Machine vision is a technology that helps the computer to visualize the work environment. This technology is used to automatically inspect the images it captures and analyze them. It helps in robot guidance, process control, and automatic inspection in the industry. This technology is rapidly replacing manual inspection and measurements with image processing and smart cameras. These smart cameras independently run and function without depending upon the computers. Furthermore, adoption of machine vision system in industrial and non-industrial sectors is expected to escalate the demand and growth of this market.

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The Machine Vision Technology Market was valued at USD 15.70 billion in 2014, which is expected to reach USD 28.50 billion by 2021, growing at a CAGR of 8.4% from 2015 to 2021.

Increasing manufacturing sectors is one of the important factors driving the rise in demand of machine vision technology market globally. Machine vision technology is largely used in manufacturing sectors for inspection of microchips, resistors, and components such as lead frames and capacitors. In the automotive industry, these technologies are used in control systems for inspection of painted surfaces, industrial robots, welding quality control, checking engine block. Moreover, shift in demand towards automation is also driving the demand of this market. The measuring and analyzing is done more accurately, precisely, and efficiently by computers as compared to manual systems, thus demand for machine vision technology is expected to increase. Furthermore, the accuracy, of the machine vision helps in boosting quality automation which includes defect detection, quality inspection, component measurement, and tolerance monitoring.

Global Machine Vision Technology Market: By Product Type

> PC based machine vision technology
> Embedded machine vision technology
> Smart cameras based machine vision technology

PC based machine vision held the largest market share followed by embedded and smart camera based machine vision technologies in 2014 globally. Growing demand for technologically advanced methods for testing and inspection in various industries has stimulated the demand for PC based machine vision globally.

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Global Machine Vision Technology Market: By Application

Industrial applications

> Semiconductors (This segment held largest market share of 22.1% in 2014)
> Electronics
> Packaging
> Textiles
> Automobiles
> Others

Non-industrial applications

> Security and surveillance
> Banking
> Traffic controlling
> Lab automation and medical imaging
>Others

Geographically, Asia-Pacific held the largest market share of machine vision technology in 2014 due to the increasing manufacturing sectors in this region. Moreover, APAC is followed by Europe, North America and Rest of the World in 2014.

Some of the leading players in the market are Cognex Corporation (Massachusetts), Basler AG (Germany), Allied Vision Technologies Inc. (Germany), Adept Technology Inc. (California), Keyence Corporation (Japan), ISRA Vision AG (Germany)., Microscan Systems Inc.(Washington), Electro Scientific Industries Inc. (Oregon), OMRON Corporation (Japan) and Seeing Machines Ltd. (Australia) among others. The report provides estimates in terms of revenue (USD Billion) from 2015 to 2021 by studying the global machine vision technology market.

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