The overall computer vision market is likely to be valued at USD 11.9 billion in 2018 and is expected to reach USD 17.4 billion by 2023, at a CAGR of 7.8% between 2018 and 2023. The market growth can be attributed to the increasing demand for automation in industries, rising adoption of AI and IoT for computer vision applications, and growing demand for automation technologies in emerging countries such as China and India.
In 2017, the computer vision market was mainly dominated by Cognex (US), KEYENCE (Japan), National Instruments (US), Basler (Germany), and OMRON (Japan), among others. Some of the major strategies adopted by these players to compete in the computer vision market were product launches and developments, mergers & acquisitions, and partnerships & agreements, among others.
Cognex was incorporated in 1981 and has its headquarters in Massachusetts, US. Cognex Corporation holds a leading position in the global computer vision market due to its strong employee base and wide geographic presence, with offices and distributors located throughout the Americas, Europe, and APAC. The company also focuses on developing solutions for various applications, such as automotive, consumer electronics, and logistics, to grow in the computer vision market. It provides high-resolution smart cameras, DS1000 3D sensors, and VisionPro 3D, which deliver accurate, 3-dimensional, real-time information that could enhance vision performance for assembly, logistics, and robot applications. In April 2017, the company introduced the new In-Sight 7000 series, a suite of ultra-rugged, highly modular standalone vision systems. Its second-generation In-Sight 7000 series represents a breakthrough in performance and flexibility, and ensures ease of integration.
Keyence held the second position in the computer vision market in 2017. The company has an extensive portfolio of computer vision solutions. It focuses on developing innovative products and strengthening its sales channels to ensure medium and long-term growth. Recently, it has developed new products, including a stationary 2D code reader, a high-speed microscope, and an ultra-high speed and high capacity multi-camera image processing system in the area of machine vision. Keyence has increased its human resources and expanded its operation base by establishing its subsidiaries overseas. Product launches and developments were the major growth strategies adopted by the company between 2015 and 2017. For instance, in September 2017, Keyence launched a 3D vision system that features point-and-click tools for measuring 3D objects.
Computer Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor) and Software (Deep Learning and Traditional Software)), Product (PC Based and Smart Camera Based), Application, Vertical - Global Forecasts to 2023
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