The Global Machine Vision Market to Develop at 7.75% CAGR by 2028

Triton Market Research presents the Global Machine Vision Market report segmented by Verticals (Automotive, Electronics & Semiconductors, Healthcare, Food & Packaging, Other Verticals), by Application (Inspection, Gauging, Guidance, Identification, Other Applications), by Components (Hardware [ASMV, Cameras, Sensors, Illuminations, Processors, Other Hardware Components], Software), by Type (1D Machine Vision, 2D Machine Vision, 3D Machine Vision), by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), discussing Market Summary, Industry Outlook, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, and Global Market Size, Forecasts, & Analysis (2022-2028).

Triton Market Research has put forth that the Global Machine Vision Market would evolve at a CAGR of 7.55% over the estimated period 2022 to 2028.

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An increase in the number of smart factories has been observed in recent years. A smart factory enables the complete automation of facilities, which reduces the human involvement, machine defects & downtime, and operational costs. At the same time, it improves information sharing and operational control, thereby avoiding major factory accidents. The increase in smart factories is thereby driving the market growth.

On the other hand, despite the multiple business benefits it offers, machine vision is yet to be utilized to its full potential. This is because MV systems require a high level of expertise for their successful post-implementation. It is majorly restricting the growth of the market studied.

The Asia-Pacific region holds the major chunk of the global machine vision market, and is anticipated to continue its lead until the end of the forecasted period. The APAC is fast becoming the new hub of the manufacturing industry. And, owing to the presence of a high number of discrete manufacturing factories, the machine vision market is anticipated to significantly in the region. Several industrial set-ups are adopting machine vision systems in their facilities to improve their manufacturing efficiency and deal with the rising wages & pressure to enhance the working condition of workers.

Basler AG, Cognex Corporation, National Instruments Corporation, Perceptron Inc, Flir Systems Inc, Allied Vision Technologies GmbH, Teledyne Technologies Incorporated, Isra Vision AG, Omron Corporation, Baumer Electric AG, Optotune AG, Keyence Corporation, Datalogic SpA, USS Vision, and Jai AS are some of the dominant players in this market.

The global market for machine vision is highly competitive, with several local, regional, and international players, ranging from large to small. They are trying to compete by offering the same characteristics and similar prices or by offering similar product features at lower prices and also by acquiring major companies.

The numerous factors responsible for the competitive rivalry among the existing players within any industry include high concentration level, exit barriers, industry demand & growth, high strategic stakes, and product & service differentiation. Additionally, different companies in the market operate with varied technologies for varied applications. Besides, machine vision systems are not standardized but application-specific. This has largely increased the level of competition among players.

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