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The global proximity sensor market is expected to see strong growth in the next few years, reaching a value of $7.23 billion by 2028. This growth can be attributed to factors such as the rise of IoT and smart infrastructure, increasing demand for touchless interfaces, and the integration of proximity sensors with other technologies like gesture recognition and IoT. Major companies in the market include Panasonic Corporation, Schneider Electric, and Qualcomm Technologies Inc.