Primary Drivers and Key Barriers
The worldwide market for depth sensing was valued at USD 3.87 billion in 2017 and can reach a valuation of USD 7.43 billion by 2023, affirms Market Research Future (MRFR) in its latest report. The report also mentions that the market can potentially record a growth rate of 11.64% during the forecast period (2018-2023).
The global depth sensing market has expanded significantly over the years, given the growth in the use of depth sensing technology in virtual reality and augmented reality gaming applications. The market has also benefited from the rising need for improved security and surveillance systems.
Increasing acceptance of dual-camera smartphones combined with the boom in the smartphone market has also induced the growth of the depth sensing market around the world. The thriving smartphone industry has been the result of the rising use of depth sensing technologies among smartphone manufacturers, as this helps enable authentication, facial detection and recognition in their devices.
Having said that, the high cost of technology can have a negative impact on the market growth during the review period. On the bright side, the surge in demand for advanced medical imaging technologies and solutions along with better environmental scanning applications can present the market with a host of growth opportunities in the ensuing years.
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Top players competing in the worldwide market for depth sensing include BECOM Bluetechnix GmbH (Austria), Creative Technology (Singapore), Stereolabs (US), Infineon Technologies (Germany), Sony Depthsensing Solutions (Belgium), Intel (US), Espros Photonics Corporation (Switzerland), Texas Instruments (US), Qualcomm (US), pmdtechnologies AG (Germany), and others.
Some other players that are also contributing towards the growth of the depth sensing market are Occipital (US), LIPS Corporation (Taiwan), Melexis (Belgium), Nerian Vision Technologies (Germany), Vrmagic Holding AG (Germany), PrimeSense (Israel), Sunny Optical Technology (China), Tower semiconductor (Israel), ASUSTeK Computer (Taiwan), Aquifi (US), to mention a few.
Component, type, technology and vertical are the primary segments by which the global depth sensing market has been analyzed in the MRFR report.
Considering the component segment, the market includes camera or lens module, sensors and illuminator.
Type-based segments included in the report are active and passive depth sensing.
Technology-wise, the market can be split into structured light, time of flight and stereo vision.
Given the segment of vertical, the market can be narrowed down to industrial, automotive, medical consumer electronics and others.
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North America along with Asia Pacific (APAC), Europe along with the rest of the world (RoW) has been identified as the primary markets for depth sensing.
APAC seems to show the most promise of achieving the leading position in the global market, given the mounting demand for depth sensing system in the consumer electronics sector with applications in tablets, gaming headsets and smartphones. Rising proliferation of video content as well as gaming combined with the soaring demand for 3D imaging technology also boosts the market growth in the region.
In North America, the chief factors that can stimulate the demand for depth sensing technology include its rising application in AR-VR gaming and the booming smartphone market. Increasing need for security and surveillance systems coupled with the accelerated espousal of dual-camera smartphones also works in favor of the regional market. The region is also known for the high concentration of renowned players that make intense efforts to expand their customer base and elevate their position in the market. For instance, in May 2019, Magik Eye Inc. (U.S), the top company known for developing 3D sensor technology with a vast range of applications for robotics, surveillance and smartphones demonstrated its latest technology called Invertible Light (TM) at the Embedded Vision Summit 2019.
Europe is also estimated to grow exponentially in the following years, on account of the rising use of video content as well as gaming along with the high demand for 3D imaging technology. Rising use of 3D sensors in numerous various end-user industries like healthcare, aerospace and defense automotive among others also benefits the regional market.
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