Shashie Pawar

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3D Sensor Market: Top 3 Trends Impacting The Industry Expansion Through 2023

The 3D sensor is set to grow at a CAGR of 28% during the forecast period 2018 to 2023. As per the market research report, the market will hit US$4,807 million in terms of valuation by the end of 2023. The market growth will be driven by the increased demand for 3D sensors in imaging applications. Based on the research report, applications across different industry verticals will accelerate growth in the market till 2023. Although low research and development budgets will have a negative impact on the global 3D sensor’s growth during this period. The low demand from developing countries will likely become a threat. The 3D sensor report published by expert analysts includes primary and secondary data and suggests that technology, end-users, and type segments are anticipated to witness tremendous growth till 2023. Factors such as rising use of 3D sensing technology in virtual reality will be major growth factors during the forecast period and need for high precision security and surveillance is also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by supply and demand gap which could negatively affect activities taking place across the market. The weak supply chain is another challenge the market could face till 2023.

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