Report: Video Measuring System Market Will Grow to $636 Million by 2023
PUNE, India — The video measuring system market is estimated to grow from $423 million in 2018 to $636 million by 2023, a growth rate of 8.5% during the forecast period, according to the new market research report, "Video Measuring System Market by Product Type," published by MarketsandMarkets.
The rapid growth of the video measuring system market can be attributed to various factors, including the increasing popularity of video measurement applications in automotive and aerospace and defense sector. It is also expected that the cost of video measuring systems will decrease in the next couple of years, mainly because of the declining trend in prices of major hardware components. As a result, the video measuring system market is expected to propel during the forecast period. The video measuring system market is likely to gain impetus from the rising demand for quality machine parts, as producers look forward for maintaining the overall quality of manufactured products.