(EMAILWIRE.COM, April 16, 2019 ) The digital imaging market was valued at USD 14.33 billion in 2017 and is expected to reach USD 24.08 billion by 2023, at a CAGR of 8.81% during the forecast period. Factors driving the growth of the digital imaging market include technological advantage over traditional methods, growing need of industrial automation, and increasing consumer awareness raising the bar of safety and quality standards.

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The growth of the digital imaging market is driven by factors such as technological advantage over traditional methods, growing need of industrial automation, and increasing consumer awareness raising the bar of safety and quality standards.

Metrology to hold largest share of digital imaging market by 2018

Metrology is expected to hold the largest share of the digital imaging market by 2018. Metrology systems are widely used in the industries such as automotive, aerospace, energy & power, medical, and electronics to streamline their quality assurance processes and improve their manufacturing efficiency. Metrology is used in inspecting components, assembling, production planning, documenting large volume spaces, and surveying, among other applications.

Automotive to hold largest share of digital imaging market by 2018

The increasing adoption of industrial 4.0 would help enhance productivity through quality control by allowing the manufacturers to detect defects as well as enabling the predictive maintenance of factory machinery. Thus, the increasing adoption of industry 4.0 for making the processes more efficient through timely flaw detection is expected to drive the growth of the digital imaging market for the automotive industry. The automotive industry is expected to hold the largest share of the digital imaging market by 2018.

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Digital imaging market in APAC to grow at highest CAGR during forecast period

The digital imaging market in APAC is expected to grow at the highest CAGR during the forecast period. Increasing population, rapidly growing economies (developed as well as developing), and government initiatives to promote industrial growth have made APAC an ideal destination for production units for various sectors including semiconductor, electronics, and automotive. Other major drivers for the growth of the market in APAC include the growing inclination toward energy generation projects based on alternative sources such as nuclear power, wind turbines, and hydroelectricity owing to the growing concerns regarding the depleting natural sources of energy.

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GE (US), Olympus (Japan), Hexagon (Sweden), Cognex (US), Nikon (Japan), OMRON (Japan), Ametek (US), Matrox (Canada), Teledyne Technologies (US), National Instruments (US), and Keyence (Japan) are a few key players in the digital imaging market.

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