The global industrial vision market is anticipated to reach approximately USD 11 billion at phenomenal CAGR of 14% during the forecast period (2017-2023), confirms Market Research Future (MRFR) in its detailed report. Machine vision technology has made its presence felt in various industries and has grown into a sizable global market. The primary factor responsible for this growth is the ability of machine vision systems to process a vast amount of information in a fraction of seconds. This ability encourages manufacturers to make concerted efforts to enhance their products without any defects. Industrial machine vision systems offer high reliability, stability, and accuracy as compared to the systems used in institutional or educational applications. They cost significantly lesser than their counterparts used in military, aerospace, defense, and government applications. On account of these pros, the demand for these systems is massive and are expected to result in greater adaptability of the technology in industrial applications. Also, the growing adoption of Industrial 4.0 and artificial intelligence (AI) will create huge growth opportunities for the industrial vision market.

Regional Analysis

[FURL=https://www.marketresearchfuture.com/reports/industrial-vision-market-2955]Industrial Machine Vision Market[/FURL] is geographically segmented on the basis of Asia Pacific, North America, Europe and Rest of the World (RoW).

MRFR notes that North America has the largest market share in global industrial vision market, due to advanced technology being implemented in industries. The market in North America is fuelled by an augmented need for quality inspection and growing demand from multiple end-user industries for vision machine technology. Moreover, presence of well-established companies and continuous mergers and other business strategies adopted by them buoys the market trajectory in the region.

On the other hand, Asia-Pacific is surging with a high growth rate in the market on account of major revenue generating countries such as China, Japan, India and South Korea in the region. Also, the Asia-Pacific region is a major supplier of components such as sensors, cameras, and other hardware generally used in machine vision. Demand for machine vision will increase in coming years in sectors like foods and beverages, semiconductor, security, and surveillance. These factors prove fruitful for the market growth in this region.

Europe is also one of the top players in the global market due to the presence of major automotive manufacturers in the region. The Europe market is flourishing owing to growing need for quality inspection and the prevalent trend of product miniaturization in the region. Increasing investment for both research and product innovation by manufacturers has been noted in the region due to which the market is poised for long-term growth. Moreover, strong economic state and high disposable income of the large population in the region also affect long-term market expansion.

Competitive Dashboard

The players competing in the industrial vision market include LMI Technologies (U.S), Adept Technologies Inc. (U.S), Teledyne Dalsa (U.S), Cognex Corporation (U.S), Basler AG (Germany), and Pixelink (U.S).

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