Smart devices penetration and demand for new technology in medical sector will drive the holographic imaging market in the coming years
Holographic imaging market size is likely to reach USD 4.5 billion by 2024, growing at a CAGR of 39% during the forecast period. A hologram is a three-dimensional (3D)image, which can be seen with a naked eye. Generally, a hologram is a photographic recording of the light field. As the world is rapidly moving toward digitization, the holographic imaging market is at the brink of setting new grounds globally. The growing adoption in the healthcare industry, the increased demand for preventive health checkups, the growing use in the defense sector, and the high demand from the commercial and corporate sectors are some of the significant factors driving the holographic imaging market.
With constant research, hologram technology is witnessing massive demand from several domains. Advancements in digital cameras, display technology, high-speed internet connectivity, and the convergence of AI (artificial intelligence) technologies, reconstructing digital signals to furnish 3d hologram images in real-time have opened new business prospects for holographic imaging applications, which is further expected to propel the market during the forecast period. Also, developers and researchers are trying to introduce user-friendly and economical technology by enhancing features. Hence, the increasing smart devices penetration, high disposable incomes, and the demand for new technologies will drive the market in the coming years.
MARKET TRENDS AND DRIVERS
Touchable displays are witnessing increased application at marketing and promotional events
The holographic imaging market is witnessing a flurry of technological transformations. A touchable holographic display is the latest technological innovation in the market. This display enables the user to touch the projection mid-air and make changes according to its demand. These displays are highly popular in the healthcare sector, followed by the defense, consumer electronics, and other commercial sectors. Currently, the touchable display is also used in commercial applications at several events as well as marketing and promotional activities. Hence, the integration of consumer electronic products with touchable displays is likely to grow during the forecast period, thus affecting the overall holographic imaging market. The holographic displays are the latest introduction in the global display market and will face stiff competition from the LED signages and displays available in the market.
The market has given new dimensions to the travel and hospitality industry. The technology is widely used at hotels and airports for multiple purposes such as check-in counters, security checkpoints, concourses, baggage claim, gate hold, and at commercial places. For instance, in 2017, the Wellington developed a giant hologram Point Zero at Auckland International Airport. The airport authorities used the hologram for disseminating the useful message in public interest such as warning international travelers about the dangers of inadvertently bringing fruit flies into the country. Similarly, in China 2017, Guangzhou Baiyun International Airport introduced three holographic display solution as customer executives, guiding them to check their belongings.
Holographic Imaging Market Segmentation
The research report includes detailed segmentation by
- Display type
Insights by Technology
Hybrid technology to be extensively used for holographic image solution by 2024
The hybrid segment is expected to grow at a CAGR of around 42% during the forecast period. Hybrid technology is one of the most adopted techniques and vendors are constantly looking to improve product quality by investing capital in R&D activities. However, many startups are also coming up with new simpler, and cheaper technologies. It is expected that hybrid technology will be extensively used for holographic image solutions by 2024.
The transmission segment captured around one-third of the holographic imaging market shares in 2018. This technology is gaining popularity, especially among healthcare, military, and commercial users. In terms of geography, North America dominated the market and captured nearly half of the segment in 2018.
The reflection segment is expected to grow at a CAGR of around 34% during the forecast period. Reflection technology is expected to grow significantly in APAC due to the growing healthcare and commercial market.
Insights by End-user
Tourism is the fastest-growing end-user and is expected to grow at a CAGR of around 45%
The healthcare segment has captured more than half of the market and is expected to grow at a CAGR of around 37% during the forecast period. Some of the major innovations in the healthcare industry include Next-generation sequencing (NGS), 3D-printing, Immunotherapy, Artificial Intelligence (AI), Point-of-care diagnostics (POC), Virtual Reality (VR) and Augmented Reality (AR), biosensors and trackers, convenient care, telehealth, and the use of social media for enhanced consumer experience. Hence, hologram technology will help to make treatment and diagnosis easier, more accurate, and efficient, which is likely to benefit the holographic imaging market significantly.
