CHICAGO, Oct 16, 2023 – The global Machine Vision Market is set to witness substantial growth, with a projected value of USD 17.2 billion by 2027, a significant rise from USD 12.0 billion in 2022, indicating a robust compound annual growth rate (CAGR) of 7.4% from 2022 to 2027, as revealed by a comprehensive report from MarketsandMarkets.
Machine vision, a crucial component of artificial intelligence and automation, has emerged as an integral technology across various industries. Its ability to process and analyze visual information has propelled its adoption in sectors such as manufacturing, healthcare, automotive, and electronics, among others. The market growth is attributed to the rising demand for quality inspection and automation across industries.
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Key Segments:
The Machine Vision Market is segmented based on component, product, application, end-user industry, and geography. By component, the market comprises hardware and software. Products include smart cameras, vision systems, and others. Applications encompass inspection, gauging, guidance, identification, and others. End-user industries include automotive, electronics and semiconductor, healthcare, logistics, and others.
Browse 146 market data Tables and 60 Figures spread through 254 Pages and in-depth TOC on “Machine Vision Market by Component, Deployment, Product, End-user Industry, Region – Global Forecast to 2027”
View detailed Table of Content here – https://www.marketsandmarkets.com/Market-Reports/industrial-machine-vision-market-234246734.html
Growth Drivers:
Demand for Automation and Quality Inspection: The increasing need for automation across industries to enhance productivity and efficiency is a significant driver. Machine vision systems play a pivotal role in automating processes and ensuring superior quality control.
Technological Advancements: Rapid technological advancements, especially in artificial intelligence and machine learning, are fueling market growth. These innovations enhance machine vision capabilities, allowing for more accurate and efficient operations.
Expanding Applications: The expanding applications of machine vision in diverse sectors, including automotive, electronics, and healthcare, are driving market growth. Applications range from defect detection and sorting to quality assurance and diagnosis.
Challenges:
High Initial Costs: The initial investment required for implementing machine vision systems can be a significant challenge for small and medium-sized enterprises. The cost of hardware, software, and integration can deter potential adopters.
Lack of Skilled Workforce: The complex nature of machine vision technology demands a skilled workforce for proper implementation and operation. The shortage of qualified professionals can hinder market growth.
Opportunities:
Emerging Markets and Industries: Untapped markets and emerging industries present significant growth opportunities. The adoption of machine vision in regions with a burgeoning manufacturing sector offers vast potential.
Integration of IoT: The integration of machine vision with the Internet of Things (IoT) is an exciting opportunity. This integration can lead to more efficient and connected processes, further driving market growth.
Scope of the Report
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Report Metric |
Details |
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Estimated Value |
USD 17.2 Billion in 2027 |
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Projected Value |
USD 12.0 Billion in 2022 |
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Growth Rate |
7.4% |
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Market size available for years |
2018–2027 |
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Base year considered |
2021 |
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Forecast period |
2022-2027 |
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Forecast units |
Value (USD Million/USD Billion) |
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Segments covered |
By Product, By Component, By Deployment, By End User Industry, By Geography |
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Geographies covered |
North America, Europe, Asia Pacific, RoW |
Key Players:
Prominent companies in the machine vision market include Cognex Corporation, Basler AG, Keyence Corporation, Omron Corporation, National Instruments, and Allied Vision Technologies, among others. These players are continuously investing in research and development to enhance their product offerings and stay competitive in the market.
In conclusion, the global machine vision market is on a trajectory of significant growth, driven by the increasing need for automation, technological advancements, and a broadening range of applications. Challenges such as high initial costs and the shortage of skilled workforce are being addressed by industry players. The market’s future is promising, especially with the integration of machine vision with emerging technologies.
For more information and detailed insights, access the full report on the Machine Vision Market by MarketsandMarkets.
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