Machine vision market to grow at 7.1% CAGR from 2019 to 2024 The machine vision market is expected to reach USD 14.0 billion by 2024 from USD 9.9 billion in 2019—at a CAGR of 7.1% from 2019 to 2024. Machine vision helps in improving quality and operational efficiency in the automotive, electronics & semiconductor, consumer electronics, glass, metals, wood & paper, and pharmaceutical industries. Machine vision technology is also used to automate the production process, increase production speed, and improve product quality. The growing demand for artificial intelligence plays a significant role in the growth of the machine vision market. In addition, the growing trend of Industry 4.0 in emerging economies of the world is also expected to propel the growth of the machine vision market during the forecast period.
Smart camera-based machine vision system to grow at higher CAGR than PC-based system during forecast period A smart camera is an intelligent camera that is capable of performing supplementary functions in addition to capturing images.It is capable of integrating optics, illumination, image capturing, and image processing.
It can also perform multiple functions without manual assistance by utilizing a processor and computational intelligence. Smart camera-based systems are more cost-effective, compact in size, and easy to use than the PC-based systems and are hence mainly used for quality assurance and inspection applications in industries involved in mass production, such as automotive and consumer electronics.
Food & packaging end-use industry to grow at highest CAGR from 2019 to 2024 The food industry provides several opportunities for the machine vision market, and several companies have responded by developing application-specific solutions in the areas of grading, sorting, portioning, processing, and quality checking during processing and packaging.Machine vision systems help in the sorting of tea leaves, vegetables, or fruits.
The systems are pre-trained with the required algorithms, which help them understand characteristics such as size, stage of growth, and variety. Machine vision helps in the inspection of packaging processes and reduction of errors by carrying out multiple inspections at a single time.
APAC likely to witness highest growth in overall market during forecast period The machine vision market in APAC is expected to grow at the highest CAGR during the forecast period.APAC is expected to provide ample growth opportunities for the machine vision market since it is considered a manufacturing hub for most industries.
China is an ideal destination for production units of various industries, including electronics and automotive.The machine vision market in China is expected to witness a higher growth than in other APAC countries owing to the increasing demand for automation in the country.
In addition, the labor cost in China is increasing year on year.Therefore, companies based in China are focusing on using automation systems to reduce production costs.
These factors are driving the growth of the machine vision market in China.
Break-up of the profiles of primary participants is as follows: • By Company Type: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35% • By Designation: C Level – 20%, Director Level – 12%, Manager – 30%, Others – 38% • By Region: North America – 25%, Europe – 22%, APAC – 29%, and RoW – 24%
Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), Keyence Corporation (Japan), National Instruments (US), Sony Corporation (Japan), Teledyne Technologies, Inc. (US), Allied Vision Technologies GmbH (Germany), Texas Instruments, Inc. (US), Intel Corporation (US), Baumer Optronic GmbH (Germany), JAI A/S (Denmark), MVTec Software (Germany), Tordivel AS (Norway), ISRA VISION (Germany), Sick (Germany), and FLIR Systems (US) are some of the players operating in the machine vision ecosystem.
Research Coverage: This research report segments the machine vision market based on component, application, product, end-use industry, and geography.The report discusses major drivers, restraints, challenges, and opportunities pertaining to the machine vision market and also includes value chain analysis of this industry.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report The report would help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall machine vision market and the subsegments.It is also likely to help stakeholders understand the competitive landscape and gain more insights to better position their businesses as well as to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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