LONDON–(BUSINESS WIRE)–Technavio’s latest report on the global digital holography market provides an analysis of the key trends expected to impact the market from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global digital holography market is expected to grow at a CAGR of almost 39% during the forecast period. According to Sunil Kumar Singh, lead analyst at Technavio for human machine interface research, “The market is growing gradually as the technology is still new and has endless potential. The unique user-experience created through digital holography is the prime factor for the adoption of this technology in several industries such as healthcare, automotive, education, and retail.”
The top three emerging trends influencing the global digital holography market according to Technavio’s hardware and semiconductor research analysts are:
Use of digital holography technology in several sectors
The number of sectors that use digital holography has increased over the past few years. The technology is presently used in the healthcare, advertising, financial, and education sectors. It is expected to be featured in several other sectors such as automotive, gaming, retail, and aerospace and defense during the forecast period.
In 2015, Lamborghini, a luxury sports car brand, exhibited its upcoming limited production car, Centenario, in the form of a 3D hologram to its prospective buyers.
3D holographic displays are also being used in toy shows in order to gain the attention of consumers. ZW Design showed Goku (Dragonball Z) and King Arts showed the MK44 Hulkbuster in some major toy shows in 2015. This growing number of end-users from many sectors will increase the penetration of digital holographic technology and improve the growth prospects of the market during the forecast period.
Growing impact on retail sector
Retail is the sector with the highest potential in the digital holography market. Retailers (brick-and-mortar stores) working hard to gain the attention of consumers can use digital holography for this purpose.
The use of mannequins in stores for advertising is slowly becoming obsolete, and retailers are looking to adopt digital holographic technology to attract and retain consumers. For instance, a talking human hologram can greet the customers at the entrance of a store, guide them through the catalog, and suggest offers. This is more likely to result in increased sales for the stores.
With the introduction of HumaGrams, which are holographic images of people that can communicate with others, the potential of digital holographic technology in digital signage, advertising, presentations, and promotions has come into prominence. Toronto, Canada-based ARHT Media partnered with Canadian retail chain Harry Rosen in 2014, to display a human hologram named Vincent during the holiday shopping season.
Many companies are focusing on adopting holographic and augmented reality (AR) technologies to engage consumers and provide interactive advertising and promotions. “Digital holograms are expensive for large-scale applications. However, the scenario will change with advances in digital holography technology; holograms will become a cost-effective solution,” says Sunil.
Increased R&D spending
Many vendors of digital holographic technology have invested considerable amounts of time and money in their R&D divisions to bring this technology into the mainstream, providing better functionality and meeting end-user requirements.
The digital holographic technology is still in its initial stages and has yet to be completely commercialized. Vendors in the market are focusing on enhancing the technical aspects of this technology before commercializing it on a large scale. For instance, vendors are developing computational algorithms for sectional image reconstruction and resolution enhancement in digital holography.
Also, research on quantitative phase microscopy is another area of focus for vendors in the market. Moreover, vendors are investing in their R&D divisions in order to exploit the capabilities of digital holography technology, which include the suppression of twin image terms, pixel resolution control, optical phase unwrapping, and aberration compensation. Therefore, vendors in the market are attempting to standardize and commercialize this technology by keeping abreast with advancements in technology.
Some of the top vendors in the global digital holography market, as researched by Technavio analysts are:
- EON Reality
- Lyncee Tec
- RealView Imaging
- Zebra Imaging
- Ovizio Imaging Systems
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.