Content Source – Koncept Analytics
The global machine vision market is expected to reach US$13.36 billion in 2024, witnessing growth at a CAGR of 6.51%, over the period 2020-2024. Factors such as surging urbanization, rising automotive production, increasing adoption of industrial robots, accelerating demand for artificial intelligence and growing popularity of smart cameras are expected to drive the market. The growth of the market would be challenged by lack of expertise in operating machine vision systems and standardization. A few notable trends may include rising applications of machine vision, rising miniaturization of products and escalating demand for high quality product inspection.
The global machine vision market can be categorized on the basis of type, components, product, application and end-users. In terms of type, the global machine vision market can be categorized into 1D machine vision, 2D machine vision and 3D machine vision. On the basis of component, the market can be divided into Hardware and Software. In terms of product, the global machine vision market can segmented into Smart camera-based and PC-based machine vision systems. The machine vision market can be segmented into inspection, gauging, guidance, identification and others, in terms of application. In terms of end-users, the global machine vision market can broadly be categorized into automotive, pharmaceuticals & chemicals, electronic & semiconductor, printing & labelling, food & beverage, pulp & paper, postal & logistics, glass & metal and others.
The fastest growing regional market is Asia Pacific due to growing adoption of machine vision components from manufacturing industries involved in access automation in APAC region, increasing demand for high-quality products in automobile, printing, and food and beverages industries in countries such as China and India.
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