The global market for machine vision systems is projected to reach US$14.3 billion by 2021. Advancements in technology such as increase in the speed of data transfer & processing and miniaturization of cameras are main growth drivers to increase the number of application possibilities for machine vision technologies. In addition, rising competition and labor costs coupled with declining expenditures for machine vision hardware & enhanced user-friendliness of the software are other factors that guide demand.
Machine vision market mainly consists of suppliers of vision systems, system integrators, OEMs and suppliers of vision components. Advances in manufacturing and quality control related inspection activities are propelling demand for high-valued added machine vision systems. The proliferation of machine vision technology geared to meet performance requirements of robots represents a key trend in the market. Machine vision is critical in the semiconductor industry where identifying defects in miniaturized, sub-micron scale electronic components is critical in wafer level inspection for quality control. Growth in the low-end segments will be driven by strong price erosion stemming from the commoditization of machine vision subsystems. Machine vision players’ main challenge will be how to gain market share in the dynamic low-end market segments while maintaining sustainable profitability. Concurrently, adjacent non-industrial applications are expected to burgeon at a double-digit rate, driving future growth. Hardware innovation alone is no longer a sustainable business development and growth strategy in this market. Vendors will have to look beyond their traditional focus areas and expand aggressively into new verticals and application environments while also enhancing their solution portfolios to include software and services – either by developing in-house expertise or by forging strong relationships with broader channel community.
The research report titled " Global Machine Vision Systems Market Analysis: 2016-2021" announced by GMR Analytics, provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest of Latin America).