Report: Global machine vision market to grow nearly 9% from 2014-2019

Aug. 26, 2015
The global machine vision market is expected to growth at a compound annual growth rate of 8.77% over the period of 2014-2019, according to one technology research company.    

Seen on PR-Inside:Machine vision technology helps analyze and inspect images through various machine vision software, hardware, and accessories.Technavio's analysts forecast the global machine vision market to grow at a CAGR of 8.77% over the period 2014-2019.

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Our take:

Machine vision technology and products have been used in a number of industries for years, but the application of smart cameras and vision-guided robotics has enhanced the market potential in various non-conventional industries. This, according to technology research company Technavio, will ultimately lead to the global machine vision market growing at a compound annual growth rate of 8.77% over the period 2014-2019.

While automotive and electronics and semiconductor industries represent some of the “traditional” vision systems used forquality inspection and collection of visual data, people are now using smart cameras and machine vision components for such applications as traffic management, life sciences, and robotics. In addition, cloud technology, which was evolved over the years and has been increasingly adopted by businesses worldwide, will be one of the next innovations in the market, which will augment industry growth, according to an analyst from Technavio.

"Cloud technology has evolved over the years and companies around the world are looking to implement and use cloud technology as a basic business enabler in the changing and competitive business environment. Since cloud technology can be used to upload and retrieve critical data at anytime and anywhere with 24*7 access, the machine vision users and vendors are also looking to the cloud as the next innovation in the machine vision market.

The analyst continued, "Vendors are trying to provide customer support, critical data information, training, a periodic maintenance service, and updates through the cloud, thereby differentiating themselves from their competitors. Moreover, the use of the cloud helps increase operational efficiency by reducing costs, increasing flexibility, and offering easy customization, better employee utilization, better storage, and easy access."

Key industry players named are Basler, Cognex, and Teledyne Technologies, followed by a list that includes Absolute Vision, Adept Technology, Allied Vision, BitFlow, Datalogic, Edmund Optics, ISRA Vision, JAI, Keyence, LMI Technologies, Matrox, MVTec Software, National Instruments, Omron, PixeLINK, PPT Vision, ProPhotonix, SICK, Soliton Technologies, STEMMER IMAGING, Videk, Vitronics Soltec, and ZYGO.

Technavio’s study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. It contains a market and vendor landscape in addition to a SWOT analysis of the key vendors across the globe.

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- James Carroll, Senior Web Editor, Vision Systems Design

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