PUNE, India, December 19, 2016 /PRNewswire/ --
According to the new market research report, "Machine Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor) and Software (Deep Learning and Application Specific)), Product (PC Systems and Smart Camera Systems), Application, Vertical, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the overall market is expected to be valued at USD 14.43 Billion by 2022, growing at a CAGR of 8.15% between 2016 and 2022.
Browse 79 market data Tables and 73 Figures spread through 178 Pages and in-depth TOC on "Machine Vision Market"
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The major factors driving the growth of the machine vision market are the increasing need for quality inspection and automation across industry verticals, surge in demand for vision-guided robotic systems in automotive, pharmaceutical, food and packaging, and industrial sectors, and growing demand for application-specific machine vision systems.
"Machine vision market for smart camera-based systems is expected to grow at the highest CAGR during the forecast period"
Unlike PC-based systems, smart camera-based machine vision systems can accomplish the task of decoding algorithms, and traceability applications such as ID code reading, quality assessment, text verification, and label inspection more economically. Smart camera-based machine vision systems are flexible as it is easier to implement changes in their regulations and standards in future. The market for smart camera-based machine vision systems is expected to grow at the highest rate during the forecast period.
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"Quality assurance and inspection application expected to hold the largest size of the machine vision market between 2016 and 2022"
Factors such as increasing demand for quality products, high manufacturing capacity, and shortage of skilled labor significantly drive the market for the quality assurance and inspection application. Moreover, an increasing demand for smart cameras is expected to drive the overall machine vision market for cameras.
"Machine vision market in APAC expected to grow at the highest rate during the forecast period"
The countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities in the world, wherein automation of manufacturing processes has already been taking place. This factor is driving the growth of the market in APAC. In addition, intense competition in the market for consumer electronics is likely to boost the adoption of machine vision systems in APAC.
The major companies involved in the development of machine vision systems include Cognex Corporation (U.S.), Basler AG (Germany), Omron Corporation (Japan), National Instruments Corporation (U.S.), Keyence Corporation (Japan), Sony Corporation (Japan), Teledyne Technologies, Inc. (U.S.), Texas Instruments, Inc. (U.S.), Allied Vision Technologies GmbH (Germany), Intel Corporation (U.S.), Baumer Optronic GmbH (Germany), and JAI A/S (Denmark), among others.
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