MarketsandMarkets’ research report, “Machine Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor), Software (Deep Learning and Traditional software)), Product (PC Based and Smart Camera Based), Application, End-User Industry - Global Forecasts to 2024”, foresees the machine vision market reaching $14 billion by 2024 from an estimated $9.9 billion in 2019, at a CAGR of 7.1% from 2019 to 2024. Advancements in imaging technology such as deep learning software, liquid lens, vision processing unit, 360-degree camera, hyperspectral imaging, hybrid image sensors, and the growing demand for artificial intelligence are factors influencing growth of the machine vision market. In addition, the growing trend of Industry 4.0 in emerging economies is expected to propel the growth of the machine vision market.
- Smart camera-based machine vision system to grow at higher CAGR in machine vision market during forecast period.
- Food & packaging industry expected to be largest market for machine vision during forecast period.
- Machine vision market in APAC expected to grow at highest CAGR during forecast period.
- Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), Keyence Corporation (Japan), National Instruments (US), Sony Corporation (Japan), Teledyne Technologies, Inc. (US), Allied Vision Technologies GmbH (Germany), Texas Instruments, Inc. (US), Intel Corporation (US), Baumer Optronic GmbH (Germany), JAI A/S (Denmark), MVTec Software (Germany), Tordivel AS (Norway), ISRA VISION (Germany), Sick (Germany), FLIR Systems (US), AMETEK (US), Qualitas Technologies (India), SUALAB (South Korea), Cadence Design Systems, Inc. (US), CEVA, Inc. (US), and Inuitive (Israel) are some of the players in the machine vision ecosystem.
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