The global 3D/4D technology market is anticipated to witness considerable growth over the forecast period. 3D & 4D technologies are gaining widespread acclaim with their increased application in manufacturing, entertainment and healthcare sectors. They may be utilized for industrial, consumer, governmental or other applications. Over the past few years 3D technology has gained popularity among the masses due to the significant increase in number of 3D movies that are released. This is one of the drivers for the market as 3D cinema has garnered the consumer’s attention leading to increased demand for 3D television. Another addition to the entrainment sector is 4D cinema which is rapidly gaining demand. Application in allied segments, higher investments in research and development are expected to boost market growth. Restraints, however, can be attributed to lack of awareness and acceptance, high cost of technology and limited options.
Globally, the 3D & 4D technology product and application market is expected to rise over the next six years. Currently, animation and gaming industries constitute a large percentage of the market owing to the popularity of 3D cinema. 3D printing is another major constituent of the market as it is being increasingly employed for diverse industrial applications making it one of the key growth opportunity factors for this market. Some emerging 3D/4D technologies are 3D printing, architectural 3D rendering, real time 3D, 4D printing, 4D bim, 4D in healthcare and augmented reality.
The 3D/4D technology market can be segmented on the type of products i.e. 3D display, 3D television, 3D smartphones, 3D digital Signage, 3D projectors, 3D cinema, 3D animation, 3D gaming, 3D printing, 3D computer aided design, 3D imaging (3D cameras, 3D scanners, 3D medical imaging), 3D integrated circuit, 3D navigation. 4D also has similar product types, the most popular and developed one being 4D cinemas, made popular by amusement parks. 3D/4D technologies find applications in industrial, consumer, governmental, healthcare, entertainment and educational sectors. Based on the application and type of product we can further segment it into regional markets of Asia Pacific, North America, Europe and Rest of the world.
3D/4D technology markets are already well developed in North America and European Regions. Market in Asia Pacific is expected to account for the highest growth rate. North America is the leading market as it has a large number of new investments in research and development of 3D/4D technology. The key market participants of this technology are Dolby Laboratories Inc., Sony Corporation, Samsung Electronics Corporation, Panasonic Corporation, 3D Systems and Stratasys Inc.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.