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Machine Vision Market Size Worth $21.17 Billion By 2028 | CAGR: 6.9%: Grand View Research, Inc.

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The global machine vision market size is expected to reach USD 21.17 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.9% from 2021 to 2028. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across the industrial sectors is leading to the application of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.

Key suggestions from the report:

  • The PC-based product segment accounted for the largest market share in 2020 and is estimated to dominate the market over the forecast period
  • The identification application segment is anticipated to exhibit the fastest growth rate over the forecast period, followed by the positioning and guidance application segment
  • The food and beverage end-use industry segment is expected to register the highest CAGR over the forecast period
  • The market in Asia Pacific is expected to witness substantial growth over the forecast period. This growth is attributed to the ample opportunities offered due to the presence of large manufacturing hubs in prominent countries, such as China and Japan, across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors

Read 154 page research report with ToC on “Machine Vision Market Size, Share & Trends Analysis Report By Offering (Hardware, Software, Services), By Product (PC Based, Smart Camera Based), By Application, By End-use Industry, By Region, And Segment Forecasts, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/machine-vision-market

Machine vision technology encompasses various components in order to capture images of products to analyze them depending on different parameters of quality and safety. The technology is a combination of software and hardware that provides operational control to devices to execute functions, such as capturing and processing images and measuring various characteristics required for decision making. Major components of the system comprise lighting, lens, image sensors, vision processing, and communication devices. Machine vision systems assist in resolving complicated industrial tasks with reliability.

Industrial machine vision systems are usually more robust and demand high reliability, stability, and accuracy as compared to those used in institutional or educational applications. They cost lesser than systems used in military, aerospace, defense, and government applications. These factors are expected to lead to greater adaptability of the technology in the industrial sectors. In addition, the robotic vision systems used across the industries are leading to the increasing adoption of the technology, thereby strengthening the overall market growth.

The technology has proven to be of key importance in the area of manufacturing and quality control owing to the increasing need for quality inspection and production. In addition, the growing automation in the industrial segments is facilitating the growth of the market worldwide at a considerable rate.

The technology has been witnessing extensive developments and innovative upgrades since its emergence. Several factors such as the growing inception of the technology and increasing need for quality products are influencing the market growth. Furthermore, machine vision systems are gaining traction in medical and healthcare applications at a considerable pace. The analysis of medical images and robotic applications for carrying various medical activities are the key roles of the technology in these sectors.

The automotive end-use industry held the largest market share in 2020. The inspection process, which includes error-proofing and presence/absence checking, is responsible for the adoption of machine vision in the automotive industry. The food and beverage industry is expected to register the highest growth rate in the coming seven years owing to the use of machine vision systems in the packaging and bottling operations.

The Asia Pacific region held the largest market share in 2020. This can be attributed to ample opportunities offered on account of large manufacturing practices carried out in the region. Countries such as ChinaJapanAustralia, and Singapore are considered to be potential markets for upcoming technologies, including machine vision. The region’s huge industrial expansion has been contributing to the prosperity and development of various innovations and the adoption of different technologies significantly.

In addition, factors such as increasing focus on developments and expenditures in vision-related research activities and the growing manufacturing base in the region are expected to spur the market growth in the Asia Pacific, in turn, driving the overall market at a notable pace. The regional market is anticipated to exhibit the fastest growth rate over the forecast period.

The industry is facing challenges due to the lack of awareness among users about the rapidly advancing machine vision technology. Moreover, the complexity of integrating machine vision systems is the major difficulty being faced by manufacturers, which is restraining the smoother growth of the industry.

Grand View Research has segmented the global machine vision market on the basis of offering, product, application, end-use industry, and region:

  • Machine Vision Offering Outlook (Revenue, USD Million, 2017 – 2028)
    • Hardware
      • Camera
      • Frame Grabber
      • Optics/Lenses
      • LED Lighting
      • Processor
    • Software
      • Barcode Reading
      • Standard Algorithm
      • Deep Learning Software
    • Services
      • Integration
      • Solution Management
  • Machine Vision Product Outlook (Revenue, USD Million, 2017 – 2028)
    • PC Based
    • Smart Camera Based
  • Machine Vision Application Outlook (Revenue, USD Million, 2017 – 2028)
    • Quality Assurance & Inspection
    • Positioning & Guidance
    • Measurement
    • Identification
  • Machine Vision End-use Industry Outlook (Revenue, USD Million, 2017 – 2028)
    • Automotive
    • Pharmaceuticals & Chemicals
    • Electronics & Semiconductor
    • Pulp & Paper
    • Printing & Labelling
    • Food & Beverage (Packaging and Bottling)
    • Glass & Metal
    • Postal & Logistics
    • Others (Agriculture, Security & Surveillance, Rubber, Plastics, Solar Paneling, Machinery, and Others)
  • Machine Vision Regional Outlook (Revenue, USD Million, 2017 – 2028)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
    • Asia Pacific
      • China
      • Japan
      • Australia
      • Singapore
    • South America
      • Brazil
    • Middle East & Africa
      • Israel

