IoT and Advancements in Technical Capabilities
April 4, 2019 | Frost & SullivanEstimated reading time: 2 minutes
Machine vision technology has been in the market for years. However, in advancements in technology and with the evolution of smart factory, the past decade has seen a drastic revolution in machine vision equipment. The $7.45 billion global machine vision equipment market is expected to almost double by 2022 to touch $13.62 billion, as industries intensify their demand for quality inspection.
Artificial Intelligence (AI)- and Internet of Things (IoT)-integrated machine vision systems that expedite automation will especially gain traction in this environment. Vendors are focusing on providing advanced solutions that can reduce human involvement and enhance the systems' safety benefits, which will, in turn, prevent part damage and eliminate the maintenance costs associated with mechanical components.
"Despite the evolution of the smart camera system, PC-based machine vision solutions are expected to dominate the market due to their greater power and speed,” said Prem Shanmugam, Senior Consultant for Measurement & Instrumentation at Frost & Sullivan. "Embedded vision systems as well are finding application in futuristic end-use cases like self-driving cars and hence, companies are looking for partnership opportunities with embedded system designers."
Frost & Sullivan’s recent analysis, Analysis of Global Machine Vision Equipment Market, Forecast to 2022, examines the various drivers and restraints impacting the global machine vision equipment market. It identifies the key end users such as automotive, electronics and semiconductors, food and packaging, pharmaceuticals and medical devices. Growth prospects and strategic recommendations have also been included in the study.
"Asia-Pacific will continue to be the largest market globally, generating 38.4 percent of the revenues by 2022. Companies such as Cognex Corporation, Basler AG, and Keyence Corporation will dominate the market with their diverse product portfolios, robust distribution network, and wide application coverage," noted Shanmugam. "Machine vision vendors that demonstrate high innovation in terms of technology, flexibility, efficiency, and accuracy will be the most successful in the constantly evolving market."
Vendors will find additional revenue opportunities in:
- Combining existing technology along with innovative technologies like 3D imaging to enhance product capabilities.
- Harnessing advances in AI, machine learning, and deep learning to ensure a higher degree of automation and reliable identification of a wider range of objects.
- Offering speed and accuracy in diagnosis, and complementing it with changing business models.
- Providing cost-effective solutions to cater to varying needs and demands.
- Focusing on expansion in developing economies such as India, Brazil, Thailand, Malaysia, and Indonesia.
- Ensuring strict compliance with government regulations regarding product quality.
Analysis of Global Machine Vision Equipment Market, Forecast to 2022 is part of Frost & Sullivan’s global Test & Measurement Growth Partnership Service program.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success.
Suggested Items
BrainChip, Frontgrade Gaisler to Augment Space-Grade Microprocessors with AI Capabilities
05/06/2024 | BUSINESS WIREBrainChip Holdings Ltd, the world’s first commercial producer of ultra-low power, fully digital, event-based, neuromorphic AI IP, and Frontgrade Gaisler, a leading provider of space-grade system-on-chip solutions, announce their collaboration to explore the integration of BrainChip’s AkidaTM neuromorphic processor into Frontgrade Gaisler’s next generation fault-tolerant, radiation-hardened microprocessors.
Real Time with… IPC APEX EXPO 2024: Direct Imaging Equipment and Quad-wave DLP Light Engine Technology
05/03/2024 | Real Time with...IPC APEX EXPOGuest Editor Kelly Dack and MivaTek's Brendan Hogan delve into the company's innovative technologies, including direct imaging equipment and quad-wave DLP light engine technology. They highlight the benefits of direct imaging, compensation, and DART technology.
iNEMI Names Grace O'Malley CTO
05/02/2024 | iNEMIThe Board of Directors of the International Electronics Manufacturing Initiative (iNEMI) has named Grace O'Malley Chief Technical Officer (CTO).
Dubai Launches Global Blueprint for Artificial Intelligence
05/02/2024 | BUSINESS WIREDubai has launched a blueprint for Artificial Intelligence (AI), a yearly plan that will focus on harnessing the technology’s potential to improve quality of life around the world.
NextFlex Convenes the Hybrid Electronics Community at Binghamton University
05/01/2024 | NextFlexBinghamton University hosted the NextFlex hybrid electronics community on April 18 for a day of expert presentations, breakout sessions on technology and manufacturing topics, and networking.