Light Field Market in Latin America will be driven by rising adoption and implementation of such shopping experience with the help of AR & VR in various stores. Furthermore, strong presence of tech companies and industrial players in the region is also boosting the product demand. If estimates are to be believed, Latin America light field market is anticipated to register a double-digit growth rate of 16% over 2018-2024. Countries such as Brazil, and Mexico are the major economies, which are witnessing a high growth in these sectors, thereby driving the light field market.
The growing retail sector in Latin America is forcing the retailers to adopt new strategies to gain a competitive advantage. With this, they are leveraging the proliferation of AR/VR technologies. The technology is bringing in a new interactive shopping and brand engagement experience to consumers in retail. With increasing online shopping, brick-and-mortar retail stores are introducing interactive experience devices such as VR/AR and mixed reality technology to improve the shopping experience.
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The Asia Pacific light field market is expected to witness a high growth in the coming future owing to the increasing adoption of advanced imaging and 3D modeling technologies in several industrial segments. The automobile industry in Japan is flourishing at a high pace with the development of new and advanced technologies such as connected cars. The incorporation of the HUDs into these vehicles for guiding the path and destination with the help of holographic technology is driving the demand for the technology in the light field market. Moreover, smartphone manufacturers in China and Japan are engaged in incorporating the technology into smartphone cameras to enhance the picture quality and resolution, thereby providing an impetus to light field market growth.
The applications of this technology in the healthcare sector are expected to accelerate light field market growth. Several medical devices or equipment use this technology for 3D imaging and scanning of human body or parts. The displays or cameras using this technology in healthcare devices help doctors to analyze the diseases to a micro level with improved clarity and picture quality. These healthcare sectors are incorporating VR technology for the treatment of several mental or retinal illnesses in human beings. These VR solutions are incorporated with this technology, which is anticipated to drive light field market growth.
Interestingly, the gaming industry is currently growing at an incredible rate and with several industry players developing AR/VR featuring games such as Crime Scene AR, Fury of the Gods, and KnightFall AR, the light field market is certain to garner lucrative proceeds. Given the high adoption of this technology in these applications, estimates claim that gaming application segment to be one of the most profitable growth avenues for the global light field industry share in the ensuing years. Furthermore, the growing demand for HD picture quality that is said to enhance the overall viewing experience and user interactivity with screen is driving the market size. It has been reported that light field provides enhanced features and scene resolutions in comparison to the traditional video and image qualities, and this as triggered several light field industry players to come up with technologically advanced features.
Considering these aforemention trends, it is quite overt that the light field technology has a wide scope for expansion, given the continuous advancements and innovation in VR/AR/MR products, electronic components as well as other camera and display technologies. Light-field display is further gaining massive attention from image solution processes, 3D mapping, 3D scanning, image construction, 3D rendering, animation etc., and the global light field market is thus certain to paint a promising picture in the coming years. A presumption validating the same is of Global Market Insights, Inc., that claims the light field market to hit a valuation of USD 1.5 billion by 2024.
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