The news covered in this section deliver valuable thoughts at the different stage while keeping up-to-date with the business and engage stakeholders in the economic debate. The areas included in the report are made by using the data of the key business sector. It also provides region-wise and country-wise growth rates of the Digital Imaging Market. It also covers breakdown by product and application by incorporating details of the market size depending on development and applications. The report provides insights on Market Penetration, Market Development, Market Diversification, Competitive Assessment & Intelligence, and Product Development & Innovation.
Digital Imaging Market Overview
The Digital Imaging Market size was estimated at USD 21.34 billion in 2023 and is projected to reach USD 34.86 billion in 2030 at a CAGR of 7.26% during the forecast period 2023-2030.
Digital imaging is the using a digital scanner or another imaging equipment, turns printed text, artwork, and pictures into digital images. Each digital picture has a specific number of pixels or dots that are displayed on a screen. Every pixel is carefully mapped on a grid and recorded on a computer. The hue or colour of a picture is determined by the tone value of each pixel. The value, which consists of "bits" of data, is encoded in binary code.
One of the primary factors driving the growth of the digital imaging market is the introduction of technologically sophisticated imaging equipment. Moreover, one of the key aspects projected to significantly contribute to the increasing product demand throughout the forecast period is the growing adoption of modern AI-enabled imaging equipment for speedy diagnosis and predictive analysis in developed nations. The requirement for digital imaging equipment is anticipated to increase in the worldwide healthcare industry as a consequence of factors including aging populations and rising need for early-stage chronic disease diagnosis.
On the other hand, it is anticipated that expensive system and implementation costs may impede market expansion. The digital imaging industry is expected to have difficulties throughout the forecast period due to a lack of qualified labour.
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The COVID-19 epidemic has had a huge influence on the global digital imaging market. An overall global slowdown in new projects has resulted in a drop-in demand for digital imaging. Due to workers staying at home, it has been difficult for multinational firms to incorporate modern digital imaging technology, which has disrupted supply chains throughout the world.
Delvens Industry Expert's Standpoint
The Digital Imaging Market is expected to grow during the forecast period. This growth can be attributed to several factors. Firstly, the introduction of technologically sophisticated imaging equipment is driving the growth of the market. Moreover, one of the key aspects projected to significantly contribute to the increasing product demand throughout the forecast period is the growing adoption of modern AI-enabled imaging equipment for speedy diagnosis and predictive analysis in developed nations. The requirement for digital imaging equipment is anticipated to increase in the worldwide healthcare industry as a consequence of factors including aging populations and rising need for early-stage chronic disease diagnosis. However, expensive system and implementation costs may impede market expansion.
Key Findings
• Based on technology, the market is segmented into Machine Vision, Metrology, Radiography, and LiDAR. Machine Vision dominated the market in this segment. Computer-based systems, smart cameras with smart sensors, or hybrid smart camera vision systems all have machine vision capabilities. Due to its assistance with defect detection, measuring, guiding and component tracking, identification, OCR/OCV, package inspection, pattern recognition, product inspection, and surface inspection, among other things, it is crucial in industrial verticals. A very high-quality image with the right resolution may be produced with machine vision in digital photography since it offers proper lighting and optics.
• Based on application, the market is bifurcated into Inspection, Reverse Engineering, and Surveying. Inspection dominated the market in this segment. With the introduction of many imaging technologies, including radiography, machine vision, and others, digital imaging now has a wide variety of applications in numerous industry sectors. To boost productivity and lower safety risks, digital imaging delivers inspection data that is more timely, secure, and comprehensive. It may be used to test the pipes' welds and castings, to measure pipelines for corrosion, to check the quality of aeronautical components, and more.
• Based on industry, the market is segmented into Oil & Gas, Aerospace, Automotive, Power Generation, Public Infrastructure, Pharmaceutical, and Others. Automotive industry dominated the market in this segment. Innovation and the utilization of cutting-edge technology, such digital imaging for automobiles, are essential to improving product performance as well as cost and quality control. As manufacturing processes become quicker and more complicated while stricter enforcement of safety and quality requirements, the need for an automated quality control system is growing.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period due to the continuous development of dedicated graphics applications within the region.
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Digital Imaging Market Regional Analysis
North America to Dominate the Market
• North America is estimated to account for the largest market share during the forecast period due to the continuous development of dedicated graphics applications within the region.
• Moreover, the presence of major key players within the region is expected to drive the growth of the market during the forecast period.
Digital Imaging Market Competitive Landscape
• Ametek
• Canon Inc.
• Cognex
• FUJIFILM Corporation
• GE
• Hexagon
• IBM Corporation
• Keyence
• Kodak
• Matrox
• Microsoft
• Mitsubishi Imaging Inc.
• National Instruments
• Nikon Corporation
• Olympus
• OMRON
• Panasonic Corporation
• RICOH IMAGING COMPANY
• Samsung Electronic as Co.
• Sony Corporation
• Teledyne Technologies
Digital Imaging Market Recent Developments
• In August 2022, the next-generation premium fixed X-ray equipment from GE Healthcare will act as radiology departments' "personal assistant."
• In December 2022, Hackensack Meridian Health and Hologic Tap Google Cloud's New Medical Imaging Suite for Cancer Diagnostics.
Digital Imaging Market Reasons to Acquire
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Digital Imaging Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Frequently Asked Questions
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