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Jun 07, 2023

Global Depth Sensing Market is expected to reach US$ 15 billion by 2033; rising at a CAGR of 8.2%

New York, June 06, 2023 (GLOBE NEWSWIRE) -- According to PMR, the global

New York, June 06, 2023 (GLOBE NEWSWIRE) -- According to PMR, the global depth sensing market was worth US$ 6.2 billion in 2022 and is projected to reach US$ 6.8 billion by 2023. In 2033, the market is likely to reach a market value of US$ 15 billion and is expected to register a CAGR of 8.2%. Recent advances in three-dimensional perception and depth measurement have benefitted several industries. Among these applications are automation, robotics, and autonomous vehicles.

The new generation of autonomous vehicles uses depth-sensing cameras to seamlessly navigate their surroundings. Innovators are building autonomous machines through advancements in artificial intelligence, machine learning, embedded vision, and processing technology. A few examples of these devices are AMRs (Autonomous Mobile Robots), tractor-powered automated forklifts, etc.

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The ability to move around without manual guidance is necessary to make these devices truly autonomous. To facilitate mapping, geolocation, route planning, and obstruction identification & avoidance, depth sensing is key. 3D depth-sensing technology has been slowly adopted by the consumer electronics market over the past ten years. This technology was first used in gaming.

The application of 3D depth-sensing technology to imaging and detection of 3D objects has greatly expanded in recent years. As mobile devices have 3D cameras rather than 2D cameras, 3D sensing technology is becoming increasingly relevant. Companies are integrating 3D sensors into their smartphones. Using standard rear-facing cameras, a first generation of AR has already started impacting online businesses and social networking sites.

Key Takeaways from the Market Study

"Significant growth in the depth sensing market is being driven by the growth of 3D technologies, smartphones, and tablets. As drones become more prevalent and LiDAR technology becomes more widespread, demand is expected to grow.," says an analyst at Persistence Market Research.

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Competitive Landscape

Global depth sensing companies include many small and medium-sized firms. Increasing their capacity is one of the strategies used by depth sensing manufacturers to gain a greater share of the market. Increased partnerships and collaborations are expected to benefit key players across the country. Depth sensing is dominated by several companies:

Key developments in the market are as follows:

Know More about Report Inclusions

Persistence Market Research published a new market report on the depth sensing market, covering a global industry analysis of 2018 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.

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The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.

For additional information on how insulation monitoring devices sales will increase in the near future, write to the team of expert research analysts at [email protected]

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