The global machine vision and vision guided robotics market is driven by the demand for smart cameras and increasing compatibility with different systems. This technology is used to automatically capture and process images for inspections. Increasing technological advancements has resulted in reducing operational costs and complexities, enabling the technology to be used for wider applications.
Increasing the use of this technology for various applications is expected to be the key factor driving market demand. Additionally, rising efficiency and convenience along with the shift to digital systems is further expected to drive the market. Lack of skilled professional and industry standards may hinder the market growth. Low return on investments may also act as a restraint to the machine vision and vision-guided robotics market. Increasing technology awareness and new product developments can provide new opportunities for market growth.
The machine market can be segmented on the basis of product, technology, and application. The product segment includes cameras, frame grabber, lightings & optics, hardware, software, and processors, etc. Line & area scan cameras, CCD & CMOS sensors etc are a few technologies used in the market. The machine vision and vision robotics technology is used for various industrial and non-industrial applications such as automotive, semiconductor, electronics, metal, glass, wood & paper, medical devices, printing, transportation, security & surveillance, military & defense, medical imaging and traffic management, etc.
Traffic management and security are expected to be major application markets owing to their increasing use for traffic flow monitoring, automatic number plate recognition and traffic surveillance, etc. Infrastructure and medical applications are also expected to witness steady growth. Asia Pacific is expected to be a key regional market over the next six years.
Some key players in the machine vision and vision-guided robotics market include Cognex, Basler AG, Teledyne Dalsa, Absolute Vision, ISRA Vision, Stemmer Imaging, Vitronics JAI A/S, etc.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.