The digital holography market is expected to grow from USD 2.7 billion in 2020 to USD 5.4 billion by 2024, at a CAGR of 19.8%. The factors such as rising demand for digital holography in medical and commercial applications, growing adoption of digital holography in financial sector for security purposes, and increasing use of digital holography microscopy for precise measurement drive the demand for digital holography.
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.
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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.
Key Market Players
Some of the major players operating in the market are 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).