The 3D scanning market is set to grow 13.81 percent in the next five years, according to a recent report released by the technology market research company TechNavio.
Increased demand for 3D scanning and market consolidation are driving the growth, but the high cost of implementation could pose a challenge to the expansion of the market, according to the report.
"The Global 3D scanning market is highly fragmented, which creates many opportunities for mergers and acquisitions," one of the team's analysts said. "Both large application vendors and core software-based 3D scanning vendors are taking the merger and acquisition route to enhance their market presence and expand their reach.
"Large companies are acquiring smaller players with the motive of increasing their product portfolio and market share," he continued. "Through such acquisitions, larger companies gain a competitive edge by achieving technological advancement and obtaining the opportunity to enter emerging or new markets."
The changing demands and market environment have prompted organizations to use laser scanning in order to reduce their overall costs, it notes.
However, the report notes that one of the major challenges in this market is the high cost of implementation of 3D devices and applications. Although 3D scanners offer several benefits, such as tremendous accuracy, their high cost is a major barrier to their adoption among organizations.
In addition to capital costs, maintenance costs of such systems can be high, thereby limiting the growth of the market, the report states.
The report covers North and Latin America, as well as the European and Asian markets.