Digital Inspection Market size will observe promising growth during 2021-2027 owing to the influx of industrial automation technologies. The rising inefficiencies of traditional measurement devices have led to higher need for accurate inspection of 3D data that is employed for the modeling & analysis of 3D models. The higher adoption of electronic devices and the expansion of the real estate sector will further add a positive edge to the industry growth.
The incessant demand for quick inspection turnaround as well as cost savings in enterprises along with the surge in safety and quality standards are other prime factors driving the market expansion.
On the basis of dimension, the market is identified across 2D and 3D. The revenue share from 3D digital inspection solutions is anticipated to rise exponentially. This is mainly ascribing to the increasing need to diagnose manufacturing issues in high-speed environments and the rising inaccuracy of 2D techniques to offer total inspection of the faults.
With regards to end-use, the manufacturing sector is set to garner notable proceeds in the digital inspection market with the influx of Industrial 4.0 technology and the higher penetration of automation in manufacturing plants. There is a rising obligation for 100% inspection by aerospace manufacturers in safety-critical applications. The growing need for efficient manufacturing as well as customized products and the upcoming development of smart factories will further significantly contribute the market growth.
Regionally, North America digital inspection industry will attain considerable traction from 2021 to 2027 on account of the rise in the number of industry players in the region. For instance, in June 2020, Israel-based contactless vehicle inspection provider, UVeye Ltd., entered the U.S. market to offer its platform to auto auctions, car dealers, and fleet companies in the country. The advancements in the manufacturing and energy & power verticals will further add positive momentum to the digital inspection demand spurt in North America.
Key participants consolidating the digital inspection market are placing their efforts on technological novel products, and inorganic strategies such as mergers, capacity expansions, and acquisitions to proliferate their business and foothold across the globe.
For instance, in June 2020, Wipro Ltd., unveiled its digital inspection solution to offer enhanced workplace safety and experience. The novel solution, which is deployed on IBM® TRIRIGA®, IBM’s integrated workplace management system (IWMS), is expected to complement Wipro’s current EngineeringNXT offerings.
Similarly, LMI Technologies, in January 2021, acquired Boston-based innovative AI and IIoT/5G inspection company, FringeAI. This acquisition added AI-driven inspection capabilities from FringeAI to the LMI’s current portfolio of edge accelerators, 3D sensor hardware, and web-based inspection software.
General Electric Company, Olympus Corporation, Hexagon AB (Hexagon AB), Omron Corporation, Cognex Corporation, ZTE Corporation, MISTRAS Group, Inc., Nikon Metrology NV (Nikon Corporation), Sualab (Cognex), Fprimec Solutions, Zetec Inc, FARO Technologies, Inc., Shining 3D Tech, Zebicon, and Basler AG are some of the other leading market participants in the business.
The ongoing COVID-19 pandemic instigated a revolutionary impact on the global economy considering the imposition of lockdown policies and social distancing norms brought the closure of numerous facilities and industrial operations and prompted varying levels of anxiety, concerns, and fear among people given the rapid spike of the infection rate.
However, it proved as a potential booster for the digital inspection market with rising corporate digital adoption in order to inspect and maintain the assets that are at a lower risk of failure. The systems registered substantial demand to offer plant safety, to decrease the employee time on site as well as to limit the risks of staff being exposed to the infection in the workplace.
Market, By Technology, 2014-2025 (USD Million)
Market, By Offering, 2014-2025 (USD Million)
Market, By Dimension, 2014-2025 (USD Million)
Market, By End-Use, 2014-2025 (USD Million)
The above information has been provided for the following regions and countries: