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Advent of Quality Inspection and Rapid Urbanization Propel the Growth of Machine Vision Market
The machine vision market has been displaying significant growth over the recent years. A surge from $17.49 billion in 2023 to $19.01 billion in 2024 is expected, demonstrating a firm compound annual growth rate CAGR of 8.7%. The escalating need for quality inspection and automation, swift pace of urbanization, technological adoption, and the strong economic progress in emerging markets have been key drivers for growth during this period.
Furthermore, the machine vision market size is set to witness robust growth in subsequent years, expanding to $27.29 billion by 2028 at a formidable CAGR of 9.5%. This growth in the forecast period is primarily attributed to increasing urbanization, the rise of smart cities, and advances in technology.
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Rise of Artificial Intelligence: A Major Catalyst for Machine Vision Market
The ever-growing appetite for artificial Intelligence AI is a significant propellant for the expansion of the machine vision market. AI, a simulation of human intelligence by computer systems, plays a pivotal role in augmenting the capabilities of machine vision, leading to enhanced accuracy, efficiency, and versatility. For instance, the UK-based government body, Government Digital Service, announced in January 2022 that the overall spending on AI technologies would skyrocket from $20.25 billion in 2020 to $101.26 billion in 2040. Therefore, the skyrocketing demand for AI is an unmistakable driver of the machine vision market’s growth.
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Participating Major Companies Pave Way for Technological Innovation
Major companies engaged in the machine vision market include Cognex Corporation, Keyence Corp., Omron Corporation, Sony Corporation, Teledyne Technologies, among several others. The major trend marking the forecast period comprises of vision-guided robotic systems, smart cameras and image processing, industry 4.0 and internet of things, and cyber-physical system cps.
Vision-Guided Robotic Systems: The Emerging Trend in Machine Vision Market
A significant trend gaining ground in the machine vision market is the utilization of vision-guided robotic systems. This system combines robotic applications aided by a machine vision system, wherein a specialized camera captures an object’s image and analyzes it, providing accurate coordinates to a robotic arm. For example, in February 2022, Basler AG, a Europe-based manufacturer of computer vision applications, introduced a range of industrial-grade stereo camera series to its product portfolio that employ vision-guided robotic systems for object identification and bin picking. The five model variants, offered in both monochrome and color versions feature basic distances of 65 millimeters and 160 millimeters. Every camera comes with a pre-installed, flexible onboard software package that can be utilized in various robotics applications.
Machine vision market encapsulates several segments:
1 By Product: PC-Based And Smart Camera-Based
2 By Offering: Hardware, Software, Service
3 By Deployment Type: General Machine Vision Systems, Robotic Cell
4 By Application: Quality Assurance And Inspection, Positioning And Guidance, Measurement, Identification, Predictive Maintenance
5 By End-User: Automotive, Pharmaceuticals And Chemicals, Electronics And Semiconductors, Pulp And Paper, Printing, and Labeling, Food And Beverage, Postal And Logistics, Other End-Users
Regional Perspective: Asia-Pacific Leading the Machine Vision Market
As of 2023, the machine vision market witnessed Asia-Pacific as the largest region. The regions evaluated in the machine vision market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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