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Machine Vision Technology Market

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Opportunities in Global Machine Vision Technology Market to reach worth of
US$28.5 Bn by 2021
The global machine vision technology market features an intensely competitive
landscape with the presence of several global as well as regional players, finds
Transparency Market Research (TMR). Technology developers are focused on research
and development of cutting-edge machine learning technologies to bring innovations
in the market. Numerous top players are engaged in constantly expanding their
product portfolio to reap competitive edge over others and consolidate their shares in
the global market. A growing number of players are capitalizing on emerging demand
for advanced machine vision technologies to garner better returns on their
investment, notes TMR.
TMR observes that several players are focused on introducing new product varieties
to meet new and emerging demands for machine vision applications in several enduse industries. Top players operating in the machine vision technology market include
Allied Vision Technologies Inc., Basler AG, Adept Technology Inc., ISRA Vision AG,
Cognex Corporation, Microscan Systems Inc., Electro Scientific Industries Inc.,
Keyence Corporation, Seeing Machines Ltd., and Omron Corporation.
The global machine vision technology market is projected to expand at a promising
CAGR of 8.40% during the forecast period of 2015–2021. The global market stood at
US$15.7 billion in 2014 and is anticipated to display opportunities worth of US$28.5
billion by the end of the assessment period.
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The broad applications of machine vision technology comprise industrial and nonindustrial, with the former segment holding the sway in the global market. This can
be attributed to the extensive application of the technology in semiconductors for the
past few years and the rising applications in the areas of packaging, automobiles,
textiles, and electronics.
Geographically, Asia Pacific has emerged as the dominant regional market and is
expected to hold its sway in the coming years as well. The rapid growth is driven
primarily by the substantial strides being made by the automation manufacturing
sector. The regional market is expected to garner a CAGR of 7.30% during 2015–
2021.
Burgeoning Application of Technology in Automated Industrial Inspection and Quality
Controls underpins Rapid Expansion
The global machine vision technology market is driven primarily by the rising
adoption of automation in industrial processes world over and the burgeoning need
for advanced quality controls in various industry verticals. The rising deployment of
robotic systems in areas such as food and packaging, automotive, and
pharmaceutical, and in numerous industrial applications is a key factor boosting the
market.
The growing adoption of machine vision technology in lenience monitoring,
component monitoring, and defect recognition is propelling the growth of the market.
The attractive demand hinges on the marked effectiveness of the technology in
inspecting test objects of complex patterns in end-use industries. The application of
the technology is also catalyzed by the rising paucity of manual labor in inspection
of industrial processes.
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Rising Application in Automotive Sector holds Massive Potential
The market is expected to garner lucrative gains from the potential of machine
learning and deep learning technologies to bring advanced automations in the
manufacturing sector. The substantially rising application of the technologies in
automobile manufacturing of a variety of components such as lead frames,
microchips, and capacitors, is accentuating the market. The demand is majorly
propelled by usage of the machine vision technology by automotive players in
automatic image-based detection and inspection of test objects.
However, presently, the paucity of system integrators is a crucial factor that is
hindering the market to attain its full potential. System integrators play a critical role
for the implementation of machine vision technologies in industrial applications. On
the other hand, the rising potential of smart-camera in machine vision systems,
attributed to their flexibility to standards and mechanisms, has opened many a
promising opportunities for market players.
The study presented here is based on a report by Transparency Market Research
(TMR) titled “Machine Vision Technology Market (Product Type – PC-based Machine,
Embedded Machine, and Smart Cameras-Based Machine; Application – Industrial
(Semiconductors, Electronics, Packaging, Textiles, and Automobiles) and NonIndustrial (Security and Surveillance, Banking, Traffic Controlling, Lab Automation,
and Medical Imaging)) - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2015–2021.”
Author
monali raghu
monali raghu349   documents Email
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