In a recent published report, Kenneth Research has updated the market report for 3D Machine Vision Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for 3D Machine Vision Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on 3D Machine Vision Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The 3D Machine Vision Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The 3D Machine Vision Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
The worldwide 3D machine vision market is anticipated to reach USD 4 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the hardware sector dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global 3D machine vision market revenue during the forecast period.Growing need for automation and increasing need to offer high quality products in the market fuels the growth of the 3D machine vision market. Use of 3D machine vision increases productivity, and efficiency, while saving time and costs. The increasing demand from industries including automotive, healthcare, defense, aerospace, and food and beverage is expected to provide growth opportunities in the coming years.
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Emerging and untapped markets of developing economies, and rising demand for customized and application specific 3D machine vision solutions further provide growth opportunities to key players in the 3D machine vision market. Increasing investments, technological advancements, and growing research and development further boosts the growth of the market.
Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the 3D machine vision market throughout the forecast period. Rapid industrialization and increasing automation in the region drives the market growth. Introduction of new advanced technologies and increasing applications in automotive, aerospace, electronics and healthcare sectors is expected to support market growth. Growing demand from automotive and manufacturing industries for high quality products further augments the market growth.
The major players in the 3D machine vision market include ISRA Vision AG, Cognex Corporation, MVTec Software GmbH, Basler AG, Tordivel AS, Sick AG, Stemmer Imaging, National Instruments Corporation, Keyence Corporation, and Microscan Systems, Inc. among others among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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