Depth Sensing Market - Synopsis
global Depth Sensing market is poised to reach the valuation of USD 7.43 BN by 2023, registering 11.64% CAGR throughout the forecast period
The global depth sensing market is growing rapidly, primarily due to the increasing applications in gaming applications and the rise in demand for enhanced security and surveillance systems among end-users. Applications of this technology are growing in some of the burgeoning industries such as automotive, electronics, defense, and healthcare, among others.
Over the past couple of years, depth sensing technology has garnered massive popularity due to the increasing integration of depth-sensing techniques in smartphones to enable facial detection, recognition, and authentication.
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Considering the significant traction, the market is garnering currently, Market Research Future (MRFR) in its recently published study analysis asserts that the global Depth Sensing market is poised to reach the valuation of USD 7.43 BN by 2023, registering 11.64% CAGR throughout the forecast period (2017 – 2023). In 2017, the market garnered a value of USD 3.87 BN, which indicates that the market is expected to witness over double-fold growth in just six years.
Additional factors that are supporting the growth of the market include the considerable investments in the research and development activities to foster product development and launches. Also, due to the increase in IoT-based solutions, the demand for depth sensing is expected to surge in the recent future.
On the flipside, factors such as the high costs of the depth sensors and the necessity of perfect angle for stereo depth-sensing technology are some impeding the growth of the market growth.
Key players leading the global depth sensing market include Intel (US), Texas Instruments (US), Qualcomm (US), Infineon Technologies (Germany), Stereolabs (US), Creative Technology (Singapore), PMD technologies AG (Germany), Sony Depthsensing Solutions (Belgium), Espros Photonics Corporation (Switzerland), BECOM Bluetechnix GmbH (Austria), Aquifi (US), Melexis (Belgium), Nerian Vision Technologies (Germany), Tower Semiconductor (Israel), Occipital (US), Vrmagic Holding AG (Germany), Sunny Optical Technology (China), ASUSTeK Computer (Taiwan), PrimeSense (Israel), and LIPS Corporation (Taiwan) among others.
Industry/ Innovation/ Related News
May 21, 2019 - Magik Eye Inc. (the US), the leading company involved in developing 3D sensor technology and has a family of 3D depth sensing solutions that support a wide range of applications for smartphones, robotics and surveillance presented its new technology Invertible Light™ at the 2019 Embedded Vision Summit.
Invertible Light is a new approach for depth sensing that enables the smallest, fastest and most power-efficient 3D sensing. Invertible Light aims to transform 3D sensing in the coming age of robotics and machine vision for the masses, replacing traditional methods such as Structured Light, Time of Flight, and Stereo Scoping Imaging.
Global Depth Sensing Market - Segments
For a better understanding, the analysis is segmented into five key dynamics:
By Component : Camera Lens Module, Sensors, and Illuminator
By Type : Active and Passive Depth Sensing
By Technology : Stereo Vision, Time-of-Flight, and Structured Light
By Vertical : Automotive, Consumer Electronics, Industrial and Medical among others.
By Region : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Depth Sensing Market - Competitive Analysis
Highly competitive, the depth sensing market appears to be fragmented due to the presence of several well-established players. These players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and product/ technology launch in order to maintain their positions and to gain a competitive advantage in this market.
These players focus on new product development initiatives and geographical expansion. The global depth sensing market is anticipated to witness constant innovations and developments of new products eventually result in intense competition among the players.
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Global Depth Sensing Market - Regional Analysis
The Asia Pacific region, heading with the vast advancements in sensing technology, dominates the global depth sensing market. The rapidly improving economic conditions in the region that are increasing consumers' purchasing power are some of the key forces pushing up the growth of the depth sensing market in the APAC region.
Massive advancements in ubiquitous artificial intelligence (AI) technology and other similar technologies, especially in China, Japan, and India are key driving forces leading the growth in the regional market. Besides, the increasing applications of depth sensing in healthcare, logistics, transportation, gaming, and consumer electronics are some of the factors ushering the growth of the regional market.
The depth sensing market in North America accounts for the second-largest market, globally. The rising demand for this technology in gaming and 3D imaging technology alongside the increased proliferation of video content fosters the growth of the regional market. Furthermore, factors such as the rising applications of depth sensing in smartphones, medical devices, and transportation are propelling the growth in the regional market. The US market dominates the depth sensing market in the region.
The European depth sensing market is emerging as a profitable market globally. Additionally, factors such as the adoption of 3D sensors in various end-user industries such as the automotive, healthcare, and aerospace & defense drive the growth of the regional market.
The resurging economy in the region is another key driving factor behind the growth of the market in the region. Furthermore, the growing demand for autonomous vehicles and automation in various other thriving sectors such as manufacturing fosters the growth of the regional market.
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