Friday 22 January 2021

Digital Holography Market: Latent opportunities for digital holographic solutions from countries in APAC

 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.

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.

“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.

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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