List of Key Players of Machine Vision Market

  • Allied Vision Technologies GmbH
  • Basler AG
  • Cognex Corporation
  • Keyence Corporation
  • LMI Technologies, Inc.
  • Microscan Systems, Inc.
  • National Instruments Corporation
  • OMRON Corporation
  • Sick AG
  • Tordivel AS

Find more research reports on Next Generation Technologies Industry, by Grand View Research:

  • 3D Machine Vision Market – The global 3D machine vision market size was valued at USD 1.13 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027.
  • CMOS Image Sensor Market – The global CMOS image sensor market size was estimated at USD 7.21 billion in 2013. The proliferation of handheld devices such as smartphones and tablets has led to the development of smart sensing techniques with remote monitoring and diagnostic ability, which has considerably widened the application scope.
  • Machine Control System Market – The global machine control system market size was valued at USD 4.3 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2020 to 2027.

Artificial Intelligence

HER HIGHNESS SHEIKHA MOZA FORMALLY LAUNCHES QATAR PRECISION HEALTH INSTITUTE

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Institute builds on 10 years of genomics research to address the under-representation of the Arab genome and unravel a more representative map of the human race
DOHA, Qatar, May 1, 2024 /PRNewswire/ — Her Highness Sheikha Moza bint Nasser, Chairperson of Qatar Foundation, officially launched the Qatar Precision Health Institute, a national body aimed at leveraging the country’s advanced genomics research to accelerate personalized healthcare – leading to more precise treatments and improved health outcomes for people in the Arab world and beyond.

 
 
The Qatar Precision Health Institute builds on the groundbreaking work of Qatar Biobank and Qatar Genome Programme, uniting the efforts of Qatar Foundation’s research institutes to provide insights that reveal the effects of lifestyle, environment, and genetics on the Arab population.
Her Highness, Sheikha Moza bint Nasser, spoke at the formal launch event, emphasizing the importance of raising public awareness on the benefits of precision health. She said:
“I am proud that Qatar was the first country in the region to establish a population-based genome program, and has played a pioneering role in ensuring that Arab genomes are included in global genomic databases. Qatar’s efforts have led to faster and more accurate diagnoses of multiple diseases for people from the region. QPHI is building on those successes and taking our knowledge forward to implement clinical solutions that will lead to a healthier future not only for our citizens but for people around the world.”
Qatar Foundation’s work in the field of precision health led to the creation of the Qatari genome catalog, comprising more than 88 million variants, 24 million of which had never been reported previously in international databases.
Dr. Said Ismail, Acting President of QPHI, said:
“The Middle East is home to more than 400 million people, and is one of the world’s oldest inhabited regions, yet it is the most underrepresented in genome sequencing, as over 95% of available genome data comes from Western Europe and North America. Through research and clinical trials conducted at QPHI, we aim to improve the representation of Arab genomes in these datasets, empowering scientists to unravel the complete map of genomes that define the allelic spectrum of the human race, including Africa, East and Southeast Asia.”
QPHI will advance the study of the Arab genome through recruiting Qataris and long-time residents in large numbers, analyzing their biological samples, as well as information about their health and lifestyle. In doing so, it will make vital data accessible for researchers across the region and the world. Partnerships with leading global genomics institutes, including The Global Alliance for Genomics and Health, as well as the Health Institutes of Turkey will ensuring the transferability of discoveries, and strengthen genomics research on a global scale.
To date, Qatar Genome Programme has sequenced the genomes of over 40,000 Qataris or long-term Qatar residents, generating a wealth of data that has helped to inform diagnoses and treatments that have saved lives.
Through the use of precision medicine, a great number of diseases can be detected early, or avoided altogether. Interventions such as rapid genetic screening for heart patients has led to targeted treatment and a reduction in the number of days patients need to stay in hospital, while mandatory newborn screening through heel prick tests screens for over 80 disorders, giving doctors and parents the ability to detect treatable diseases before clinical presentation.
By seamlessly integrating cutting-edge research with clinical applications, QPHI will equip healthcare providers with the means to provide personalized treatment and elevate the standard of care while cementing Qatar’s position as a frontrunner in precision medicine on the global stage.
For more about Qatar Foundation, please visit qf.org.qa.
For more about QPHI, please visit qphi.org.qa
Photo: https://mma.prnewswire.com/media/2401712/Qatar_Foundation.jpg

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ION LookOut named “Most Innovative Trade Surveillance Solution” at A-Team Innovation Awards 2024

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LONDON, May 1, 2024 /PRNewswire/ — ION, a global leader in trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporates, announces that ION LookOut has been named “Most Innovative Trade Surveillance Solution” at the A-Team Innovation Awards 2024. 

