The worldwide market for Digital Olfactory technology is expected to grow at a CAGR of roughly 39.0% over the next five years, will reach 530 million US$ in 2023, from 74 million US$ in 2017, according to a new study.
Digital scent technology (or olfactory technology) is the engineering discipline dealing with olfactory representation. It is a technology to sense, transmit and receive scent-enabled digital media (such as web pages, video games, movies and music). This sensing part of this technology works by using olfactometers and electronic noses.
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In the past few years, the olfactory technology product is expected to grow at a CAGR of 38.05% from 74.02 million in 2017 to reach 97.67million by 2025 in global market. The olfactory technology product market is a promising market; the revenue of top ten manufacturers accounts about 38.78% of the total revenue in 2017. The high-end products mainly come from USA and Europe.
The product average price declined in the past few years due to the technology development, the average price will keep the trend in the few future years due to increasing mature manufacturing technology and lowing cost of raw materials.
With emerging economies growing faster, a strategy has been adopted by most leading vendors in the olfactory technology product market to approach these areas. QYR analysis of the olfactory technology product market indicated that Europe and North America would account for the highest sales in 2025 with close to 76 percent of global sales coming from this region, but Asia has the highest growth rate. Vendors recognize the importance of this region, particularly in China and Japan, and are working towards penetrating this market by strengthening their sales and distribution networks.
Questions answered in the report with respect to the competitive hierarchy of the Digital Olfactory technology market:
Questions answered in the report with respect to the regional expanse of the Digital Olfactory technology market:
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Questions answered in the report with respect to the market segmentation and more:
The Digital Olfactory technology market study, in a nutshell, is comprised of an extensive analysis of this industry vertical that focuses on the regional terrain of this market and a slew of other deliverables such as insights with respect to market share, revenue projection, sales volume, market concentration rate as well as the market competition trends. Further, the report incorporates information regarding the sales channels adopted by myriad vendors in a bid to ensure the most convenient manner of product marketing. Details with regards to the contribution of traders & distributors in the supply chain are elucidated in the study as well.
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