Tourism is the fastest-growing end-user and is expected to grow at a CAGR of around 45%. The usage of 3d hologram imaging technique can be used to attract more tourists and generate revenues by showcasing the precious treasure and hidden chambers, which are not open to the public due to safety, damage, and faith issues.
The commercial segment is one of the major end-users, which is expected to add significant revenue to the market by 2024. The market is likely to witness high demand from the advertising industry, musical events, and fashion shows. The market will be highly driven by the growing number of commercial activities, the booming infrastructure and exhibition market, a growing number of airports across the globe, and changing the advertising industry.
Insights by Application
Holographic imaging solutions are economical and effective data storage options
In 2018, the image production segment captured around one-third of the market and is expected to grow at a CAGR of around 34% during the forecast period. This technology is highly used in the healthcare industry and galleries.
3D replication helps the user to visualize 3D hologram images from every angle and illustrate the data that cannot be viewed in 2D. Physically, the hologram looks like a sheet of plastic where the 3D image pops out when the laser light is illuminated over it. Holoxica and Zebra Imaging are known players in the segment.
The information storage application is expected to overcome the data storage challenge. With the growing number tech-savvy population and unprecedented growth in data generation, the storage space is likely to be constrained and the threat of data loss is growing. Hence, holographic imaging provides data storage in an economical and effective way. Data can be stored in the form of optical holograms, which can be easily retrieved during contingencies.
Other segments such as scanning and detection of scattered light, and real-time non-destructive testing and inspection are also growing rapidly.
Insights by Display Types
Touchable and holographic TV displays are likely to witness significant growth during the forecast period
In 2018, laser plasma captured three-fourth of the market and is expected to grow at a CAGR of around 36%. Micromagnetic piston displays are likely to grow, however, the growth is likely to be throttled high cost and susceptibility to mechanical failures. Touchable and TV displays will emerge a major trend in the market during the forecast period. These segments are expected to grow at significant CAGRs of 45% and 48%, respectively, during the forecast period.
Insights by Geography
APAC to emerge as a key region driving the market growth
North America is dominating the market and is expected to grow at a CAGR of around 36% during the forecast period. The growing demand for better medical equipment and accurate technology for diagnosis and surgery is driving the demand for hologram technology. The healthcare industry is one of the largest end-users and is witnessing an unprecedented demand for 3d hologram technology due to its wide application in medical research and education, medical imaging, and healthcare research. EchoPixel, RealView Imaging, and NanoLive are expected to lead the holographic imaging market in North America during the forecast period.
APAC captured around one-third of the market in 2018. The technology is widely used in the medical sector, followed by the defense, entertainment, marketing, and promotional events sectors. China, Japan, South Korea, Singapore, Australia, and India are key regions driving the growth of the technology in the region.
Europe is another prominent and dynamic holographic imaging market. Expanding advertising industry, increased demand for modern medical technologies, and the growing demand for smart automobile technologies are expected to boost the demand in the European region. Further, governments in the region under the Horizon 2020, which is the EU’s largest Research and Innovation program, are likely to invest approximately $90 billion from 2014–2020, aiming at securing Europe's global competitiveness.
Insights by Vendors
The holographic imaging market is witnessing the entry of new players as the market is niche commercially and offers high growth opportunities. Holographic display manufacturers are collaborating with major consumer electronics and healthcare manufacturers to enhance the sale of products. Meanwhile, online or traditional retail distribution channels are also playing a vital role in increasing the sale of technology. The market is growing at a significant rate with the demand for small holographic display is on the rise.
The holographic imaging market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Defense and Aerospace
- Image Production
- 3D Replication
- Information Storage
- Scanning and Detection of Scattered Lights
- Real-time Non-destructive Testing and Inspection
By Display Types
- Laser Plasma
- Micromagnetic Piston
- Holographic TV Display
- North America
- Middle East & Africa