Global Machine Vision Market | Growth, Trends, Share

1
The Global Machine Vision Market to Advance at
CAGR of 7.63 by 2028
Triton Market Research presents the Global
Machine Vision Market segmented by Type (2D
Measurement, 3D Measurement, 1D Measurement),
Verticals (Electronics Semiconductor,
Healthcare, Automotive, Food Packaging, Other
Verticals), Component (Software, Hardware
Illuminations, Cameras, Processors, ASMV,
Sensors, Other Hardware Components), Application
(Guidance, Inspection, Gauging, Identification,
Other Applications), and by Geography
(Asia-Pacific, Middle East and Africa, North
America, Latin America, Europe). It further
discusses the Market Summary, Industry Outlook,
Impact of COVID-19, Key Insights, Porters Five
Forces Analysis, Key Impact Analysis, Market
Attractiveness Index, Vendor Scorecard, Key
Market Strategies, Drivers, Challenges,
Opportunities, Competitive Landscape, Methodology
Scope, Global Market Size, Forecasts Analysis
(2021-2028). Based on Tritons estimates, the
global market for machine vision is expected to
witness growth at a CAGR of 7.63 over the
forecasted period 2021-2028.
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2
Machine vision technology acts as a substitute
for human visual sense with digital cameras and
image processing to support manual inspections.
This technology is employed across various
industries to automate the production process,
improving overall product quality. The industrial
internet of things links production technology
with information technology, thereby having the
capability of extensive data capture and
analytics to optimize factory operations. Machine
vision is considered among the basic technologies
to support IIOT with information and data. Hence,
the rapid adoption of the industrial internet of
things has supported robotics development and
renewed the need for machine vision. Hence, these
factors are creating opportunities for the
machine vision market. However, lack of expertise
and unawareness about the benefits offered by
machine vision systems are negatively impacting
the global markets growth. Geographically, the
Asia-Pacific is expected to become the
fastest-growing region in the machine vision
market. The regions robust growth mainly results
from the increased need to reduce total ownership
costs and enhanced accuracy. Additionally, the
region is expected to witness high demand from
the industrial sector, which will further support
the growth of the machine vision market across
the APAC region. The key companies in the
machine vision market include Datalogic SPA,
Omron Microscan Systems Inc, Keyence Corporation,
Cognex Corporation, Basler AG, Jai AS, USS Vision
Inc, National Instruments Corporation, Flir
Systems Inc, Teledyne Technologies Inc, Optotune
AG, Allied Vision Technologies GmbH, Baumer
Optronic GmbH, Omron Corporation, and Perceptron
Inc. Globally, the market is at a development
stage, growing with new advancements. Due to high
market attractiveness, several global players
have begun investing in machine vision
technologies. There is a huge growth opportunity
offered to new players with technological
capabilities to enter the market. Further, there
is high competition among several players,
ranging from large to small vendors. Companies
are competing by offering similar features at
lower prices and acquiring other companies.
Hence, these factors indicate the threat of new
players to be moderate, while the competition
level among existing players is relatively higher.
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