Digital Inspection Market – Industry Trends and Forecast to 2023 The digital inspection market is expected to grow from USD 19.66 billion in 2018 to USD 27.84 billion by 2023, at a CAGR of 7.2% between 2018 and 2023. The growing adoption of industrial automation and increasing consumer awareness raising the bar of safety and quality standards are the major driving factors for the market. Major opportunities for the digital inspection market are the miniaturization of products offered by end-user industries, availability of customized solutions, and rapid industrialization in developed economies. With miniaturization of products offered by various end-user industries, the demand for automated inspection processes is growing. Moreover, the miniaturization of products is increasing the level of complexity of the end products. Thus, the need for specialized inspection instruments is on rise. A customized digital inspection system is a cost-effective solution for inspection issues in project-specific applications. Companies are continuously developing innovative products and upgrading their existing products to withstand the growing competition in the market. Thus, offering innovative customized solutions to cater to company-specific requirements would help the existing providers of digital inspection systems stay competitive in the market. Over the past decade, developed markets such as the US and Europe have increasingly outsourced manufacturing and packaging businesses to China, South Korea, Taiwan, and India to benefit from lower labor costs and less government regulations. The upsurge in manufacturing activities to increase productivity in mass volumes, along with quality, is boosting the demand for digital inspection systems. The digital inspection market for software is expected to grow at the highest CAGR during the forecast period, because of the increasing adoption of industrial automation. Industry 4.0 is being adopted with an objective to improve productivity by maximizing asset utilization, minimizing downtime, and improving labor efficiency, with digital inspection playing an important role. The digital inspection market for 3D is expected to grow at a higher CAGR during the forecast period. 3D helps overcome the limitations of 2D techniques and offers added advantages to manufacturers to inspect beyond 2 planes of a product and volumetric height, allowing for 100% inspection and detection of defects in a product. The digital inspection market for NDT is expected to grow at the highest CAGR between 2018 and 2023. The growth of this market can be attributed to the continuous advancements in electronics, and automation and robotics, and the increasing adoption of IoT solutions. The digital inspection market for food and pharmaceuticals verticals is expected to grow at the highest CAGR during the forecast period. The growth of this market can be attributed to the imposition of strict rules and regulations by food & beverages authorities, keeping in mind the health and safety of people. https://www.marketsandmarkets.com/Market-Reports/digital-inspection-market-132791733.html The digital inspection market in APAC is expected to grow at the highest CAGR between 2018 and 2023, owing to the increasing population, accelerating economies (developed as well as developing), and government initiatives to promote industrial growth. These aforementioned factors have made APAC an ideal destination for production units of various verticals, including semiconductor, electronics, and automotive. Major players in the digital inspection market include General Electric (US), MISTRAS Group (US), Olympus (Japan), Hexagon (Sweden), Cognex (US), Nikon (Japan), Zetec (US), FARO Technologies (US), Basler (Germany), OMRON (Japan), Carl Zeiss (Germany), Mitutoyo (Japan), GOM (Germany), National Instruments (US), and Keyence (Japan).
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