PORTLAND, Oregon and PUNE, India, November 17, 2016 /PRNewswire/ -- A new report by Allied Market Research, titled, " Smart Material Market - Global Opportunity Analysis and Industry Forecast, 2015 - 2022," projects that the global smart material market is expected to generate revenue of $72.63 billion by 2022, with an estimated CAGR of 14.9% from 2016 to 2022. (Logo: http://photos.prnewswire.com/prnh/20140911/647229 ) In the year 2015, Asia-Pacific was the highest revenue-generating region, owing to high adoption of products developed by using smart materials in various end-user industries such automotive, manufacturing, construction, and defense along with large number of small players offering smart materials. Furthermore, the region is projected to continue its dominance throughout the forecast period, due to increasing adoption of Internet of things (IoT) applications. North America was the second largest market, in terms of revenue generation, followed by Europe. Major factors that boost the smart material market in Asia-Pacific region include growing geriatric population, declining prices of smart materials, and improving standards of living in countries such as India, China, and Japan. In addition, evolution in IoT and increasing demand for connected devices are projected to drive the market growth worldwide. Summary of the Smart Material Market Report can be accessed on the website at:https://www.alliedmarketresearch.com/smart-material-market In the year 2015, the actuator & motor segment dominated the market with around 44% share, owing to high performance, innovation, and continuous improvements in variety of industrial applications. In terms of growth, the sensor segment is projected to expand at the highest CAGR of around 18% during the forecast period. This is attributed to widening applications of connected devices equipped with smart sensors by end users.