Digital Scent Technology Market Size Is Anticipated To Reach USD 2.06 Billion By 2030

 

San Francisco, 29 Oct 2024: The Report Digital Scent Technology Market Size, Share & Trends Analysis Report By Hardware (E-noses, Scent Synthesizers), By Application, By End-use (Medical, Entertainment), By Region, And Segment Forecasts, 2024 - 2030

The global digital scent technology market size to reach at USD 2.06 billion in 2030 and is expected to grow at a CAGR of 10.2% from 2024 to 2030. Numerous factors, such as advancements in VR/AR and gaming, innovations in scent delivery systems, increased R&D investments, and growing environmental monitoring, are primarily driving the growth of the market. Moreover, digital scent technology is increasingly used for diagnosing various medical conditions, such as detecting diseases through breath analysis, and therapeutic applications, such as aroma therapy and stress relief. These factors collectively drive the growth of the market.

Companies and research institutions are increasingly investing in the development of digital scent technologies, leading to new products and applications. This investment is fostering innovation and expanding the market. Digital scent technology is also used in environmental monitoring, including detecting hazardous gases and pollutants. The demand for more accurate and sensitive detection methods in industrial and environmental applications is contributing to market growth. Furthermore, scent marketing is a powerful tool in retail and advertising. Digital scent technology allows companies to create customized scent experiences for consumers, which can influence purchasing behavior and enhance brand recognition.

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Personalization in consumer products is driving the growth of the digital scent technology market. Users can customize their scent experiences based on personal preferences, which is appealing in both consumer and healthcare markets. As smart devices and Internet of Things technologies become more prevalent, there is a growing interest in integrating scent capabilities into consumer electronics, such as smartphones, wearables, and smart home devices. Advances in scent delivery systems, such as more accurate and miniaturized devices, are making digital scent technology more accessible for various applications, such as personal gadgets and large-scale installations.

Recent Developments

• In August 2024, OW Smell Made Digital raised USD 2.2 million for digital scent production. OW Smell Made Digital's inaugural utilization of its digital scent technology targets enhancing sleep quality. It plans to license its AI platform and hardware technology to industry collaborators, to develop custom scents to enhance sleep.
• In June 2024, Aroma Bit, Inc. developed a new type of odor imaging sensor chip using CMOS semiconductors, developing a prototype known as an e-nose. This innovative sensor chip, featuring an area for the sensor element of 1.2 x 1.2 mm, comes integrated with peripheral driver and A/D converter circuits.
• In April 2024, Pine Tree Lincoln, car dealer in Canada, introduced Digital Scent Collection designed only for the 2024 Nautilus (midsize SUV). Pine Tree Lincoln The broadened its fragrance assortment, adding seven digital in-cabin aromas. These scents are designed to offer a fresh and personalized ambiance within the interior of the brand-new SUV, crafted in partnership by expert perfumers and Lincoln designers.

Key Digital Scent Technology Company Insights

Key digital scent technology companies include Affectiva, Aroma Bit, Inc., and Aromajoin Corporation. Companies active in the digital scent technology market are focusing aggressively on expanding their customer base and gaining a competitive edge over their rivals. Hence, they pursue various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development. For instance, in August 2023, Osmo, AI and scent technology provider, collaborated with Monell Chemical Senses Center, University of Reading, and Arizona State University to introduce "A Principal Odor Map Unifies Diverse Tasks in Human Olfactory Perception," a seminar paper in Science. The company utilizes graph neural networks (GNN) to create a cutting-edge Principal Odor Map (POM), marking the generalized odor mapping that surpasses human capabilities in predicting scents. By training their machine learning model on a dataset comprising 5,000 molecules, they were able to forecast the aromas of hundreds of previously unshelled molecules, relying purely on their molecular composition.

Key Digital Scent Technology Companies:

The following are the leading companies in the digital scent technology market. These companies collectively hold the largest market share and dictate industry trends.

• Affectiva
• Aroma Bit, Inc.
• Aromajoin Corporation
• Fraunhofer IIS
• Kiwa Bio-Tech Products Group Corporation
• Owlstone Inc.
• Scentsy, Inc.
• Sensigent LLC
• Smiths Detection Group Ltd.
• The eNose Company

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