3D Imaging Market Worth 16.6 Billion USD by 2020
According to a new market research report published by Markets & Markets, the global 3D imaging market is expected to grow from 4.9 Billion USD in 2015 to 16.6 Billion USD in 2020, at a compound annual growth rate (CAGR) of 27.5%. North America is expected to be the largest market in terms of market size, while Europe and Asia-Pacific are expected to experience an increase in market traction during the forecast period.
The 3D imaging market is expected to grow significantly owing to the enhancement and modernization of technology in this sector. 3D imaging technologies have been adopted extensively by organizations across various industry verticals. With the expansion in the demand for 3D imaging technologies, the market for 3D imaging is experiencing a rapid traction across diverse industry verticals such as security and defense, healthcare, and media and entertainment, thereby driving its adoption, globally. Furthermore, with the commercialization of 3D imaging in various products such as gaming, smart phones, animation, cameras and camcorders, televisions, and within various sectors including healthcare vertical, its adoption is heightened.
The 3D imaging market is mainly driven by the fact that the technology delivers an image with a third dimensional depth and offers better experience to viewers. It is extensively adopted across the healthcare and entertainment industry vertical. However, the lack of 3D content and the high cost of available 3D imaging solutions are deterring the market growth. Additionally, the security and defense industry is considerably benefiting from 3D imaging, primarily in simulation, facial identification, and target (object, weapons or explosives) detection. Moreover, the automotive and construction sectors are progressively adopting 3D imaging solutions for designing, preview, and rectification of the final versions of the end products.
With the changing technological scenario, enterprises are demanding advanced 3D imaging solutions for market expansion, along with increased profit margin, by offering refined innovative products and services to end users. Moreover, with the introduction of low cost 3D imaging solutions, the growth of the 3D imaging market has been further accelerated. However, the lack of infrastructure to support diverse 3D imaging devices and solutions is acting as a restraint in the growth of this market.
For the full version of this report, please visit the Markets & Markets website.