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Home | Search Global IT News: IT News & Press Release Distribution: Machine Vision Market expected to be worth $14.0 billion by 2024   (IT-NEWSWIRE.COM, May 17, 2019 ) According to the new market research report on the "Machine Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor), Software (Deep Learning and Traditional software)), Product (PC Based and Smart Camera Based), Application, End-User Industry - Global Forecasts to 2024", is expected to reach USD 14.0 billion by 2024 from an estimated USD 9.9 billion in 2019, at a CAGR of 7.1% from 2019 to 2024. The recent advancements in imaging technology such as deep learning software, liquid lens, vision processing unit, 360-degree camera, hyperspectral imaging, and hybrid image sensor and the growing demand for artificial intelligence play a significant role in the growth of the machine vision market. In addition, the growing trend of Industry 4.0 in emerging economies of the world is expected to propel the growth of the machine vision market during the forecast period. Don’t miss out on business opportunities in Machine Vision Market. Speak to our analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=234246734 By product, smart camera-based machine vision system to grow at higher CAGR in machine vision market during forecast period The market penetration of smart camera-based machine vision systems as compared to the PC-based systems is likely to increase during the forecast period. Smart cameras are designed with open embedded processing technology which eliminates certain peripheral devices. They are cost-effective, compact, and flexible. Currently, the PC-based machine vision systems dominate the market, but this trend is expected to change with the advancements in smart camera technology and IoT, which can be easily integrated with smart cameras. Food & packaging industry expected to be largest market for machine vision during forecast period Among end-use industries, the food & packaging industry is expected to grow at the highest rate during the forecast period. Machine vision systems ensure error-free assembly by inspecting closure panels such as doors, hoods, lift gates, and tailgates, among other components. These systems help gauge the presence as well as diameters of the bearings to ensure that all systems are in place and there is no damage. The customized point & click interface of machine vision technology makes it easy for system operators to carry out quality inspection and requires minimal labor training. The food industry provides several opportunities for the machine vision market, and several companies have responded by developing application-specific solutions in the areas of grading, sorting, portioning, processing, and quality checking during processing and packaging. Browse and in-depth TOC on "Machine Vision Market" 71 - Tables 42 - Figures 174 - Pages View more detailed TOC @ https://www.marketsandmarkets.com/Market-Reports/industrial-machine-vision-market-234246734.html Machine vision market in APAC expected to grow at highest CAGR during forecast period APAC is expected to provide ample growth opportunities for the machine vision market since it is considered a manufacturing hub for most industries. China is an ideal destination for production units of various industries, including electronics and automotive. The machine vision market in China is expected to witness a higher growth than in other APAC countries owing to the increasing demand for automation in the country. In addition, the labor cost in China is increasing year on year. Therefore, companies based in China are focusing on using automation systems to reduce production costs. These factors are driving the growth of the machine vision market in China. Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=234246734 Key Players Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), Keyence Corporation (Japan), National Instruments (US), Sony Corporation (Japan), Teledyne Technologies, Inc. (US), Allied Vision Technologies GmbH (Germany), Texas Instruments, Inc. (US), Intel Corporation (US), Baumer Optronic GmbH (Germany), JAI A/S (Denmark), MVTec Software (Germany), Tordivel AS (Norway), ISRA VISION (Germany), Sick (Germany), FLIR Systems (US), AMETEK (US), Qualitas Technologies (India), SUALAB (South Korea), Cadence Design Systems, Inc. (US), CEVA, Inc. (US), and Inuitive (Israel) are some of the players in the machine vision ecosystem. The growth strategies adopted by these market players include product launches & developments, mergers & acquisitions, contracts, partnerships, and agreements. Browse Adjacent Markets @ Semiconductor and Electronics Market Research Reports & Consulting About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". 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