According to the research report titled ‘GLOBAL MACHINE VISION MARKET 2021-2028,’ available with MarketStudyReport, global machine vision market is slated to expand at 7.63% CAGR during 2021-2028.
 

The widespread application of this technology, the surging efforts for smart factories, and the increasing trend of miniaturized products are elements influencing the growth of global machine vision market.

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Besides, focus on ensuring appropriate detection of defects is furthering the market dynamics by creating profitable prospects for enterprises in this domain.

Moreover, the rapid expansion of the Industrial Internet of things (IIoT) technology, combined with the continuous development of image censors is swaying the industry development forward.

On the contrary, the lack of standardization, and numerous complications involved in the implementation of such a framework are likely to hamper the progress of the business landscape in the coming years.

Based on component type, the market is categorized into hardware (processors, ASMV, illuminations sensors, cameras, others), and software. Concerning application spectrum, worldwide machine vision industry is divided into gauging, inspection, identification, inspection, and others.

With respect to verticals, the business sphere is classified into healthcare, automotive, food & packaging, electronics, and others. While the type terrain includes 1D identification, 2D identification, and 3Didentification.

Speaking of the regional outlook, Asia Pacific market is poised to hold a sizable revenue share during the assessment timeline, due to emphasis among organization to minimize ownership costs and improve accuracy, coupled with the surge in outsourcing activities across major nations in the region.

Additionally, multiple international corporations are establishing their production facilities in the region given the availability of cost-effective labor, which is further supplementing to the progress of the market.

The key players in worldwide machine vision market include National Instruments Corporation, Cognex Corporation, Flir Systems Inc., Datalogic S.p.A, USS Vision Inc., Omron Corporation, Teledyne Technologies Incorporated, Perceptron Inc., Allied Vision Technologies GmbH, JAI A/S, Basler AG, Keyence Corporation, Omron Microscan Systems Inc., Baumer Optronic GmbH, and Optotune AG among others.