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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Opportunity: Latent opportunities for digital holographic solutions from countries in APAC
In APAC, digital holography (DH) has emerged as a front-runner for phase imaging by providing the quantitative phase measurements of wavefields with high accuracy and in near real-time. Digital holography (DH) is used to investigate engineered surfaces at the microscale level owing to its high precision and fast reconstruction rate. The technology is widely being used in industrial applications. APAC has a number of economies with varying development levels and a wide variety of industries. Major emerging economies such as India, Indonesia, and China have huge potential to adopt the technology as there has been an increasing growth of consumer electronics & automotive industries in the region.
Challenge: Lack of technological awareness in market
There has been a growing demand for digital holography in different applications. However, there is a startling gap in awareness about key technologies among professionals. Despite numerous technological advancements in the particular field, certain issues such as the positioning and assembling of the setup for an exact projection of holographic display still present a challenge for this market. There are only a few skilled technicians in the field of holographic displays. Another challenge is to build a true 3D display based on holographic technology that is practical, as well as commercially viable. The deflection of light requires features that are similar to the wavelength of light that is less than a micron. This is a major technical concern and poses a challenge for the display design from the point of view of manufacturing, computation, and bandwidth.
Market for software segment is expected 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 display 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.
Digital holographic display to hold largest share of the digital holograpy market during forecast period
Rapid improvements in spatial light modulators and fast computers offer high-pixel density, which enables natural, colorful, and high-quality 3D motion-picture image formation on a holographic display without using lenses. These displays tailor light fields to resemble realistic 3D images with motion parallax and continuous depth cues. However, holographic displays available today can only provide a subset of the required visual cues due to inherent limitations such as low resolutions and angular Field-of- View (FoV). Yet improvements and steady developments in photonics, microelectronics, and computer engineering are expected to lead to the development of full parallax digital holography displays with acceptable rendering quality.
Commercial vertical expected to hold largest market share during 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, exhibitions, presentations, and conferences. Digital electroholographic display technology is an ultimate solution for 3- dimensional displays as it offers perfect 3-dimensional visual cues. 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 through alluring and memorable experiences. Utilizing holographic point of sale (POS) visuals helps to increase and improve customer flow and engagement.
North America expected to account for largest market share from 2020 to 2025
North America is technologically advanced, and an early adopter of emerging technologies 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 other is a dominant driving force substantiating the market growth in the region. There has been an escalated demand for holographic displays for commercial applications by retailers.
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