The Global Machine Vision Market to Develop at 7.75% CAGR by 2028

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The Global Machine Vision Market to Develop at
7.75 CAGR by 2028
Triton Market Research presents the Global
Machine Vision Market report segmented by
Verticals (Automotive, Electronics
Semiconductors, Healthcare, Food Packaging,
Other Verticals), by Application (Inspection,
Gauging, Guidance, Identification, Other
Applications), by Components (Hardware ASMV,
Cameras, Sensors, Illuminations, Processors,
Other Hardware Components, Software), by Type
(1D Machine Vision, 2D Machine Vision, 3D Machine
Vision), by Geographical Region (North America,
Europe, Asia-Pacific, Latin America, Middle East
and Africa), discussing Market Summary, Industry
Outlook, Drivers, Challenges, Opportunities,
Competitive Landscape, Research Methodology
Scope, and Global Market Size, Forecasts,
Analysis (2022-2028). Triton Market Research has
put forth that the Global Machine Vision Market
would evolve at a CAGR of 7.55 over the
estimated period 2022 to 2028.
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An increase in the number of smart factories has
been observed in recent years. A smart factory
enables the complete automation of facilities,
which reduces the human involvement, machine
defects downtime, and operational costs. At the
same time, it improves information sharing and
operational control, thereby avoiding major
factory accidents. The increase in smart
factories is thereby driving the market
growth. On the other hand, despite the multiple
business benefits it offers, machine vision is
yet to be utilized to its full potential. This is
because MV systems require a high level of
expertise for their successful post-
implementation. It is majorly restricting the
growth of the market studied. The Asia-Pacific
region holds the major chunk of the global
machine vision market, and is anticipated to
continue its lead until the end of the forecasted
period. The APAC is fast becoming the new hub of
the manufacturing industry. And, owing to the
presence of a high number of discrete
manufacturing factories, the machine vision
market is anticipated to significantly in the
region. Several industrial set- ups are adopting
machine vision systems in their facilities to
improve their manufacturing efficiency and deal
with the rising wages pressure to enhance the
working condition of workers. Basler AG, Cognex
Corporation, National Instruments Corporation,
Perceptron Inc, Flir Systems Inc, Allied Vision
Technologies GmbH, Teledyne Technologies
Incorporated, Isra Vision AG, Omron Corporation,
Baumer Electric AG, Optotune AG, Keyence
Corporation, Datalogic SpA, USS Vision, and Jai
AS are some of the dominant players in this
market. The global market for machine vision is
highly competitive, with several local, regional,
and international players, ranging from large to
small. They are trying to compete by offering the
same characteristics and similar prices or by
offering similar product features at lower prices
and also by acquiring major companies. The
numerous factors responsible for the competitive
rivalry among the existing players within any
industry include high concentration level, exit
barriers, industry demand growth, high
strategic stakes, and product service
differentiation. Additionally, different
companies in the market operate with varied
technologies for varied applications. Besides,
machine vision systems are not standardized but
application-specific. This has largely increased
the level of competition among players. Contact
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