The A-Team Innovation Awards recognize innovative projects and teams across the vendor and practitioner communities that leverage new and emerging technologies to deliver cutting-edge solutions for financial institutions in capital markets. The awards focus on data management, trading technology, ESG, and regtech suppliers whose contributions are advancing these areas.
ION LookOut, developed by LIST – an ION company, is a multi-asset trade surveillance solution used across multiple jurisdictions. Machine Learning for Alarm Classification (MLAC), ION LookOut’s AI-based assistant, helps compliance teams classify multiple alerts, reducing time and effort, and improving efficiency. MLAC optimizes alert management by learning from the past behavior of compliance officers. It helps reduce the workload of compliance officers while raising alarms for the necessary level of tracking activity. The automatic closure of low-profile alerts further streamlines the process, saving time.
“We are thrilled with ION LookOut’s win at the A-Team Innovation Awards 2024. The recognition reflects ION’s dedication to delivering high-value solutions that address our customers’ evolving needs,” said Alvise Insalaco, Chief Executive Officer: LIST.
“It’s an honor to have ION LookOut recognized for its innovative trade surveillance solution,” said Mirko Marcadella, Chief Product and Marketing Officer: LIST. “This award is a testament to ION’s unwavering commitment to push the boundaries of innovation and deliver solutions that empower our customers.”
Angela Wilbraham, CEO at A-Team Group and 4th annual A-Team Innovation Awards 2024 host, commented, “Many congratulations to ION for winning the Most Innovative Trade Surveillance Solution award in recognition of their achievement in delivering high levels of innovation to financial institutions. They should be deservedly proud of this accomplishment.”
ION LookOut was also named Best Solution for Record Retention at the RegTech Insight Awards APAC 2024 earlier this year, further demonstrating ION’s consistent track record of delivering award-winning products.
About ION
ION provides mission-critical trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporates. Our solutions and services simplify complex processes, boost efficiency, and enable better decision-making. We build long-term partnerships with our clients, helping transform their businesses for sustained success through continuous innovation. For more information, visit https://iongroup.com/ 
About ION Markets
ION Markets provides transformative technology and solutions to financial institutions dealing in asset management, cleared derivatives, equities, fixed income, foreign exchange, and secured funding. Our award-winning end-to-end solutions simplify clients’ operations by automating the full trade lifecycle, providing tools to manage risk, and maximizing access to liquidity, while giving real-time access to critical information required for timely operational decisions and execution on a global scale. For more information, visit https://iongroup.com/markets/ 
About LIST
An ION company, LIST is a leading financial technology provider to the global trading community, including trading venues, market makers, brokers, asset managers, risk managers, and compliance officers. LIST’s innovative turnkey products and delivery, driven by customers’ needs, play a key role in supporting successful business growth in today’s volatile times. Continuous innovation and client partnerships around the globe have built trust and reliance on LIST’sunique real-time and data analytics capabilities. For more information, visit https://www.list-group.com/.
About A-Team Innovation Awards 2024
The A-Team Innovation Awards celebrate innovative projects and teams across the vendor and practitioner communities that make use of new and emerging technologies to deliver high-value solutions for financial institutions in capital markets, with a specific focus on data management, trading technology, ESG and regtech suppliers. For more information, visit https://a-teaminsight.com/awards/a-team-innovation-awards/
All product and company names herein may be trademarks of their registered owners.

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Open ECX announces partnership with Medius to offer enhanced AP automation capabilities

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MANCHESTER, England, May 1, 2024 /PRNewswire/ — Following its recent launch into the channel market, leading e-trading solutions and Accounts Payable (AP) automation software provider, Open ECX, has announced a new partnership with Medius to provide their enhanced suite of advanced AP automation solutions. Open ECX’s statement reconciliation functionality together with Medius’s AP automation and fraud detection offerings offer organisations the ability to automate time consuming, error prone manual processes.

The collaboration will see Open ECX’s statement reconciliation functionality providing a true end to end automation for businesses looking to enhance their Accounts Payable (AP) automation and compliance levels.
Matt Rhodus, VP of Business Development & Strategic Initiatives at Medius, commented: “The partnership with Open ECX fills a void in our product offering with a statement matching and reconciliation solution that integrates with Medius’s AP automation platform. The expertise that the Open ECX team has in industries like construction means that customers get even more operational efficiencies in their financial operations.”
Open ECX is a leading provider of integrated business solutions, including e-trading, statement reconciliation and AP automation, and a pioneer in the P2P space. Its suite of products are designed to enhance operational efficiency and streamline AP processes through seamless integration, automation and innovative technologies, and are compatible with most finance systems used across a multitude of industries and use cases.
Charles Robinson, CCO, Open ECX commented: “At a time when businesses are demanding much more from their finance automation solutions, we’re delighted to be partnering with Medius. Our evolving suite of products have been designed to help finance leaders automate all transactions, while integrating seamlessly into their existing systems and processes. When combined with the power of Medius’ solutions, the partnership will add huge value to customers who are looking to take advantage of holistic, automated AP systems.”
For press information, interviews and images please contact the Open ECX press office:Sara Donnelly: [email protected]  T: 07495 090385Clare Wall: [email protected]  T: 07974 161127
For more information visit:  www.openecx.com 
For more information from Medius, please contact:Francesca Cahill (EMEA) at Fight or Flight, [email protected] / [email protected] +44 330 133 0985
For more information visit: www.medius.com 
This information was brought to you by Cision http://news.cision.com.
https://news.cision.com/medius/r/open-ecx-announces-partnership-with-medius-to-offer-enhanced-ap-automation-capabilities,c3971365
 

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