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3D Sensor Market Report 2024 - 3D Sensor Market Size, Share And Trends
3D Sensor Market
According to The Business Research Company's, The 3d sensor market size has grown exponentially in recent years. It will grow from $3.43 billion in 2023 to $4.34 billion in 2024 at a compound annual growth rate (CAGR) of 26.6%. The growth in the historic period can be attributed to consumer electronics demand, automotive safety features, medical imaging, industrial automation, security and surveillance, smart home applications.
The 3d sensor market will grow to $10.6 billion in 2028 at a compound annual growth rate (CAGR) of 25.0%. The growth in the forecast period can be attributed to healthcare innovations, rise in e-commerce, environmental monitoring, precision agriculture, autonomous vehicles development, smart cities initiatives.. Major trends in the forecast period include industrial automation and robotics, lidar technology advancements, gesture recognition in retail and public spaces, virtual and augmented reality experiences, environmental sensing and mapping.
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Market Drivers and Trends:
The increasing demand for smartphones is expected to propel the growth of the 3D sensor market going forward. A smartphone is a handheld phone with an embedded computer and other features not associated with telephones. It has an operating system, supports online surfing, and can run software programs. 3D sensors in smartphones are used for a variety of applications, including face recognition utilizing three-dimensional data, accurate augmented reality, photo enhancement for better background blur, and more accurate autofocus, and calibration, and hence increase in the use of smartphones is boosting the demand for 3D sensors. For instance, in January 2022, according to a report published by the Consumer Technology Association (CTA), a US-based trade association representing consumer technology companies, smartphone sales are expected to reach 154.1 million units in 2022 ($74.7 billion in shipment revenues), representing a 3% increase over 2021's 149.6 million units. The rising availability of 5G is driving the upward trend, with 5G devices accounting for 73% of smartphone sales ($61.37 billion in revenue) in the future year. Therefore, the increasing demand for smartphones is driving the growth of the 3D sensor market.
Product Innovations are a key trend in gaining popularity in the 3D sensors market. Major companies operating in the 3D sensors market are focused on developing innovative solutions such as ultrasonic sensors, artificial intelligence-based sensors, autonomous sensors, and others to strengthen their position in the market. For Instance, in November 2022, STMicroelectronics launched LSM6DSV16X, an advanced multi-axis IMU with embedded sensor fusion and artificial intelligence (AI). The device features a 6-axis inertial measurement unit (IMU) that combines ST's Sensor Fusion Low Power (SFLP) technology with AI and adaptive-self-configuration (ASC) for greater power optimization. The LSM6DSV16X's unique architecture enables complex processing at the edge, making it perfect for advanced 3D phone mapping, context awareness in laptops and tablets, dependable and precise gesture detection for XR headsets, and always-on activity monitoring.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Infineon Technologies AG; Microchip Technology Inc.; OmniVision Technologies Inc.; PMD Technologies AG; Sony Corporation; Keyence Corporation; Cognex Corporation; IFM Electronic GmbH; Intel Corporation; LMI Technologies Inc.; Samsung Electronics Co. Ltd.; Occipital Inc.; Qualcomm Inc.; Sick AG; ASUSTeK Computer Inc.; Finisar Corporation; Microsoft Corporation; Panasonic Holdings Corporation; Leuze Electronic Pvt. Ltd.; Softkinetic Systems S.A.; Texas Instruments Incorporated; STMicroelectronics NV; AMS AG; XYZ Interactive Technologies Inc.; Teledyne DALSA Inc.; Velodyne Lidar Inc.; Quanergy Systems Inc.; FARO Technologies Inc.; KandaoVR Inc.; Mantis Vision Ltd.; Orbbec 3D Technology International Inc.; Stereolabs Inc.; Vayyar Imaging Ltd.; Zivid AS; Photoneo s.r.o.; Luminar Technologies Inc.; RealWear Inc.; Xsens B.V.; Creaform Inc
3D Sensor Market 2024 Key Insights:
• The 3d sensor market will grow to $10.6 billion in 2028 at a compound annual growth rate (CAGR) of 25.0%.
• Surging Smartphone Demand Propels Growth In 3D Sensor Market
• A Fusion Of AI And Adaptive Self-Configuration For Enhanced Edge Processing
• North America was the largest region in the 3D sensor market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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