Global Industrial Machine Vision Market Set for a Positive Growth Forecast at CAGR of 7.61% till 2023
Bharat Book Bureau Provides the Trending Market Research Report on “Global Industrial Machine Vision Market Forecast to 2023” underConsumer Goods category. The report provides information on industry overview, market size, latest developments, industry trends, Key players, global presence, and their future prospects.
The increasing demand for vision-guided robotic systems and rising adoption of 3D machine vision systems play a major role within the growth of the economic machine vision market. The growing adoption of commercial 4.0 and AI is probably going to make immense growth opportunities for the economic machine vision market. Industries have completed the importance of quality assurance in producing processes, that has resulted within the widespread acceptance of machine vision as associate integral a part of long-run automation development method. The general industrial machine vision market is predicted to succeed inUSD 12.29 billion by 2023, at a CAGR of 7.61%.
IndustrialMachineVisionMarket estimated to grow at a CAGR of 7.61% between 2017 and 2023
The overall industrial machine vision market was valued atUSD 7.91 billion in 2017 and is expected to reach USD 12.29 billion by 2023, at a CAGR of 7.61% between 2017 and 2023. The increasing demand for vision-guided robotic systems and rising adoption of 3D machine vision systems play a significant role in the growth of the industrial machine vision market. However, factors that are restraining the growth of the industrial machine vision market include the changing requirements of end users with respect to industrial machine vision applications and lack of flexible machine vision solutions. The growing adoption of Industrial 4.0 and AI is likely to create huge growth opportunities for the industrial machine vision market. Factors that are restraining the growth of the industrial machine vision market include the changing requirements of end users with respect to industrial machine vision applications and lack of flexible machine vision solutions.
Quality assurance and inspection application is expected to hold the largest market size during the forecast period
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Industries have realized the importance of quality assurance in manufacturing processes, which has resulted in the widespread acceptance of machine vision as an integral part of long-term automation development process. The use of machine vision throughout an automated production process helps identify problems in the manufacturing process in a short span of time. This, in turn, would help in reducing costs and improving response time. The increasing demand for quality products, growing manufacturing capacity, and shortage of skilled labor. Thus, market for quality assurance and inspection application is expected to hold the leading position in industrial machine vision market between 2017and 2023.
Industrial machine vision market in Asia-Pacific (APAC) is expected to grow at the highest rate during the forecast period
Asia-Pacific is expected to be the fastest-growing market. The APAC market is divided into India, China, Japan, South Korea, and Rest of APAC. Asia Pacific is expected to provide ample growth opportunities for the industrial machine vision market since it is considered as the manufacturing hub for most industries. China has been a potential market for all emerging technologies, including industrial machine vision systems. Moreover, electronics and semiconductor is also one of the major industries contributing towards the growth of magnetic sensors in APAC region.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key industry people. The breakup of the profile of primary participants has been given below:
- By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
- By Designation: Directors – 50%, Managers – 20%, Vice President –25%, and Others – 5%
- By Region: North Americas – 40%, Europe – 35%, APAC – 15%, and RoW – 10%
Companies that can provide an IOT and AI integrated industrial machine vision system is expected to emerge as the game changers since such system will reduce the human intervention and boost the overall efficiency of the production.
The key market players profiled in the report are Cognex (US), Basler (Germany), OMRON (Japan), KEYENCE Corporation (Japan), National Instruments (US), Sony (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel (US), Baumer Optronic (Germany), Tordivel (Norway), ISRA VISION (Germany), MVTec Software (Germany) SICK (Germany) and JAI A/S (Denmark), among others.
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