Defect Detection Market

Market Leader - Defect Detection Market

The global defect detection market is estimated to grow from USD 3.5 billion in 2021 to USD 5.0 billion by 2026 at a CAGR of 7.5% during 2021–2026. The growth of the defect detection market is driven by factors such as strong focus of manufacturers on automating quality control and quality assurance processes; stringent health and safety measures imposed by governments and standards organizations on global manufacturing firms; and high demand for application-specific integrated circuits (ASICs). However, dearth of skilled professionals in manufacturing factories is restraining the growth of the market. Nevertheless, defect detection systems are likely to be adopted at a significant rate in various industries, garnering the interest of industry players across several verticals.

Key players in the defect detection market comprise companies operating at different stages of the value chain. These include Microsoft (US), IBM (US), Amazon Web Services (US), OMRON Corporation (Japan), Cognex Corporation (US), Teledyne Technologies (US), ISRA VISION (Germany), KEYENCE (Japan), Datalogic (Italy), and Matrox Electronic Systems (Canada). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, acquisitions, partnerships, contracts, and agreements to strengthen their position in the market.

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Top 5 players in defect detection market:

Microsoft (US) is among the leading players in the defect detection market. It focuses on developing innovative products and solutions and aims to move towards Industry 4.0 standards and gives high importance to the latest technologies and trends in the defect detection market. The company invests significantly in R&D activities to improve its product portfolio and position in the defect detection market. Machine learning, deep learning, natural language processing (NLP), and speech processing are the key focus areas of the company. Moreover, with the development of new Azure machine learning (AML), new visual studio tools for AI, cognitive services, and new enterprise AI solutions in September 2017, Microsoft showcased its strong organic growth capability. The company continuously invests in a series of services, including AI infrastructure tools and services, to help developers embed their ability to see, hear, and respond to their applications. The company has a strong presence worldwide.

IBM (US) is a prominent player in the defect detection market. The company offers innovative software/services such as IBM Maximo Visual Inspection, IBM Maximo Visual Inspection Mobile, and IBM Visual System. The company has a strong focus on R&D, which helps it establish a strong position in the market. In 2020, the company invested approximately 9% of its total revenue in R&D, focusing on high-growth, high-value opportunities. Also, IBM Research scientists are conducting pioneering work in hybrid cloud, AI, quantum computing, security, systems, and more, applying these technologies across industries, including financial services, healthcare, automotive, pharmaceuticals, and energy. IBM operates in more than 175 countries with a broad distribution of revenue.

Amazon Web Services (US) is considered as one of the pioneers in offering cloud services. The company offers a broad range of defect detection software and services, including Amazon Lookout for Vision, AWS Step Functions, Amazon SageMaker Edge Manager, Amazon Augmented AI, and AWS DeepLens for defect detection applications. Recently, the company introduced Amazon Lookout for Vision, a machine learning (ML) service that spots defects and anomalies in visual representations using computer vision (CV) in December 2020. The company has a strong presence across regions and is known for innovative products pertaining to defect detection. It also has a strong sales and distribution network across the world.

OMRON Corporation (Japan) is among the leading players in the defect detection market. It has a strong employee base and a robust focus on R&D. It concentrates on developing innovative and diverse products. The company’s vision sensors and machine vision systems can analyze images for appearance inspection, character inspection, positioning, and defect detection. In this product category, the company offers vision sensors, vision systems, and smart & industrial cameras. The company sells its products in about 120 countries, primarily through direct selling and third-party distributors. In March 2021, OMRON announced that it had been named one of Clarivate's Top 100 Global Innovators 2021 for the fifth year in a row. To improve technology management, OMRON established the Innovation Exploring Initiative Headquarters; and OMRON SINIC X Corporation (an OMRON subsidiary that draws ‘near-future design,’ i.e., new and future technology) in Tokyo, Japan, in April 2018. By engaging in open innovation, OMRON SINIC X Corporation is accelerating the creation of ‘near-future design’ while acquiring cutting-edge technologies and intellectual properties.

Cognex (US)’s products include machine vision systems, machine vision sensors, and barcode readers that are used in factories and distribution centers across the world, where they eliminate production and shipping errors. Cognex conducts research, development, and engineering (RD&E) to improve existing products and develop new products and functionality to meet market demands. Cognex's continuous commitment to R&D activities is critical to maintain or achieve product leadership with existing products, provide innovative new product offerings, and provide engineering support to large customers. The consumer electronics, logistics, and automotive industries are the key end users of Cognex’s products, which collectively accounted for approximately 70% of the company’s total revenue in 2020. The company has a strong brand name and a wide distribution network across the world pertaining to machine vision with several trademarks and patents.

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Defect Detection Market Size,  Share & Growth Report
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