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Internet of Things and Advancements in Technical Capabilities will Open a Plethora of Opportunities for Machine Vision Vendors
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Machine vision technology has been in the market for years. However, with advances in technology and with the evolution of smart factory, the past decade has seen a drastic revolution in machine vision equipment.The different product categories within the machine vision equipment market are PC-based machine vision and smart camera–based machine vision. The proliferation of technologies and their applications within industries have created a lot of excitement for the small and medium-sized manufacturers. The market is very competitive, and to remain competitive in the market, end users demand advanced machine vision solutions to ensure greater robustness, reliability, and stability. Machine vision comprises a combination of hardware and software to capture and process images and execute their functions.The global machine vision equipment market achieved a moderate growth of 11.8% in 2017. It is expected to grow at a CAGR of 12.82% owing to the rapid pace of technological advancements.The research aims to identify the various drivers and restraints impacting the global machine vision equipment market. The analysis also provides information on the key end users such as automotive, electronics and semiconductors, food and packaging, pharmaceuticals and medical devices and discusses opportunities for machine vision equipment in these industries. Growing interest in the industrial Internet of things (IIoT) and superior quality inspection are driving the adoption of machine vision equipment across industries. The study also discusses the Mega Trends that highlights the impact of selected criteria on the market over the long term. Growth opportunities and actions to capitalize on them have also been included in the study.Companies such as Omron, Basler, Cognex Corporation, and Keyence dominate the global market for machine vision equipment. Their strong position in the market is attributed to diverse product portfolios, robust distribution network, and diverse application coverage.
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