nose is an array of chemical sensors that responds to odors passing over it. Different odors generate different responses in the sensors, and these responses provide a signal pattern characteristic of a particular smell. Moreover, leakages in the pharmaceutical products, such as sachets/closures, can lead to product contamination. The e-nose can detect the smell generated by the leakage of poisonous and harmful gases and avoid such disastrous incidents.
“Amongst application, medical category held a prominent share in the market in 2020”
On the basis of application, the digital scent technology market is segmented into medical, entertainment, food & beverage, and others. Among these, the medical segment captured a significant share of the market and is expected to witness a substantial CAGR during the forecast period. One of the most prominent factors driving the growth of this segment is the use of digital scent technology in medical diagnosis, patient treatment selection, metabolic disorders nutritional status, and more. This application contributes to the maximum developments and innovations of digital scent technology products by most start-ups and a few major companies.
“North America to witness significant growth during the forecast period”
The North America digital scent technology market held a significant share of the market in 2020 and is expected to witness a prominent CAGR during the forecast period. The growth of this market can be attributed to the rising adoption of enhanced digital services by customers, use of biosensors for early detection of diseases, strict regulatory environment with regards to indoor air quality in the US, and significant e-nose developments with respect to applications in the medical and agriculture industries. Furthermore, the presence of key market players and the adoption of enhanced digital services by customers within the region is further propelling the growth of the market. Moreover, North America is the global hub for the innovation of various technologies which makes the population of North America the early adopters of various technologies and digital scent technology is one of them. Hence the market for digital scent technology in the region going to be increased.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Digital Scent Technology Market|
|2.2.||Research Methodology of the Digital Scent Technology Market|
|2.5.||Main Objective of the Digital Scent Technology Market Study|
|5||DIGITAL SCENT TECHNOLOGY MARKET COVID-19 IMPACT|
|6||DIGITAL SCENT TECHNOLOGY MARKET REVENUE (USD BN), 2019-2027F|
|8.3.||Food & Beverage|
|9.1.3.||Rest of North America|
|9.2.5.||Rest of Europe|
|9.3.5.||Rest of Asia-Pacific|
|9.4.||Rest of the World|
|11||DIGITAL SCENT TECHNOLOGY MARKET OPPORTUNITIES|
|12||DIGITAL SCENT TECHNOLOGY MARKET TRENDS|
|13||LEGAL & REGULATORY FRAMEWORK|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|14.2.1.||Top Product Launches|
|14.2.2.||Top Business Partnerships|
|14.2.3.||Top Business Expansions|
|14.2.4.||Top Merger and Acquisitions|
|15||VALUE CHAIN ANALYSIS|
|16.1.||Porters Fiver Forces Analysis|
|16.1.1.||Bargaining Power of Buyer|
|16.1.2.||Bargaining Power of Supplier|
|16.1.3.||Intensity of Rivalry|
|16.1.4.||Threats of New Entrant|
|16.1.5.||Threat of Substitute|
|17.1.||Electronics Sensor Technology Inc.|
|17.2.||ScentSational Technologies LLC|
|17.3.||Smiths Detection Group Ltd.|
|17.5.||AIRSENSE Analytics GmbH|
|17.6.||The eNose Company|
Research Methodology for the Digital Scent Technology Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global digital scent technology market were the three major steps undertaken to create and analyze the adoption of digital scent technology in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global digital scent technology market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the digital scent technology market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the digital scent technology market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as hardware and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the digital scent technology market. Further, we conducted factor analysis using dependent and independent variables such as various hardware and application of digital scent technology. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the digital scent technology market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global digital scent technology market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of digital scent technology market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global digital scent technology market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global digital scent technology market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of hardware and applcation in the global digital scent technology market.
The main objective of the Global Digital Scent Technology Market Study
The current & future market trends of the global digital scent technology market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the digital scent technology market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of hardware and application.
- Define and analysis of the regulatory framework for the digital scent technology market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the digital scent technology market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the World.
- Company profiles of the digital scent technology market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry