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Boston, MA -- (SBWIRE) -- 01/30/2017 -- 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
"The machine vision market is expected to grow at a CAGR of 8.15% between 2016 and 2022"
The overall machine vision market was valued at USD 8.12 billion in 2015 and is expected to reach USD 14.43 billion by 2022, growing at a CAGR of 8.15% between 2016 and 2022. The growth of this market is propelled by the rising need for quality inspection and automation across various industries. The increasing demand for vision-guided robotic systems and application-specific machine vision systems is facilitating the rapid growth of this market. Increasing adoption of 3D machine vision systems is also contributing to the market growth.
Get More Details on this Report and a Full Table of Contents at Machine Vision Market - Global Forecast to 2022
"In the hardware component-based market, the camera segment is expected to hold the largest market size during the forecast period"
Smart and digital cameras are an important part of machine vision systems. Various features incorporated within these cameras would further improve the inspection and quality assurance of the objects under test. Latest standards have also been introduced to make the cameras compatible with third-party software developers. 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. The industrial vertical is expected to hold the largest market share, while the market for the nonindustrial vertical is expected to grow at the highest rate during the forecast period.
"Machine vision market in APAC is expected to grow at the highest rate during the forecast period"
APAC is expected to be the fastest-growing market. The market in APAC is segmented into India, China, Japan, South Korea, and Rest of APAC. APAC is a major market for various sectors such as consumer electronics, automobiles, and healthcare. This region has become a global focal point for large investments and business expansion opportunities. Moreover, food and packaging is among the major industries contributing toward the growth of the market in the APAC region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts. The breakup of the profiles of primary participants is given below:
-By Company Type: Tier 1-20%, Tier 55%, and Tier 25%
-By Designation: C-Level Executives-50%, Directors-25%, and Managers-25%
-By Geography: North America-60%, Europe-20%, APAC-10%, and RoW-10%
Companies that provide a range of customized solutions are expected to emerge as the game changers as customers find it easier to sync up with such devices for use in a specific industry.
The key market players profiled in this report are:
-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)
-JAI A/S (Denmark)
-In terms of market by the hardware component, segments such as camera, frame grabber, optics, LED lighting, and processor, and others are covered. Camera under the hardware component comprehensively covers standard, frame rate, format, and sensor. Under the software component, deep learning and application-specific software are considered.
-Major applications for machine vision systems are quality control and inspection, positioning and guidance, measurement, identification, and recognition.
-On the basis of vertical, the market has been segmented into industrial vertical (automotive, electronics and semiconductor, consumer electronics, glass, metals, wood and paper, pharmaceutical, food and packaging, rubber and plastics, printing, machinery, and solar panel manufacturing) and nonindustrial vertical (healthcare and medical imaging, postal and logistics, intelligent transportation system, security and surveillance, agriculture, consumer electronics, and autonomous cars)
-The geographic analysis is done with regard to four major regions, namely, North America, Europe, APAC, and RoW (South America and Middle East and Africa)
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