Smart sensor providers have adopted several strategies, such as the introduction of new solutions and collaborations, for expanding their capabilities. In 2023, the industry of smart sensors was characterized by stiff competition among the top five players, which accounted for 60% of the value share. Moreover, major industry players, such as Analog Devices Inc., Infineon Technologies AG, STMicroelectronics International N.V., TE Connectivity Ltd., and Microchip Technology Inc., have global presence and vast range of products on offer, thereby impacting the market trends.
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