Providing automation solutions at a lower cost will help satisfy increasing demand for machine vision in manufacturing and other industries.
A Frost and Sullivan report on Global Machine Vision Growth Opportunities indicates that the drive for automation will provide the foundation for the machine vision market in the coming few years. The industry is expected to see a compound annual growth rate of 6.4%, reaching just over $14 billion by 2025.
The Asia-Pacific region will remain the largest market, according to the study. It also remains the fastest-growing as companies move through their digital transformation, particularly in emerging markets. This growth covers several specific industries, including pharmaceuticals, semiconductors, and automobiles. For North America and Europe, the report expects moderate growth, covering some of the same industries as well as food processing and medical devices.
See also: The State of AI: Better Computer Vision, Faster NLP
The worldwide shift to Industry 5.0 relies on machine vision to complete unsupervised tasks using human-to-machine interfaces. These systems need automation capability to reduce waste and ensure the most efficient operation. The report believes that venders should focus on three specific components to meet the demand and expectations of machine vision consumers:
- Self-optimization manufacturing: Because the industry operates on a razor-thin margin, companies want AI capability that integrates with existing technology and learns as it goes.
- Robotics as a Service: Machine vision companies can work with robotics companies to bring new capabilities and offerings to the manufacturing sector
- Deep learning and AI: Companies are hungry for artificial intelligence solutions that can optimize and streamline their current processes.
Machine vision strategic partnerships will offer the most value
Market leaders are already partnering with robotics and artificial intelligence companies to leverage their expertise in creating new products. Providing automation solutions at a lower cost will help satisfy increasing demand in manufacturing and other industries. The search for automation will bring greater capability and innovation in offering as-a-service models and other solutions.
