Digital Holography Market | Software offerings to grow at higher CAGR

The 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", 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.

North America to account for largest market size during forecast period

The region is technologically advanced and an early adopter of emerging technologies and is expected to be a front runner in the global digital holography market. Additionally, North America is home to major vendors of digital holography solutions; the high demand for holographic solutions in various industries such as commercial, aerospace & defense, medical, and others is a dominant driving force substantiating the market growth in the region. The majority of the demand for digital holographic systems in the region is from the US. Growing commercial spaces coupled with escalated demand for holographic displays is driving the said market in North America.

Key Market Players

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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