Digital Olfactory Technology Market Growth & Forecast [2030]

Report Description

Digital Olfactory Technology Market Outlook

The global Digital Olfactory Technology market was valued at USD 962.3 million in 2020 and is projected to reach USD 1,896.6 million by 2028, expanding at a CAGR of 9.3% during the forecast period. Digital scent technology is used for detecting and generating scents by utilizing software program and hardware devices.

Hardware devices generate scents with the help of a software program which is installed in electronic products such as smartphones, computer systems, and tablets. E-noses and scent synthesizers are the key hardware devices used in digital scent technology. During the projection period, the market is expected to be driven by growth in the entertainment industry, as well as advancement from analogue to digital technology and technological advancements.

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Digital Olfactory Technology Market Macro-economic Factors

Technological Advancement

Investing in new technology and product development is a source of growth for businesses. Traditional technology is being improved, while new prospects in the technology, media, and telecommunications industries are being explored. Designers are focusing on making software that is easy to use. Technological improvements assist a wide range of sectors around the world, as well as market expansion.

Coronavirus

Covid-19 is affecting the broadcast equipment, and the impact is worsening on the Digital Olfactory Technology market. Furthermore, the disruption in the supply chain has had a negative impact on the supply of manufacturing components and finished products throughout the region. As a result, the outbreak of the COVID-19 pandemic had a negative impact on the global market.

Furthermore, Investors were restricted from investing in the industries, and the key players in the market were extremely worried. Investment in security and surveillance, retail, and media and entertainment are typically high across the region, due to the COVID-19 pandemic, which reduced end-user investments in innovative and advanced products and technologies.

Scope of Digital Olfactory Technology Market Report

Digital Olfactory Technology Market Dynamics

Market Driver

• Rising use of E-nose technology for quality assurance, storage, and production in food industry

Electronic noses have recently emerged as a potential technology for a number of food quality control and tracking applications, including microbial contamination detection, and the industry is likely to grow. Chemical and biosensor technologies have arisen as options for food quality management due to their ease of use, low cost, rapidity, and excellent correlation with sensory panels.

Electronic noses (ENs) are scent detection devices that combine semi-selective gas sensors with a pattern-recognition algorithm. Process monitoring, freshness evaluation, shelf-life study, authenticity determination, and product traceability are all done with e-noses in the food business. As a result, the market is likely to be driven by the growing use of E-nose technology in the food industry for quality assurance, storage, and production.

• Increasing R&D activities to develop an e-nose to detect COVID-19

Many countries are focused on developing portable technology, such as e-nose, that can detect people with COVID-19 based on the disease's particular smell signature. Research and development advances are expected to have a substantial impact on the healthcare industry.

Based on previous research with a general E-nose, it's thought that an optimized E-nose can provide accurate real-time diagnoses in areas like airports, workplaces, and cultural events, potentially aiding social and economic recovery during the COVID-19 pandemic. As a result, the market is predicted to grow as R&D activities to create an e-nose to detect COVID-19 increase.

Market Restraint

High cost associated with digital olfactory technology and Unpredictability of air flow

The high cost and cheap availability of replacements for detecting explosives in military and defense applications are projected to stifle the growth of the digital olfactory technology industry. The adoption of electronic noses has stalled significantly in numerous industries because to their exorbitant cost.

The high cost of an electronic nose is a major concern that is limiting the market's growth to some extent. Scents are nice on their own; nevertheless, when blended, they are unpleasant. As a result, the market is likely to be restrained during the projection period due to the unpredictability of air flow.

Market Opportunity

Growth opportunities of E-noses in environmental monitoring, and Applications of E-nose in security and military sectors

Analysis of environmental quality parameters, process control, and evaluation of odor control system efficiency are all examples of applications in the environmental field. The majority of electronic noses are used for air analysis. They are used to determine the water's purity. In these cases, the characteristics of the water are recognized by using an electronic nose in the head space above the water or equipment with a matrix of liquid sensors that function similarly to human taste sensors.

As a result of the market's increasing potential for E-noses in environmental monitoring, the market grew. In the security and military sectors, as well as for illness diagnosis, digital olfactory technology is used. As a result, in both public and military circumstances, police and military personnel use digital scent technology to detect bombs.

The use of fragrances as password generators is a novel method to security that has been developed and tested. It is anticipated to open up new market opportunities for dozens of OTT platforms with more paying subscribers in the future.

Digital Olfactory Technology Market Segmental Outlook

In terms of types, the digital olfactory technology market is segmented into E-nose and scent synthesizer.

The hardware segment had a substantial market share in 2020 and is probable to grow at a significant CAGR over the forecast period, Modeling languages or programming are frequently used to describe hardware circuits as digital hardware design becomes more similar to software design. Additionally, adopting a hardware video wall controller provides high performance.

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Based on applications, the digital olfactory technology market is segmented into entertainment, healthcare, food & beverage, environment, and others.

Applications of digital olfactory technology in environmental monitoring, security, and military sectors are providing lucrative prospects for market players. Use of digital olfactory technology in biomarker for lung cancer diagnostics is expected to drive the market. Environmental protection, biomedical diagnosis, people safety, and product development are some of the factors that are propelling the market growth.

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Digital Olfactory Technology Market Regional Outlook

Based on regions, the global digital olfactory technology market is segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America accounted for a significant share of the market in 2020 and the market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period. North America holds a large share of the global market, which is attributed to the strong demand for digital scent technology in the region that originates mostly from end-users in the food and beverage, medical, marketing, and entertainment industries.

In 2020, the market in countries such as Germany and the UK grew substantially, owing to ongoing research activities to develop low-cost odor sensors and increasing focus on development of electronic noses for applications in food industry. Extensive R&D operations carried out by various companies in Europe are projected to drive the market in Europe, benefiting manufacturers in product development.

For example, Alpha MOS SA (France) developed an E-nose to determine the influence of chimney smoke on human health by installing two e-noses in chimneys that operate as biofilters to filter hazardous scents.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Digital Olfactory Technology Market
• Historical, Current and Projected Market Size in terms of Value
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players