According to the new market research report by Research Report Insights (RRI)”Machine Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor) and Software (Deep Learning and Application Specific)), Product (PC Based and Smart Camera Based), Application, End-User Industry – Global Forecasts to 2023″, The overall machine vision market is estimated to be valued at USD 7.91 Billion in 2015 and is expected to reach USD 28.4 Billion by 2021, at a CAGR of 8.41% between 2015 and 2021
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The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market growth. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across industrial sectors is leading toward the application of vision-guided robotic systems. Industrial verticals, such as automotive, pharmaceutical, packaging, and food & beverage, are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.
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Several players are focused on introducing new product varieties to meet new and emerging demands for machine vision applications in several end-use industries. Top players operating in the machine vision technology market include Allied Vision Technologies Inc., Basler AG, Adept Technology Inc., ISRA Vision AG, Cognex Corporation, Microscan Systems Inc., Electro Scientific Industries Inc., Keyence Corporation, Seeing Machines Ltd., and Omron Corporation.
However, presently, the paucity of system integrators is a crucial factor that is hindering the market to attain its full potential. System integrators play a critical role for the implementation of machine vision technologies in industrial applications. On the other hand, the rising potential of smart-camera in machine vision systems, attributed to their flexibility to standards and mechanisms, has opened many a promising opportunities for market players.