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Report Says Market For Light Field Technology Worth $1.8B by 2023

Light Field technology is an emerging technology being investigated by several companies working in areas such as 3D mapping and scanning as well as virtual reality (VR), augmented reality (AR) and mixed reality (MR). An analysis by research firm MarketsandMarkets shows that this market will continue to grow over the next few years.

The report shows that the current market in Light Field Technology is valued at $924.7 million (USD) as of 2018, and is expected to reach over $1,822.3 million by 2023. According to the report, this growth will be driven by rising demand for Light Field technology for movie special effects, prototyping and design, marketing and immersive media.

Avegant MarsRover_lightfield

Light Field technology is being heavily researched due to its potential to create realistic virtual objects and environments in a naturalistic way. The technology can be used to capture real-world objects and locations and convert them into 3D digital images in a way that looks realistic to the viewer. In this way, it can be used to scan and map environments for AR or MR experiences that are accurate to real-world equivalents.

The report notes that one of the main focus areas for research into this technology is for medicine and healthcare. Obtaining accurate images of a patient, inside and out is critical for diagnosis and could potentially be useful for mixed reality surgical procedures – something which has already been experimented with. The report predicts that healthcare is likely to continue to hold a large share in the light field market, with media and entertainment seeing the highest growth.

MarketsandMarkets write that North America is currently the holder of the largest share of the light field technology market, though notes that the Asia-Pacific region is also seeing significant development in this area, and is expected to see significant growth during the forecast period.

The full report is available to download from the MarketsandMarkets website. As usual, VRFocus will keep you updated on the latest industry reports and trends.