Charting a solid 7.2% CAGR (Compound Annual Growth Rate) over the forecast period of 2018 to 2026, the global 3D Sensor Market is set to see an improvement in market worth. As per a Transparency Market Research, the value by the end of the forecast period would be USD 2556.6 million. The market owes the growth to massive advancements in technology in industries like IT and Telecommunication, and Electronics. For instance, the 3D sensor that has been upgraded has transformed the wat delivery of services happened.
Another significant factor driving growth in the global 3D Sensor market is that it is used in electronics to improve performance. And, thus, it is widely used in gaming devices, cameras, smartphones, and laptops. And, since it improves user experience, it is also used in gaming for augmented reality and virtual reality.
Thus, as demand for smartphones and other such consumer electronics increases, the global 3D Sensor Market will see an upward growth trajectory. Currently it being used in face recognition features in mobile phones, substituting for the use of PIN and fingerprint.
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North America will Dominate the Global 3D Sensor Market over the Forecast Period
Owing to a massive online gaming rage consuming the region of North America, significant CAGR will be charted by the region over the forecast period. The landscape is rife with virtual reality gaming and augmented reality games. Since 3D sensors improve a 360-degree experience by adding depth, they are massively used in gaming. Additionally, it is important to note here that owing to presence of leading manufacturers in the United States and Canada.
However, it is pertinent to note here that the fastest growing region would be Asia Pacific (APAC). The reason behind this significant growth is the extensive use of smartphones and a very large user base.
The Global 3D Sensor Market is Set to Witness Fragmented Competitive Landscape over the Forecast Period
The global 3D sensor market is fragmented and competitive and major players in the market include Infineon Technologies, Omnivision Technologies, Occipital, Inc., PMD Technologies AG, Microchip Technology, Cognex Corporation, Intel Corporation, Ifm electronic GMBH, LMI Technology, and Texas Instruments, among others. Acquisitions and partnerships form the core strategies of better market penetration and expansion of operations.