The estimated market size for industrial machine vision is $8.45 billion. During the projected period (2022-2032), the market is expected to grow at a CAGR of 6.9% and reach a value of US$ 16.46 billion.
As the industrial sector is growing all round the world, new technologies are adopted for fast and accurate development of various products. One such system which has evolved in recent times and increased the quality, efficiency, and product safety is an industrial machine vision system.
The industrial machine vision system works by generating images through a camera that are automatically analyzed by a software. Industrial machine vision systems perform quality tests, control processes, guide machines, read codes, identify components, and deliver valuable data for optimizing production.
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Industrial Machine Vision Market: Key Players
Some of the key players in the industrial machine vision market are: National Instruments, Cognex Corporation, Microscan Systems, Allied Vision Technologies GmbH, Basler AG, Machine Vision Technology, Keyence Corporation, and Omron Corporation. Some of the potential manufacturers which are likely to penetrate further in the industrial machine vision market are Sony Corporation, Teledyne Technologies, Texas Instruments, Baumer Optronic, tordivel, MVTec Software, SICK, and ISRA VISION among others.
For businesses offering machine vision solutions, North America is a big market. Since factory automation was used early and there are many market vendors with local roots, the regional market is anticipated to expand significantly throughout the forecast period.
Additional and varied inventions are being discovered on the market. For instance, the Canadian company iENSO introduced their Ambarella-based platform ecosystem for embedded vision applications in May 2021. AI vision processors for the Edge are offered by Ambarella Inc.
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Considering that North America has a competitive advantage over other regions in the industrial machine vision market, the US is expected to exhibit the strongest growth. This is because the nation is home to several foreign players. Additionally, the US is a pioneer in R&D projects for the creation of effective engineering procedures.
Industrial Machine Vision Market: Segmentation
The industrial machine vision market can be segmented into various segments but as per the market analysis, industrial machine vision is most suitably segmented by component, product, application, end-user, and region.
On the basis of component, the industrial machine vision market can be divided into:
- Hardware
- Software
On the basis of product the industrial machine vision market can be divided into:
- PC-based
- Smart Camera-based
On the basis of application the industrial machine vision market can be divided into:
- Measurement
- Identification
- Positioning and Guidance
- Quality Assurance and Inspection
On the basis of end-user, the industrial machine vision market can be divided into:
- Automotive
- Pharmaceutical & Healthcare
- Food and Beverage
- Electronics & Semiconductor
- Packaging
- Process Control
- Printing & Labeling
Industrial Machine Vision Market By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- CIS & Russia
- Japan
- Middle East & Africa
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Related Link :
https://futuremarketblog.blogspot.com/2022/11/natural-language-processing-nlp-market.html
https://gist.github.com/Pallavikhalane/eb7a1f188ab63e4a7e979e29d319d0ea
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