With technological innovations becoming more frequent and newer applications being uncovered at a persistent rate, the 3D imaging market is ripe for growth, reports TMR in a new study. The market presents ample growth opportunities for companies prepared to align their strategies with rapid technological shifts.
The highly fragmented global market for 3D imaging witnesses the presence of technology giants such as Microsoft Corporation, Hewlett-Packard Corporation, Google Inc., Lockheed Martin Corporation, GE Healthcare, Philips Healthcare, and Panasonic Corporation. Amid the starkly competitive environment, featuring companies which have always remained at the forefront of any revolutionary technology, new product innovations and development will be the key to growth, marks TMR.
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Demand for Industrial Automation and Effective Imaging Modalities in Healthcare Industry to Drive Market
The major driving forces behind the vast growth prospects of the 3D imaging technology is its increased usage in the healthcare and industry automation applications. The healthcare industry, especially, has presented manifold growth opportunities for 3D imaging in areas such as diagnosis, surgery, and research. With the rising demand for effective diagnosis technologies in medical disciplines such as oncology, dentistry, cardiology, and gynecology, the 3D imaging market is expected to gain a major share in its overall revenues from applications across the healthcare industries in the near future.
The rising usage of 3D imaging in machine vision applications across the field of industrial automation is also providing significant growth opportunities for the global 3D imaging market. The use of 3D imaging has enabled significant expansion of automation across manufacturing facilities in the past few years. In the next few years, applications of 3D imaging such as 3D depth perception and non-contacting detection will empower machine vision techniques and thus have a major impact on industrial automation. Industrial applications of 3D imaging accounted for an 18.7% share in the global market’s overall revenues in 2014 and is expected to expand at a massive 27.4% CAGR over the period between 2015 and 2021.
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Asia Pacific Market for 3D Imaging: a Laggard No More
Home to some of the leading technology companies in the world, North America has forever had the advantage of early availability of innovative technologies and products. This factor has also favored the 3D imaging market in the region, allowing it to be a dominant regional market over the past many years. In 2014, North America accounted for a dominant 38.72% share in the overall revenues of the global 3D imaging market. Europe proved to be another regional market ripe for growth of the 3D imaging technology and the region accounted for the second largest share of 33.03% in the global market in the same year.
With a relatively moderate 19.8% share in the overall market’s revenues in 2014, Asia Pacific emerged as the third most promising regional market for the 3D imaging technology. But excellent receptiveness across a number of industries and consumer electronics products, growth prospects of the 3D imaging market in the region look bright over the next few years. Increased adoption of 3D imaging in the automotive and consumer electronics industries in Asia Pacific will massively benefit the global market. Expanding at the fastest CAGR of 27.8% from 2015 to 2021 among key regional markets, Asia Pacific will emerge as a prominent contender for the top spot in the global 3D imaging market.
On a whole, the global market for 3D imaging is expected to witness expansion at a strong 26.8% CAGR over the period between 2015 and 2021, rising from a valuation of US$3.51 bn in 2014 to US$17.99 bn by 2021.