Higher precision offered in digital inspection, as it eliminates manual error, is identified as the underlying cause for its market to grow, states Market Research Future (MRFR) in its report on the global Covid-19 Impact on Digital Inspection Market. MRFR reveals that the worldwide market of Covid-19 Impact on Digital Inspection Market is likely to expand at a CAGR of 9% over the evaluation period (2018-2023) and value at $26 billion by 2023.
Inspection enhance performance. Across different vertical, as comfort threshold of people is increasing, developers are inclining towards automation of processes. And, the need to deliver high-quality products is noted to surge, owing to the changing preferences of consumers. The significance of digital inspection lies therein. Elimination of human errors, flexibility, and cost-effectiveness merits of digital inspection are
expected to boost its market growth. Failure analysis is crucial for upgrading existing technologies. Digital inspection streamlines failure analysis process, which can benefit its market.
Healthcare, consumer electronics, automotive, and semiconductor are wealthy industries that are exhibiting high rate of adoption of digital inspection. This, in turn, is expected to gain momentum for the market.
The real estate industry is also observed to use digital inspection services. The growing urban populace and fast industrialization are extensively promoting residential and non-residential projects that can augment the market growth in the coming years.
Zebicon (Denmark), MISTRAS Group (U.S.), General Electric (U.S.), Hexagon (Sweden), Olympus (Japan), Cognex (US), Zetec (US), Nikon (Japan), Basler (Germany), FARO Technologies (U.S.), Carl Zeiss (Germany), OMRON (Japan), GOM (Germany), Mitutoyo (Japan), National Instruments (US), Keyence (Japan), iPromar (Singapore), FPrimeC Solutions (Canada), SUALAB (South Korea), and Shinning 3D Tech (China).
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The global Covid-19 Impact on Digital Inspection Market has been segmented on the basis of technology, dimension, application, and solution.
Based on the technology, the market has been segmented into metrology, machine vision, and Non-Destructive Testing (NDT).
Based on the solution, the market has been divided into software and hardware. The hardware segment is sub-segmented into USB Digital Microscope, Video Borescope, and digital multi-meters. The software segment is sub-segmented into Action Card, HomeInspect, Qwerks, and Horizon Inspection software.
Based on the dimension, the market has been divided into 2D and 3D. The 3D segment is expected to register a high CAGR over the review period due to its ability to deliver accurate result.
Based on the application, the market has been segmented into aerospace and defense, electronics and semiconductor, manufacturing, automotive, oil & gas, energy and power, public infrastructure, food & beverages, and others.
By region, the growth analysis of the Covid-19 Impact on Digital Inspection Market covers Asia Pacific, North America, Europe, and the Rest of the World (RoW).
North America is to hold superiority in the worldwide market of digital inspection. The increase in automotive, aerospace & defense, public infrastructure, and energy and power industrial activities is encouraging the adoption of digital inspection, for upgrading deliverable quality.
The United States is noted to exhibit a higher number of such industrial activities. Hence, the US is likely to register the highest CAGR over the forecast period. Followed by the Asia Pacific region, the market here is expected to generate enormous revenue.
As people in emerging economies such as China, Japan, and India are focusing on availing better digital services, the APAC market is expected to surge. Europe is the manufacturing hub for automobiles, which is one of the high end-users of digital inspection. This is likely to push the growth of the Europe market.
In India, the Employees’ Provident Fund Organization (EPFO) is to launch e-inspection system to streamline proceedings process.