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The machine vision market is growing at a rapid pace. Factors such as diversified applications of machine vision and the latest trend of miniaturization of optical and electronic devices drive the market growth. Also, the augmenting demand for image processing fosters the growth of the market. Space robots are increasingly becoming a reality, dictating the need for machine vision cameras. Market Research Future (MRFR) expects the Machine Vision Market size to reach USD 15.46 Billion with an 8.18% CAGR from 2017-2022. Various key business segments, market shares, market challenges, and market size are some of the critical factors discussed in this report.
The technology enables ADAS and smart security systems to experience extensive digital-imaging capabilities to deliver in low light conditions, consuming low battery power without human interference all at once.
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On the other hand, prohibitive costs associated with machine vision technology impede the growth of the market. Also, the complexities of processing and analyzing imaging data might pose challenges to market growth.
Nevertheless, increasing smart city projects worldwide where machine vision capabilities are increasingly deployed to ensure security and safety would support the market growth throughout the assessment period. Hyperspectral imaging is extensively used by the military surveillance sector. Similarly, the adoption of hyperspectral in various sectors like mining & mineralogy, healthcare, and environment testing fosters market growth.
Machine Vision Market Drivers
Fabricating organizations across the globe are getting ready to put more in robotization post-COVID-19, and the requirement for mechanized quality confirmation has additionally expanded as organizations have perceived its importance in assembling processes. Be that as it may, this need is additionally expanded because of the flare-up of COVID-19 because of less human contribution simultaneously. This finished in boundless acknowledgment of machine vision as an essential piece of the drawn out mechanization advancement processes.
Machine Vision Market – Segments
Machine Vision Industry has been segmented into Type, Application, Components, and End-User.
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Machine Vision Market – Regional Analysis
Asia Pacific is the largest market for machine vision globally. Rising automation across the manufacturing sector in the region drives market growth. Besides, strong competition between consumer electronics companies fuels the adoption of machine vision systems in the region. India, Japan, China, and South Korea account for sizable shares in the regional market, with the largest manufacturing facilities undergoing automation and upgrades of manufacturing processes.
Europe stands second in the global machine vision market, heading with the augmented demand from the healthcare and automotive sectors. Additionally, increasing application areas and integration and rapid advances in machine vision technology substantiate the growth of the market.
Machine Vision Market – Competitive Landscape
The machine vision market appears fiercely competitive owing to the various dynamic and diversified international players forming a competitive landscape. Constantly innovating technology providers seek market expansion by various strategic initiatives, such as M&A activities and increasing investments in R&D activities and expansion.
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Vendors employ constant improvement strategies to update and analyze the software, implement improvements and launch new technologies meeting the changing consumer requirements. For which they develop an entrenched infrastructure that can allow seamless implementation of technologies. In view of immense revenue generation opportunities, new entrants are increasingly attracting towards the market only to find it further challenging to survive with the new technologies.
Machine Vision Market Key Players:
Key Players leading in the market are –
The Wall