Northbrook, IL -- (SBWIRE) -- 12/21/2018 -- [166 Pages Report] The digital imaging market was valued at USD 14.33 billion in 2017 and is expected to reach USD 24.08 billion by 2023, at a CAGR of 8.81% during the forecast period. Factors driving the growth of the digital imaging market include technological advantage over traditional methods, growing need of industrial automation, and increasing consumer awareness raising the bar of safety and quality standards.

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The inspection application is expected to hold the largest share of the digital imaging market by 2018. Inspection forms an important tool for quality control in the manufacturing industries, such as automotive, aerospace, machinery, and semiconductor fabrication. Quality control is an integral part of any production process as it allows these processes to run smoothly without incurring any extra cost.

The automotive industry is also a major contributor to the digital imaging market, as it is focusing on high-value propositions, along with cost reductions. Digital imaging is required in process development phases, production processes, and qualification processes in the automotive industry. This industry is expected to hold the largest share of the digital imaging market by 2018, and the market for this segment is projected to grow at the highest CAGR during 2018–2023. The widening adoption of industry 4.0 for making the processes more efficient through timely flaw detection is driving the growth of the digital imaging market for the automotive manufacturing industry.

APAC is expected to hold the largest share of the digital imaging market by 2018, and the market in this region is expected to grow at the highest CAGR during forecast period, owing to . Advancements in terms of economic growth, infrastructural developments, and construction of power plants are expected to boost the growth of the digital imaging. The high growth of the digital imaging market in APAC can also be attributed to the major infrastructural expansion and automation in manufacturing industries in countries such as India and China. Countries in APAC are involved in the manufacturing of defense aircraft, which is expected to increase the scope of digital imaging in the aerospace & defense industry.

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The digital imaging market ecosystem includes major players such as GE (US), Cognex US), Olympus (US), Hexagon (Sweden), and Nikon (Japan).

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