Global Digital Inspection Market to Reach $27.3 Billion by 2024

SAN FRANCISCO, Aug. 10, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Digital Inspection - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 6; Released: May 2021
Executive Pool: 1246
Companies: 137 - Players covered include Baker Hughes, a GE Company; Basler AG; Carl Zeiss AG; Cognex Corporation; FARO Technologies, Inc.; FPrimeC Solutions, Inc.; Hexagon AB; MISTRAS Group, Inc.; Mitutoyo Corporation; National Instruments Corporation; Nikon Metrology NV; Olympus Corporation; Omron Corporation; SHINING 3D; Zebicon a/s; Zetec, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (Hardware, Software, Services); Technology (Metrology, Machine Vision, NDT); End-Use (Manufacturing, Aerospace & Defense, Oil & Gas, Automotive, Food & Pharmaceuticals, ElectronicsA, Power, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Digital Inspection Market to Reach $27.3 Billion by 2024
Digital inspection is used across an extensive spectrum of industries to inspect items, products or even facilities. The ability of the technology to ensure high functionality, speed and accuracy makes it's a compelling option to improve productivity and quality in the manufacturing industry. The ability of digital inspection to accelerate turnaround time, streamline report generation, save costs and overcome limitations associated with traditional paper-based approaches is expected to further extend its application scope. Amid the COVID-19 crisis, the global market for Digital Inspection is pojected to reach US$27.3 Billion by 2024, registering a compounded annual growth rate (CAGR) of 6.9% over the analysis period. United States represents the largest regional market for Digital Inspection, accounting for an estimated 26.5% share of the global total. The market is projected to reach US$8.1 Billion by the close of the analysis period. United States is forecast to emerge as the fastest growing regional market with a CAGR of 7.9% over the analysis period.

The market for digital inspection is gaining from continuing industrial automation coupled with technological progress over conventional inspection methods. Market growth is also supported by the increasing demand for inspection, storage and recording of test results, and ongoing shift from paper-based inspection methods to digital platforms. The need for accurate inspection of complex 3D products and strong focus on the quality control aspect is benefitting metrology, which in turn boosts market prospects. The technology is witnessing increasing adoption for inspection of electrical and electronic assemblies as well as electrical components such as solenoids and fuses. While manufacturing remains the primary user of the technology, the global market also receives strong contribution from other industries including healthcare, fire response, government, military, transportation, mechanics, security services and engineering. Though high initial cost of digital inspection platforms is a major restraint, numerous benefits offered by the technology ensure return over investment over the long-term. The demand for digital inspection in North America is fueled by presence of leading digital inspection solution providers catering to the need of a comprehensive range of industries, from automotive and aerospace & defense to power and public infrastructure in the US. The European market for digital inspection is anticipated to be propelled by emergence of the region as a hub for automotive, manufacturing, and energy & power industries. The increasing adoption of automation across industries is bound to create robust demand for digital inspection solutions in Asia-Pacific region.

The market for 3D Digital Inspections is forecast to growth fastest over the analysis period. Growth in the 3D segment is being is attributable to its numerous benefits over 2D techniques. The 3D method helps manufacturers in overcoming limitations associated with traditional 2D approaches and inspecting beyond two planes of products and volumetric height, ensuring full inspection along with detection of every defect. The segment is bound to benefit from rising focus on product quality. In addition, the ability of 3D digital inspection to allow diagnosis of issues including foreign materials, metal bridging and construction defects in high-speed settings and 3D planes is anticipated to help the technology in registering gains on the expense of 2D methods. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.

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