The digital
inspection market is expected to grow from USD 19.66 Billion in 2018 to USD
27.84 Billion by 2023, at a CAGR of 7.2% between 2018 and 2023. Some of the key
factors driving the growth of this market are the growing adoption of
industrial automation and technological advantages over traditional methods.
The
digital inspection market has been segmented on the basis of offering into
hardware, software, and services. Hardware accounted for the largest share of
the market in 2017. The advent new technologies have led to the development of
compact and cost-effective hardware for digital inspection systems. The market
for software is expected to grow at the highest CAGR during the forecast
period, because of the increasing adoption of industrial automation. Industry
4.0 is being adopted with an objective to improve productivity by maximizing
asset utilization, minimizing downtime, and improving labor efficiency, with
digital inspection playing an important role.
The
digital inspection market has been segmented on the basis of dimension into 2D
and 3D. 3D accounted for a larger share of the market in 2017 and is expected
to grow at a higher CAGR during the forecast period. 3D helps overcome
the limitations of 2D techniques and offers added advantages to manufacturers
to inspect beyond 2 planes of a product and volumetric height, allowing for
100% inspection and detection of defects in a product.
The
digital inspection market has been segmented on the basis of technology into
machine vision, metrology, and NDT. Metrology accounted for the largest share
of the market in 2017. The demand for metrology is driven by the rising need
for accurate inspection of 3D data used for modeling and analysis of 3D models,
growing focus on quality control, inability of traditional measurement devices
to address several manufacturing issues, and growing automation and in-line
metrology. The market for NDT is expected to grow at the highest CAGR between
2018 and 2023. The growth of this market can be attributed to the continuous
advancements in electronics, and automation and robotics, and the increasing
adoption of IoT solutions.
The
manufacturing accounted for the largest share of the digital inspection market
in 2017. This vertical is witnessing a new wave of technological revolution,
which is boosting the adoption of automation in manufacturing plants.
Industrial 4.0 helps enhance productivity through quality control by detecting
defects and in predictive maintenance of factory machinery. The market for the
food and pharmaceuticals vertical is expected to grow at the highest CAGR
during the forecast period. The growth of this market can be attributed to the
imposition of strict rules and regulations by food & beverages authorities,
keeping in mind the health and safety of people.
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The
Americas held the largest share of the digital inspection market in 2017, owing
to the presence of major players operating in verticals such as automotive,
aerospace & defense, public infrastructure, and energy and power in the US.
This region is emerging as an important hub for the manufacturing and power
generation verticals. The market in APAC is expected to grow at the highest
CAGR between 2018 and 2023 owing to the increasing population, accelerating
economies (developed as well as developing), and government initiatives to
promote industrial growth have made APAC an ideal destination for production
units for various verticals, including semiconductor, electronics, and
automotive.
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