With the emergence and long-term Impact of COVID-19, Global Machine Vision Market to reach USD 23.95 Billion by 2029
Bizwit Research & Consulting LLP’s Recent Analysis on Global Machine Vision Market is poised to raise up to USD 23.95 Billion by 2029. Machine Vision is a technology based on automation that is it provides automatic inspection, quality control, defect detection and guidance. Machine vision technology is faster, works continuously and efficiently as compared to human inspectors. It moreis more reliable and can inspect hundreds or thousands of parts at a single time. It is a complete solution with acquiring an image to connecting it with the management information system. Additionally, the growing industrial automation and rapid adoption of robots system is arefueling the market for Machine Vision Market.
The key regions considered for the Global Machine Vision Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-Pacific dominated the market for Machine Vision with a CAGR of 40.0%. The growing adoption of this technology in industries such as automotive and pharmaceuticals is fueling the demand. The technologies are emerging at a faster pace as this region is the global manufacturing hub. Investments by the government of emerging countries and investment investments in R&D by major market players is are playing a major role. North America is anticipated to be the fastest-growing region due to the extensive use of Artificial intelligence (AI) and Machine Learning (ML) by the population. Strategic initiatives and investment investments by prominent players is are increasing the market demand.
The global Machine Vision market is highly competitive owing to the presence of several key manufacturers such as Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, Keyence Corporation, LMI Technologies Inc, Teledyne Technologies Inc, Microscan Systems Inc, National Instruments Corporation, OMRON Corporation, Sick AG, Intel Corporation and Keyence Corporation.
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Global Machine Vision Market Size study & Forecast, by Offering (Hardware, Software, Services) by Product (PC Based, Smart Camera Based), by Application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification), by End-use Industry (Automotive, Pharmaceuticals & Chemicals, Electronics & Semiconductor, Pulp & Paper, Printing & Labeling, Food & Beverage, Glass & Metal, Postal & Logistics, Others)and Regional Analysis, 2022-2029.
Key findings of the study suggest:
- Global Machine Vision Market is anticipated to grow with a healthy growth rate of more than 7.7% over the forecast period 2022-2029.
- In the Offering segment, Hardware emerged out as the leading market segment in 2021.
- Asia Pacific is anticipated to drive regional growth owing to growing adoption of this technology in industries such as automotive and pharmaceuticals. Investments by the government of emerging countries and investment investments in R&D by major market players is are playing a major role.
- North America is expected to grow at higher rate followed by Asia Pacific during 2021-2029.
Bizwit Research & Consulting has considered following segments for the study:
- PC Based
- Smart Camera Based
- Quality Assurance and Inspection
- Positioning and Guidance
- Pharmaceuticals & Chemicals
- Electronics & Semiconductor
- Pulp & Paper
- Printing & Labeling
- Food & Beverage
- Glass &Metal
- Postal & Logistics
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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