APAC Dominating the Machine Vision Market in 2021, 2026
Machine vision is a technology that uses computer-controlled measurement and color detection to automatically collect data from live video, which allows for computers to scan objects for the purposes of inspection, production, and more. This is the kind of technology that building automation can employ when it comes to CCTV surveillance.
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The machine vision market revenue was accounted for USD 11.0 billion in 2021 and is projected to reach USD 15.5 billion by 2026, at a CAGR of 7.0% during the forecast period.
Automation, robotics and AI are revolutionizing modern business in the years to come. Such advancements require the integration of vision and autonomous driving technologies that is possible only with the use of machine vision. This blog makes a detailed examine how these upcoming trends will affect the machine vision industry in countries outside of the US.
One of the main reasons for this surge in APAC investment in machine vision is the region’s booming economy. APAC countries have been some of the fastest-growing economies over the past few years. This wealth allows businesses and governments to invest more money into innovative machine vision technologies.
Overall, machine vision is continuing to be a major driver of growth in APAC economies. As companies and governments invest in this technology, we can expect even more exciting developments in the future!
The major players in the machine vision market include Cognex Corporation (US), Keyence (Japan), Teledyne DALSA (US), TKH Group (Germany), and Basler (Germany).
Regional Growth & Competition
The machine vision market is seeing immense growth and dominance in the APAC region. This is due to several factors, including increasing demand for automated processes, coupled with advances in technology.
One of the main reasons for regional growth in the machine vision market is increased demand for automated processes. As businesses across the APAC region move towards automation, machine vision becomes a key tool for performing these tasks. Additionally, advances in technology are driving demand for machine vision products. This is because these technologies offer improved accuracy and performance.
Impact of Internet of Things on Machine Vision capabilities
The uptake of machine vision technologies is being driven by the increasing demand for smart Manufacturing and Assembly and Intelligent Service Applications. The growth of Internet of Things (IoT) is also fuelling the growth of the machine vision market.
Measures such as increasing use of 3D printing and automated processes are contributing to the growth of the machine vision market. Additionally, these technologies are giving organisations an edge over their rivals in terms of efficiency, accuracy, and time to market.
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