Dublin, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The "Global Multi-Camera Vision Systems Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global multi-camera vision systems market is poised to achieve remarkable growth with an anticipated Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period.
This growth is attributed to continuous advancements in camera technology, image processing algorithms, and the enhanced capabilities of multi-camera vision inspection systems, driven by artificial intelligence (AI). These systems excel in handling complex inspections, identifying subtle defects, and delivering real-time analysis with exceptional accuracy.
In May 2022, SOLOMON Technology Corp. introduced META-aivi, a portable AI vision system that seamlessly combines machine vision with human dexterity. META-aivi is compatible with a wide range of devices, including smartphones, tablet devices, IP cameras, body cams, and augmented reality glasses, making it a versatile AI-powered augmented reality platform with applications spanning various industries and sectors.
Segmental Outlook
The global multi-camera vision systems market is categorized by type and end-user. Types include 2D vision systems and 3D vision systems, while end-users encompass the automotive, healthcare, manufacturing, industrial, and other sectors. Among these, the manufacturing sub-segment is expected to hold a substantial share of the market. This is primarily due to the increasing emphasis on product quality across industries and the growing need for reliable inspection systems. Multi-camera vision inspection systems offer high accuracy and precision in defect detection, ensuring that products meet stringent quality standards.
3D Vision Systems Sub-Segment is Anticipated to Hold a Prominent Share in the Global Multi-Camera Vision Systems Market
Among the types, the 3D vision systems sub-segment is projected to hold a considerable share of the market. 3D vision systems enable inspections from multiple angles, dimensions, and features simultaneously, ensuring comprehensive defect detection in intricate products. Market players are also focusing on developing advanced 3D vision systems to meet the growing global demand. For instance, in October 2022, Hitachi Astemo, Ltd. launched a prototype 360-degree stereo vision system designed for automated vehicles on regular streets. This all-surrounding sensing system, based on multi-camera 3D sensing, offers both high resolution and high accuracy.
Regional Outlook
The global multi-camera vision systems market is further divided into geographical regions, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). The Asia-Pacific region is expected to experience substantial growth, primarily due to the increasing adoption of multi-camera vision systems across diverse industries such as automotive, electronics, packaging, pharmaceuticals, and food and beverages. These industries are recognizing the benefits of automated inspection, driving the demand for multi-camera vision systems.
Europe is Expected to Hold a Prominent Share in the Global Multi-Camera Vision Systems Market
Europe is anticipated to hold a prominent share of the global multi-camera vision systems market. The region's growth is attributed to the widespread adoption of cutting-edge imaging technologies, AI algorithms, and machine learning (ML) techniques to deliver precise and efficient inspection results. This aligns with Europe's reputation for technological advancements and its appetite for innovation. Additionally, multi-camera vision inspection systems help businesses reduce costs and minimize waste by detecting defects early in the production process. Market players in the region are focusing on innovative product launches to cater to various industries. For instance, in May 2020, Xylon introduced an updated hardware/software development kit that provides designers with tools to implement embedded multi-camera systems for various applications.
Market Players Outlook
Key players in the global multi-camera vision systems market include Keyence Corp., Cognex Corp., Industrial Vision Systems Ltd., and VIRTUALEXPO. These market players are actively contributing to market growth through strategies such as mergers, acquisitions, partnerships, collaborations, funding, and the introduction of new products to maintain their competitiveness. For instance, in August 2021, VVDN Technologies partnered with NVIDIA Corp. to expand opportunities for advanced AI-enabled camera and vision applications.
The Report Covers:
- Market value data analysis for 2022 and forecasted figures until 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global multi-camera vision systems market. The report also includes information on new product launches and relevant news, where available.
- Analysis of business strategies by identifying key market segments poised for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying industry players and their positions in the market.
For more information about this report visit https://www.researchandmarkets.com/r/kipiiw
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