The study involves four significant activities for estimating the size of the Machine Vision market. Exhaustive secondary research has been conducted to collect information related to the market. The next step is to validate these findings and assumptions related to the market size with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the overall size of the Machine Vision market. After that, market breakdown and data triangulation procedures were used to determine the extent of different segments and subsegments of the market.
Secondary Research
Secondary sources for this research study included corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; certified publications, articles by recognized authors; directories; and databases. The secondary data has been collected and analyzed to determine the overall market size, further validated through primary research.
Primary Research
Extensive primary research has been conducted after gaining knowledge about the current scenario of the Machine Vision market through secondary research. Several primary interviews have been conducted with experts from the demand and supply sides across four major regions—North America, Europe, Asia Pacific, and RoW. This primary data has been collected through questionnaires, emails, and telephonic interviews.
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Market Size Estimation
In the complete market engineering process, top-down and bottom-up approaches and several data triangulation methods have been implemented to estimate and validate the size of the Machine Vision market and other dependent submarkets listed in this report.
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The key players in the industry and markets have been identified through extensive secondary research.
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The supply chain of the industry and the market size, in terms of value, have been determined through primary and secondary research.
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All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Machine Vision Market: Top-Down Approach
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In the top-down approach, the overall market size has been used to estimate the size of the individual markets (mentioned in the market segmentation) through percentage splits obtained from secondary and primary research.
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For calculating the Machine Vision market segments, the market size obtained by implementing the bottom-up approach has been used to implement the top-down approach, which was later confirmed with the primary respondents across different regions.
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The bottom-up approach has also been implemented for the data extracted from secondary research to validate the market size of various segments.
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Each company’s market share has been estimated to verify the revenue shares used earlier in the bottom-up approach. With the help of data triangulation and validation of data through primaries, the size of the overall Machine Vision and each market have been determined and confirmed in this study.
Data Triangulation
After arriving at the overall market size, the total market has been split into several segments. The market breakdown and data triangulation procedures have been employed wherever applicable to complete the overall market engineering process and arrive at exact statistics for all segments. The data was then triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Market Definition
Machine vision systems use a combination of hardware and software to provide operational guidance to devices in executing their functions. It uses sensors (cameras), processing hardware, and software algorithms to automate complex or mundane visual inspection tasks and precisely guide handling equipment during product assembly. The system relies on digital sensors installed in cameras with specialized optics to acquire images. These images are then processed, analyzed, and measured by artificial intelligence (AI) technology embedded in the computer hardware for decision-making. AI allows machines to learn from experience, intercept new inputs, and perform human-like tasks. Technologies such as machine learning and natural language processing (NLP), which are used to train computers, are also being used in machine vision to perform specific tasks by processing a large volume of data captured by cameras. Machine vision systems offer fast response, a tailored approach, accurate information, and fewer redundancies—all of which are essential to achieving higher efficiency in an organization. Machine vision systems encompass all industrial and nonindustrial applications; nevertheless, currently, it is highly used in industrial processes. The major players of Machine vision market includes Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), National Instrument Corporation (US), Keyence Corporation (Japan), Teledyne Technologies (US), Sick AG (Germany), TKH Group (Netherland), Sony Corporation (Japan), Texas Instruments Incorporated (US), Intel Corporation (US), Atlas Copco (Sweden), Microsoft (US).
Key Stakeholders
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Original equipment manufacturers (OEMs)
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Providers of technology solutions
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Research institutes
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Market research and consulting firms
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Forums, alliances, and associations related to Machine Vision
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Technology investors
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Governments and financial institutions
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Analysts and strategic business planners
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Existing end users and prospective ones
Report Objectives:
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To describe and forecast the Machine Vision market in terms of value based on Deployment, Component, Product, and Industry
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To describe and forecast the Machine Vision market size in terms of value for four main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)
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To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the Machine Vision market
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To provide a detailed overview of the supply chain of the ecosystem
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To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the market
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To analyze the probable impact of the recession on the market in the future
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To benchmark the market players using the proprietary company evaluation matrix framework, which analyzes the market players on various parameters within the broad categories of market ranking/share and product portfolio.
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To analyze competitive developments such as acquisitions, product launches, partnerships, expansions, and collaborations undertaken in the Machine Vision market
Available Customization
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for this report:
Company Information:
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Detailed analysis and profiling of additional five market players
Growth opportunities and latent adjacency in Machine Vision Market