Machine Vision Technology Market Growth – Shift in Demand of Technology Towards Automation

According to the Association of Advanced Automation (AIA), companies are spending considerably on technology that helps electronic devices recognize images. Although vision technology is still at a nascent stage, new upgrades and technological advancements in both industrial and non-industrial sectors are constantly coming up and fueling the global machine vision technology market.

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Machine Vision Technology Market – Overview

Today’s production technologies extend more and more beyond the limits of human visual capacities. Cameras and their allied computing systems provide to machines or devices the ability to actually see and recognize objects or situations in order to make the right decisions. This is where the machine vision technology comes in.

Machine vision technology has the ability to automatically inspect the images it captures and analyze them accordingly. The technology is also used in process control, robot guidance, and automatic inspection in the industrial sector. The number of applications where machine vision technology plays a crucial role is increasing rapidly.

According to a leading market research firm, the global machine vision technology market is expected to rise and reach US$ 28.50 billion by 2021, from a market value of US$ 15.70 billion in 2014.

Recent Technological Advancements in Machine Vision will Accelerate Manufacturing Application

Machine vision technology, which helps computers visualize and understand their surroundings, is undergoing a remarkable boom across the globe. Over the last decade, machine vision technology has matured significantly, becoming an integral part of many industries and in some cases an indispensable tool for manufacturing automation.

The expanding manufacturing sector is one of the main factors behind the growth of the machine vision technology market worldwide. Machine vision technology is widely used in the manufacturing sector for inspection of components, microchips, microprocessors, cars, resistors such as capacitors and lead frames, food, and pharmaceuticals.

Machine vision systems are used widely to solve conventional problems of industrial inspection, in turn allowing for complete automation and increasing the accuracy and efficiency of the inspection process.

Moreover, shift in demand towards automation is driving the demand from the machine vision technology market. In the automotive industry, the technology is used in control systems for industrial robots, inspection of painted surfaces, checking engine blocks, and welding quality control.

Machine vision technology helps in boosting the overall quality automation, which includes component measurement, defect detection, tolerance monitoring, and quality inspection.

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Role of Industry-leading Players in the Growth of the Market

The efficient and accurate measuring and analysis done by computers is what’s majorly driving the demand for machine vision technology across the globe.

Cognex Corporation (Massachusetts) is one of the key players in the global market for machine vision technology that help companies improve their manufacturing quality and performance by verifying assembly, tracking and capturing information at every stage of the production process, and eliminating defects.

Some of the other players in the market are Keyence Corporation (Japan), OMRON Corporation (Japan) and Seeing Machines Ltd. (Australia), Adept Technology Inc. (California), Allied Vision Technologies Inc. (Germany), Microscan Systems Inc.(Washington), Basler AG (Germany), ISRA Vision AG (Germany), and Electro Scientific Industries Inc. (Oregon).

These companies are constantly looking out for new ways to upgrade the systems and introduce new products and technologies to the global market.

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5 Keys For Driving Growth Through Innovation

Many companies struggle with the concept of innovation–what it means to them and how exactly it contributes to the growth of their business. It stands to reason that the primary factor behind this uncertainty is that these organizations do not understand the key variables that affect organic growth via innovation.

Fortunately, enough experiential data is now available to draw viable conclusions about how to accelerate growth through innovation, as well as how to mitigate the risk associated with unstructured innovation. This data can be distilled into five key variables for successful innovation.

Key #1: A Climate for Innovation

One way to mitigate the challenges of innovation is by establishing a climate suited for innovation; in other words, an organizational culture that rewards calculated risk-taking, collaboration and trust. Such a climate enables employees to learn from their mistakes instead of being punished for them. It also supports quicker execution of ideas and a more agile organizational structure, all of which minimize exposure from innovation risk.

Key #2: A Balanced Innovation Portfolio

Innovation-elite firms understand that achieving uncommon industry growth rates means going beyond the traditional research and development focus. Companies that manage to grow through innovation typically develop a balanced innovation portfolio that spans many areas–products and services, processes, strategy, even the core business model. These companies also vary the required degree of innovation, from incremental to significant to breakthrough levels.

Organizations that deploy innovation in this way almost always generate higher return on investment than companies that limit innovation to new products. Also, companies that innovate simultaneously in multiple areas reap more rewards than those that innovate in a single area.

The Apple Corporation, for instance, has experienced tremendous success with the iPod, a product innovation. However, the success of the iPod is largely due to the introduction of iTunes, a business model innovation. Through this combination of product and business model innovation, Apple created $ 70 billion in shareholder value in just three years.

Key #3: Collaborative Teams

The third key to innovation success is to assemble innovation teams that are capable of flawless and speedy execution, and then manage these teams for high performance and collaboration. This is easier said than done. To begin with, the best teams will be composed of people with diverse problem-solving styles. That is, some will excel at seeing the “big picture” while others revel in the details, and still others operate best in between.

In addition to a well-managed balance of problem-solving styles, effective teams must have a cognitive level (i.e., knowledge) and motivation level appropriate to the innovation problem they are trying to solve. Companies that do well in this area typically adopt any number of organizational and interpersonal assessments, inventories and management approaches to determine the capabilities of their employees (e.g., Myers-Briggs, DiSC, Kirton Adaption-Innovation theory, etc.).

Key #4: A Systematic Process

The fourth critical variable is to make innovation repeatable, predictable and scalable. This means making it systematic using a consistent process, or methodology, that is applied by all teams. The process must also be robust enough to accommodate multiple innovation pathways because, while some growth projects require “thinking outside of the box,” others require more structure within existing paradigms. There are various methodologies available; the important thing is to choose one that is structured enough to produce results, yet approachable and flexible so that everyone in the organization can adopt it to the necessary degree.

Key #5: Proven Techniques and Tools

The tools most often associated with innovation are creative techniques, such as brainstorming. Yet, the most successful innovations strike at the heart of what customers want and need. Uncovering unmet customer expectations, especially latent ones, requires the application of any number of research techniques from surveys to ethnography.

Whatsmore, there exists a bevy of powerful idea generating tools, such as Random Entry, Provocation and Movement and others that go beyond simple brainstorming to generate outside truly unique and innovative solutions.

Once the ideas are generated, there are several techniques that enable the objective analysis of competing ideas so the best one is chosen. Designing and piloting the subsequent solutions requires yet a different set of tools, many familiar to those in the process improvement arena.

The point being, organizations that succeed at innovation understand that innovation is a process, and they provide the tools needed to navigate the process from end-to-end: from defining the problem, to discovering the solution, to designing and demonstrating the result.

Breakthrough Management Group International (BMGI) helps organizations around the world systematically improve processes and increase innovation. For more about BMGI’s corporate onsite services, visit www.bmgi.com. For open enrollment training, visit www.bmguniversity.com.

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