DUBLIN--(BUSINESS WIRE)--The "Holographic Imaging Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The holographic imaging market is likely to reach around $4.50 billion by 2024, growing at a CAGR of approximately 39% during 2018-2024.
The holographic imaging market is undergoing an enormous transformation. Opportunities such as the increasing use of holographic imaging in the healthcare industry, high demand from the fashion industry, growing investment in holographic technology, growing innovations in consumer electronics, and the increasing popularity of touchable holographic displays are expected to fuel the holographic imaging market in the coming years.
With constant research, hologram technology is witnessing massive demand from several domains. Advancements in digital cameras, display technology, high-speed internet connectivity, and the convergence of AI (artificial intelligence) technologies, reconstructing digital signals to furnish holographic images in real-time have opened new business prospects for holographic imaging applications, which is further expected to propel the holographic imaging market during the forecast period.
Also, developers and researchers are trying to introduce user-friendly and economical technology by enhancing features. Hence, the increasing smart devices penetration, high disposable incomes, and the demand for new technologies will drive the market in the coming years.
The market has given new dimensions to the travel and hospitality industry. The technology is widely used at hotels and airports for multiple purposes such as check-in counters, security checkpoints, concourses, baggage claim, gate hold, and at commercial places. For instance, in 2017, the Wellington developed a giant hologram Point Zero at Auckland International Airport.
The airport authorities used the hologram for disseminating the useful message in public interest such as warning international travelers about the dangers of inadvertently bringing fruit flies into the country. Similarly, in China 2017, Guangzhou Baiyun International Airport introduced three holographic display solution as customer executives, guiding them to check their belongings.
Holographic Imaging Market: Segmentation
The market research report includes detailed market segmentation by technology, end-user, application, display type, and geography. The holographic imaging market by technology can be segmented into reflection, transmission, and hybrid. The hybrid segment was is expected to grow at a CAGR of around 42% during the forecast period. Hybrid technology is one of the most adopted techniques of the holographic imaging market.
Vendors are constantly looking to improve the product quality by investing capital in R&D activities. However, many startups are also coming up with new simpler and cheaper technologies. It is expected that hybrid technology will be extensively used for holographic image solution by 2024. The transmission segment captured around one-third of the global holographic imaging market in 2018. The reflection segment is expected to grow at a CAGR of around 34% during the forecast period.
The holographic imaging market by end-user can be segmented into healthcare, commercial, defense and aerospace, education, corporates, tourism, and others. The healthcare segment has captured more than half of the market and is expected to grow at a CAGR of around 37% during the forecast period.
Some of the major innovations in the healthcare industry includes Next-generation sequencing (NGS), 3D-printing, Immunotherapy, Artificial Intelligence (AI), Point-of-care diagnostics (POC), Virtual Reality (VR) and Augmented Reality (AR), biosensors and trackers, convenient care, telehealth, and the use of social media for enhanced consumer experience. Hence, holographic technology will help to make treatment and diagnosis easier, more accurate, and efficient, which is likely to benefit the holographic imaging market significantly. Tourism is the fastest growing end-user and is expected to grow at a CAGR of around 45%. The commercial segment is one of the major end-users, which is expected to add significant revenue to the holographic imaging market by 2024.
The holographic imaging market by the application can be segmented into image production, 3D replication, information storage, scanning and detection of scattered lights, real-time non-destructive testing, and inspection. In 2018, the image production segment captured around one-third of the market and is expected to grow at a CAGR of around 34% during the forecast period.
This technology is highly used in the healthcare industry and galleries. The information storage application is expected to overcome the data storage challenge. With the growing number tech-savvy population and unprecedented growth in data generation, the storage space is likely to be constrained and the threat of data loss is growing. Hence, holographic imaging provides data storage in an economical and effective way. Data can be stored in the form of optical holograms, which can be easily retrieved during contingencies. Other segments such as scanning and detection of scattered light, and real-time non-destructive testing and inspection are also growing rapidly.
The holographic imaging market by display type can be segmented into laser plasma, micromagnetic piston, touchable, and holographic TV display. In 2018, laser plasma captured three-fourth of the market and is expected to grow at a CAGR of around 36%. Micromagnetic piston displays are likely to grow, however, market growth is likely to be throttled high cost and susceptibility to mechanical failures.
Touchable and holographic TV displays will emerge a major trend in the holographic imaging market during the forecast period. These segments are expected to grow at significant CAGRs of 45% and 48%, respectively, during the forecast period.
Market Growth Enablers
- Increased Use of Holographic Imaging in Healthcare
- Rising Demand for Projecting in Events & Fashion Shows
- Growing Need for Early Diagnosis
- Rising Investment in Holographic Technology
- Improper Visibility and Clarity Due to Hardware and Software Issues
- Lack of Consumer Awareness & Low Technology Acceptance
- Threat from Traditional Display Products
Market Opportunities & Trends
- Growing Demand for Innovative Consumer Electronics
- Increasing Popularity of Touchable Holographic Displays
- Growing Smart City Concepts
- Technology Shaping Future Travel & Hospitality Industries
Key Company Profiles
- HoloTech Switzerland
- Lynce Tec
- RealView Imaging Ltd
- NanoLive SA
- LEIA INC
- Jasper Display Corp
- Provision 3d Media
Other Prominent Vendors
- Musion 3D (MDH)
- Trikona Technologies
- AV Concepts
- Ovizio Imaging
- Virtual On
- Shenzhen Smx Display Technology Co Ltd
- AveGant Corp
- KIno-MO Ltd
- Looking Glass Factory
For more information about this report visit https://www.researchandmarkets.com/r/1x1wz5