The reason for this predicted rise is due to industries intensifying their demand for quality inspection, the report indicates.
Artificial Intelligence (AI)- and Internet of Things (IoT)-integrated machine vision systems that expedite automation will especially gain traction in this environment. Vendors are focusing on providing advanced solutions that can reduce human involvement and enhance the systems' safety benefits, which will, in turn, prevent part damage and eliminate the maintenance costs associated with mechanical components.
"Despite the evolution of the smart camera system, PC-based machine vision solutions are expected to dominate the market due to their greater power and speed,” said Prem Shanmugam, Senior Consultant for Measurement & Instrumentation at Frost & Sullivan. "Embedded Vision Systems as well are finding application in futuristic end-use cases like self-driving cars and hence, companies are looking for partnership opportunities with embedded system designers.
Asia-Pacific will continue to be the largest market globally, generating 38.4 percent of the revenues by 2022. Companies such as Cognex Corporation, Basler, and Keyence will dominate the market with their diverse product portfolios, robust distribution network, and wide application coverage. Machine vision vendors that demonstrate high innovation in terms of technology, flexibility, efficiency, and accuracy will be the most successful in the constantly evolving market."
The report also suggests that vendors will find additional revenue opportunities in combining existing technology with newer tech such as 3D imaging to enhance capabilities; in AI and deep learning to ensure a higher degree of automation and reliable identification of a wider range of objects, along with focusing on expansion in developing economies such as Brazil and Indonesia.