Machine Vision System Market size is Projected to Grow $74.9 Billion by 2027 | Registering a CAGR of 11.3%

Allied Market Research published a report on the Machine Vision System Market by Type, Product, Application, and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2027. 

The global machine vision system market size was valued at $29.7 billion in 2019, and is projected to reach $74.9 billion by 2027, registering a CAGR of 11.3% from 2020 to 2027.

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Machine vision technology substitutes human visual sense and judgment capabilities with digital cameras and image processing to complement manual inspections and measurements. Different industries incorporate this technology to automate their production and improve product quality and speed.

According to machine vision system market trends, machine vision system automatically acquires and analyzes an image to deliver desired information and control machines or processes. It is the automatic extraction of information from digital images for process or quality control. Most manufacturers use automated machine vision instead of human inspectors as it is better suited to repetitive inspection tasks. It is faster, more objective, and works continuously.

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Competitive Analysis: 
The competitive environment of the machine vision system market is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, machine vision system market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Some of the major key players of the machine vision system industry include:

  • Baumer Ltd.
  • Cgnex Corporation
  • Canon Inc.
  • FLIR System
  • Intel Corporation
  • Keyence Corporation
  • National Instrument Corporation
  • Omron Corporation
  • Texas Instrument

The machine vision system industry forecast holds a high potential in industrial and automotive sectors. Current business scenario experiences rapid development in smart infrastructure and industry 4.0, leading to readiness for adoption of this technology, particularly in developed and developing regions such as North America, Asia-Pacific, and Europe. Companies in this industry adopt various innovative techniques to provide customers with advanced and innovative features

Major disadvantages of human inspection, such as long-term inconsistency, need of rest period, slower speed than machines, and variation among different inspectors also boost growth of the market. Machine vision features enhance functionality & accuracy and facilitate quick and cost-effective inspection procedures. It is incorporated for different manufacturing challenges aimed to improve quality and productivity in a manufacturing process.

U.S. is the fastest adopter of this technology, which boosts growth of consumer electronics devices and upcoming automobile technology such as electric & hybrid vehicles, healthcare monitoring systems. Increase in disposable income of people in the U.S. also drives sales of machine vision system in the region. In addition, growth in the semiconductor industry, paired with the rise in trends of advanced devices among industries propels U.S. machine vision system market growth.

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Key Benefits for Stakeholders:

  • This study includes analytical depiction of the machine vision system market forecast along with current trends and future estimations to determine imminent investment pockets.
  • The report presents information regarding the key drivers, restraints, and opportunities in the market.
  • The market growth is quantitatively analyzed from 2019 to 2027 to highlight financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.   

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