Alphabet’s (GOOGL - Free Report) division Google has made its foray into the radar-based motion sensing device space by winning the U.S. regulators’ approval for Project Soli.
Notably, Soli is a low-radar based fully integrated sensor which operates in the 60-GHz ISM band. This is likely to aid in reducing radar system design complexity and power consumption.
Per the latest deal, Federal Communications Commission (“FCC”) will allow Google to operate Soli sensors at higher power levels. This will enable the company in experimenting with Soli sensors which fit on to any chip.
With the recent approval, Google gets an opportunity to capitalize on benefits from the radar sensor market which holds immense growth opportunities.
Per a report from Markets and Markets, this particular market is expected to witness a CAGR of 19.51% between 2017 and 2023. Further, it is projected to reach $20.64 billion by 2023.
Additionally, the flexibility feature of Soli sensors (it can be embedded in any devices such as wearables, phones, computers, cars and IoT devices) will enable Google to rapidly penetrate the global touchless sensing market.
Notably, the market is expected to witness a CAGR of 17.3% between 2018 and 2023 and hit $18 billion by 2023, per a report from Market Research Future.
Google is likely to bring social benefits with the success of the project. A Soli sensor comes with virtual tools that provide virtual control via user’s hand gestures.
Users will be able to utilise a virtual button between their thumb and index finger, helping them to control their devices, in turn availing a touchless technology.
Consequently, Google is well-poised to help device users with speech disability by incorporating Soli sensors into the devices.
Further, the hand gesture feature of these sensors can be utilized in aircrafts as well.
Zacks Rank and Stocks to Consider
Alphabet currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the broader technology sector are Akamai Technologies (AKAM - Free Report) , Alteryx (AYX - Free Report) and Badger Meter (BMI - Free Report) . All the three stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for Akamai Technologies, Alteryx and Badger Meter is pegged at 14.67%, 8% and 9%, respectively.
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