The Global Digital Inspection Market is Projected to Register CAGR of 9% by 2023
According to Market Research Future (MRFR), the global digital inspection market is projected to reach an approximate market value of USD 26 billion, with a CAGR of 9% from 2018 to 2023 (forecast period). The report takes into account the effect of the COVID-19 pandemic on the global digital inspection market and provides a concise estimation of the potential volatility of demand during the forecast period.
Digital Inspection allows engineers to test, measure, and conduct inspections of any electronic equipment or automation tool using devices that are digitally connected to a laptop or tablet to store and record results electronically. Previously, organizations used paper-based inspection systems. Multiple inspections were reported on a paper in various formats, which were time-consuming with low accuracy and performance. Nonetheless, with the introduction of digital inspection solutions, organizations can resolve the problems posed by paper-based inspection systems.
Digital inspection solutions provide non-destructive testing solutions and technologies such as x-rays, computed tomography, and remote visual inspection. Various digital inspection devices are available on the market, like Video Borescope, USB Digital Microscope, App-based Ultrasonic Flaw Detectors, Digital Multimeters, Digital Testers, and Digital Calipers. Modern-day digital inspection solutions are used for corrosion evaluation of pipelines in the oil & gas sector, inspection of aircraft engines in the aviation industry, and visual inspection of equipment in the food & beverage industry.
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The market for digital inspection is expected to grow substantially during the forecast period attributed to the rising demand for storing and recording the test results in industries such as automotive, oil & gas, aviation, food & beverages, and electrical & electronics equipment industry. The need for accurate inspection of 3D data and a strong emphasis on quality control ultimately lead to the adoption of Metrology, which is a crucial factor driving the growth of the digital inspection market. Digital inspection of electrical components such as fuses, solenoids, electrical and electronic assemblies is also a major driver of the digital inspection industry’s growth.
Digital inspection tools are also being used in the real estate sector to carry out property assessments, including building inspection, home inspection, windstorm inspection and energy audits, which also stimulate the development of the global digital inspection market. Other industries that implement digital inspection solutions include healthcare, military, government, fire response, security service providers, transport, engineering, and mechanics.
In addition, digital inspection allows quicker response time inspection, quick generation of reports, significant cost savings, and addresses the issues in the paper-based inspection system. Replacing the pen and paper inspection with a digital inspection will increase operational efficiency.