CHICAGO, Jan. 16, 2020 /PRNewswire/ -- According to the new market research report "Digital Holography Market by Offering (Hardware and Software), Application (Microscopy, Holographic Display, Holographic Telepresence), Vertical (Commercial, Medical, Automotive), Technique, Process, Region - Global Forecast to 2024", published by MarketsandMarkets™, the Digital Holography Market is projected to reach USD 5.4 billion by 2024 from USD 2.2 billion in 2019; growing at the highest CAGR of 19.8%. Major drivers for the market's growth are rising demand for digital holography in medical and commercial applications, the growing adoption of digital holography in the financial sector for security purposes, and increasing use of digital holography microscopy for precise measurements. Furthermore, underlying opportunities for the digital holography market include potential demand for holographic displays for near to eye applications, and latent opportunities for digital holographic solutions from countries in APAC particularly, China, Japan, and South Korea. Major restraints for the market are the high cost of digital holographic products. Computational complexities in the acquisition and reconstruction of holograms and the lack of technological awareness in the market pose a major challenge to the digital holography market.
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"Software offerings to grow at higher CAGR during forecast period"
Software algorithms are used in computers for the reconstruction of holographic images. In advanced systems, these algorithms produce high-quality images with 3D visualization in less time. In digital holographic displays and holographic telepresence, computerized algorithms are increasingly being used for image processing. This is expected to boost the development of software packages for projection, imaging, and reconstruction purposes. Various software applications are being developed to make image processing more effective and accurate, within less time. As hardware components are one-time investments, the demand for software components is expected to be higher during the forecast period, as they are constantly upgraded.
"Digital holographic microscopy to register highest CAGR during forecast period"
Digital holography finds application in microscopy, display, and telepresence. The market for digital holographic microscopy (DHM) is expected to grow at the highest CAGR during the forecast period. DHM is used in a wide range of applications ranging from holographic aperture ladar (HAL) to vibration analysis. In medical and biomedical sectors, digital holographic microscopes are used to display the 3D images of living cells in real time. In material science, DHM is used routinely for research in academic and industrial labs, depending on the application, microscopes can be configured both in transmission and in reflection. The attractive features of DHM such as high-acquisition rate, the monitoring of physiological and pathological activity of cells and tissue culture, along with non-contact, non-destructive, and marker-free capabilities in vivo imaging are driving the adoption of DHM in medical applications.
Commercial vertical to hold largest size of digital holography market during forecast period
Based on vertical, the digital holography market is segmented into medical, aerospace & defense, automotive, consumer, commercial, and others. The commercial vertical is expected to dominate the digital holography market, in terms of size, during the forecast period. The commercial vertical includes education, banking, hospitality, retail, and corporate. Digital holographic technology offers spectacular results with regard to visual effects when used in shows, live events, product launches, advertising, and promotions using digital signage and interactive kiosks. Retailers are focusing on the methods of differentiating themselves to attract more customers. Thus, they are adopting digital holographic displays to improve engagement with their customers by attracting them through memorable experiences. The increasing adoption of digital holographic displays in the commercial vertical for advertising and marketing is driving the said market.
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"Market in APAC is expected to grow at highest CAGR during next 5 years"
APAC is a potential market for digital holography systems with huge opportunities for the development and implementation of new technologies. The market in APAC is expected to witness rapid growth owing to the growing number of commercial spaces in the region. China accounts for the majority of the demand for digital holography solutions from the region, owing to the growing interest of consumers in realistic 3D imaging systems. Digital holography technology extends far beyond its common usage in pop concerts and other forms of entertainment. It has a wide range of diverse applications and is being used to actively improve many areas of industry including medical, commercial, and aerospace & defense. The digital holography market in APAC is expected to grow at the highest CAGR in verticals such as medical, commercial, and consumer.
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Lyncee Tec (Switzerland), Holoxica Limited (UK), RealView Imaging (Israel), HoloTech Switzerland AG (Switzerland), EON Reality (US), Geola Technologies (Lithuania), Holmarc Opto-Mechatronics (India), Ovizio Imaging Systems (Belgium), Leia (US), and Phase Holographic Imaging (Sweden) are a few of the leading players in this market. The other players operating in the digital holography market include MetroLaser (US), MDH Hologram (UK), Holotronica (UK), Light Logics Holography and Optics (India) Digitos Technologies (India), and Trimos (Switzerland). Whereas, Jasper Display Corp. (Taiwan), HOLOEYE Photonics (Germany), MIT Media Lab (US), and Fraunhofer IMP (Germany), are key innovators operating in this space.
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