Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global machine vision market reached a value of US$ 9.1 Billion in 2018. The market is further projected to reach US$ 14.6 Billion by 2024, exhibiting a CAGR of 8.2% during 2019 - 2024. Machine vision, also known as vision system or industrial vision, is a technology used for observing all types of machinery processes. It usually consists of various cameras which are installed over the machines depending upon the requirement so that the entire process can undergo a proper vigilance. These cameras are fixed to perform the task of capturing and interpreting along with giving a signal as per the requirements. Machine vision technology works by the precise coordination of software and hardware. Machine vision is currently providing numerous benefits to organizations such as improving quality, increasing productivity, lowering production costs, reducing floor space, increasing production flexibility, lowering capital equipment costs, etc.
Whereas, human vision is ideal for qualitative interpretation of a complex, unstructured scene, machine vision stands out at quantitative measurement of a structured scene catalysed by its speed, accuracy, and repeatability. For instance, during a production process, a machine vision system has the capability to inspect hundreds, or even thousands, of parts per minute. A machine vision system built around the right camera resolution and optics can effortlessly inspect object details that may otherwise be too small to be viewed by the human eye. In addition, in removing physical contact between a test system and the parts that are being tested, machine vision averts part damage and reduces the maintenance time and costs linked with the wear and tear on mechanical components. Moreover, machine vision provides additional safety and operational advantages by reducing manual involvement in a production process. Nevertheless, machine vision also helps in preventing human contamination of clean rooms and protects human workers from environments that could be hazardous.
Based on the product, the market has been segmented as vision systems, cameras and others.
Based on the component, the market has been segmented as hardware and software.
Based on the application, the market has been segmented as positioning, identification, verification, measurement, flaw detection and others.
Based on the industry, the market has been segmented as automotive; medical pharmaceutical; electronics and semiconductor; food, packaging and printing; security and surveillance; intelligent traffic systems; identification; and others.
Region-wise, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being Cognex Corporation, Basler AG, Omron Corporation, National Instruments Corporation, Keyence Corporation, Sony Corporation, Teledyne Technologies, Inc., Texas Instruments, Inc, Allied Vision Technologies GmbH, Intel Corporation, Baumer Optronic GmbH and Jai A/S.
This report provides a deep insight into the global machine vision market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the machine vision market in any manner.
Key Questions Answered in This Report:
How has the global machine vision market performed so far and how will it perform in the coming years?
What are the key regional markets in the global machine vision industry?
What are the key product types in the global machine vision industry?
What are the key component types in the global machine vision industry?
What are the major application segments in the global machine vision industry?
What are the key end-use industries in the global machine vision market?
What are the various stages in the value chain of the global machine vision market?
What are the key driving factors and challenges in the global machine vision market?
What is the structure of the global machine vision market and who are the key players?
What is the degree of competition in the global machine vision market?
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