Growth Drivers of Machine Vision Market 2021 | Competitive Landscape, Business Trends and Effects of COVID 19 Analysis

A machine vision system (MVS) comprises all industrial and non-industrial applications in which a combination of software and hardware offers operational guidance to devices in the execution of their functions, based on the capture and processing of images. 

For instance, the annual revenue of Cognex, a global provider of machine vision systems including hardware and software, has reached USD 806 million and grew at a CAGR of 21% in the past five years. Also, companies are investing large sums to develop products. For instance, in 2018, Cognex spent approximately 14% of its revenue on machine vision research and development activities.

The machine vision system market is growing rapidly with a CAGR of 7.1%, and this trend is estimated to continue during the forecast period. Machine vision systems find applications in quality assurance, inspection, positioning, guidance, measurement, and identification.
The rising need for quality inspection and automation drives market growth. The requirement for quality assurance has increased as industries have realized the importance of quality testing and assurance in the manufacturing process. This has led to the widespread acceptance of machine vision as part of a long term automation development process.
Machine vision technology is estimated to gain significant traction in the food, packaging, automotive, and pharmaceutical sectors during the coming years attributed to its abilities, such as enhanced analysis, improved object detection, accurate component measuring, and tolerance monitoring. Machine vision is extensively used in scanning and identifying barcodes, labels, and texts, primarily in the packaging sector. The technology automates packaging activities and saves time, while subsequently increasing efficiency by avoiding human errors.

Grab a Free Sample PDF copy of the Machine Vision Market Report 2021 @ 
https://straitsresearch.com/report/machine-vision-market/request-sample

The Major Players Covered in this Report: Basler AG, Cognex Corporation, Omron Corporation, National Instruments Corporation, Keyence Corporation, Sony Corporation, Allied Vision Technologies GmbH, Teledyne Technologies, Inc., Texas Instruments, Inc., Intel Corporation, MVTec Software GmbH, and Baumer Optronic GmbHMajor distributors of the market include Vision Systems Technology LLC, A.S.K Technologies, Hans Turck GmbH, and Co.KG, Infotech Marek Twardowski, Fabrimex Systems AG, Multi-Components GmbH, Keyence Deutschland GmbH, Fraunhofer Allianz Vision, Omni Control Prufsysteme GmbH, and Parkvi GmbH., & More...

By Offering, Hardware, Software,
By Product, PC Based, Smart Camera Based,
By Application, Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification

Buy Full Report with Detail Analysis with COVID-19 Impact – 
https://straitsresearch.com/buy-now/machine-vision-market/global/

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Machine Vision in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Machine Vision market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. 

View this report with a detailed description and TOC @ 
https://straitsresearch.com/report/machine-vision-market/toc

Recent Advancements:
Recent advancements in machine vision, such as liquid lens, deep learning software, 360-degree camera, vision processing unit, hybrid image sensor, and hyperspectral imaging, are expected to provide immense opportunities for the market in the coming years. The variable focus liquid lens is a lucrative technology in machine vision. Liquid lenses offer high-quality images and auto-focus functionality. This technology is envisaged to have a wide variety of industrial applications.

The integration of AI-based deep learning in machine vision systems is projected to drive the market in the forecast timeline. Deep learning incorporated machine vision software reduces human intervention and offers real-time solutions by differentiating between the acceptable variations in products and the defects in manufacturing sectors. Rising integration of edge computing and AI is also forcing software companies to enter into collaborations and partnerships with manufacturers of smart cameras and processors. Increasing investments are being witnessed in the market, owing to its upcoming opportunities.

The report covers exhaustive analysis on:

Overview of the parent market
Global Machine Vision Market Segments, Dynamics, Market Size, Share, Price, Volume, and Cost
Historical, current and projected market size in terms of volume and value
Global Machine Vision Market Forecast 2021 to 2029
Supply & Demand Value Chain
Global Machine Vision Market dynamics, including the current trends/drivers/threats/restraints/challenges
Potential and niche segments/regions exhibiting promising growth
Market landscape, competition, and leading companies involved
Strategies of leading companies and product offerings
Technological advancements

Key questions answered in this report:
What will be the market size by the end of the forecast period?

What are the factors driving the growth of the market?

What are the trends and developments that are likely to drive the growth of the market?

Who are the key players operating in the market?

What are the challenges, threats, and opportunities faced by the leading players?

What are the strengths and weaknesses of the key players of the market?

View Full Report @ https://straitsresearch.com/report/machine-vision-market/global/

More Trending Reports by StraitsResearch:

Solid-State LiDAR Market | StraitsResearch
https://straitsresearch.com/report/solid-state-lidar-market/

For more details, please contact us -
Straits Research
Email: sales@straitsresearch.com
Address: 825 3rd Avenue, New York, NY 10022
Tel: +1 646 480 7505, +44 208 068 9665
Website: https://straitsresearch.com/

About Us:
Regardless of whether you're looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with what customers purchase. We overcome the issues of our customers by recognizing and deciphering just the target group, while simultaneously generating leads with the highest precision. We seek to collaborate with our customers to deliver a broad spectrum of results through a blend of market and business research approaches.

This release was published on openPR.