3D Imaging Market Challenges, Development, Opportunities, Future Growth and Trends by Forecast to 2023
The ongoing rise in demand for 3D technologies combined with the striking adoption rate of the technology across multiple industries has prompted a surge in the 3D imaging market. The 3D imaging market is experiencing significant traction and is expected to continue its fast-paced climb in the coming years.
According to a report released by Market Research Future (MRFR), the global 3D imaging market is expected to grow during the forecast period at an impressive CAGR of 28%. Furthermore, the market is projected to reach a valuation of USD 36 billion by the end of the forecast period.
The factors identified as the key drivers behind the growth of the 3D imaging market include the growing application of 3D imaging across the healthcare and automation industries, advancements in technology, supporting and neighboring applications like 3D cameras, 3D printing, and 3D viewing glasses. Other factors comprise increasing usage of tablets and smartphone devices, proliferating demand for 3D sensors and displays, and prevalent applications in planning, designing, modeling, and facial identification. The popularity of the technology has led to its emergence across various notable industries and has subsequently proliferated the demand for the market.
However, on the other hand, the rising cost of these imaging systems and software coupled with the lack of infrastructural support for these devices is forecasted to be a major hindrance to the overall growth of the global market during the assessment period.
The global 3D imaging market segmentation is done on the basis of industry, hardware, imaging solutions, and display technologies.
By industry, includes defense and security, media and entertainment, industrial imaging solutions, architecture and engineering, healthcare and medical, and others. Among these, the healthcare segment is expected to grab hold of the maximum market share due to the advancing technological developments in magnetic resonance hardware, scanning protocols, and 3D volumetric reconstruction software.
By display technologies, the market segments into holography, volumetric display, stereoscopy, auto-stereoscopy, and anaglyph.
By imaging solutions, the market comprises anaglyphy, 3D sensing, layout and animation, image reconstruction, 3D rendering, and 3D modelling.
By hardware, the market divides into 3D sensor and 3D display. 3D display segment is expected to grow significantly in the forthcoming years. However, it also boasts various disadvantages like high pricing, varying performance level, frequency arbiter is required often, and power requirement is high. All these factors positions the segment to witness restrained growth.
Regionally, the global 3D imaging market covers regions like Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among these, North America holds the leading position in the global market due to the rising activities related to research and development conducted herein. Additionally, the rising prevalence of chronic-based diseases coupled with the vast accessibility of modern healthcare facilities in the region are also aiding the overall progress of the market in terms of growth and expansion.
In Europe, the market is projected to grow in a fast-paced manner due to the burgeoning popularity of the engineering and architecture sector herein. The region holds significant role in contributing to the overall standings of the global market.
The Asia Pacific region is calculated to experience the fastest market growth during the forecast period. This is due to the ever-expanding entertainment and consumer electronics industry herein.
The global 3D imaging market hosts a number of key players, including Konica Minolta Inc (Japan), Able Software Corporation (US), TomTec Imaging Systems GMBH (Germany), Lockheed Martin Corporations (US), Panasonic Corporation (Japan), Agilent Technologies (US), Hewlett Packard Company (US), Google Inc (US), Philips Healthcare Informatics Inc (US), GE Healthcare Inc (US), and others.
April 17th, 2019, Cox Automotive, an Atlanta-based tech solutions company announced that it is spearheading a USD 30 million investment round for Fyusion, a San Francisco-based company working in the technology space of 360-degree and 3D imaging. The investment is aimed at pushing the experience of digital buying and selling to bring-it closer to live interaction.
April 15th, 2019, Liberty Defense Holdings Inc., a security firm announced in a release about its partnership with Rogers Arena. The agreement involves the rights to beta test the use of 3D imaging and AI in order to detect the potential weapon threats.
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