Machine Vision Market

Key Revenue Pockets - Machine Vision Market

The machine vision market is expected to reach USD 14.0 billion by 2024 from USD 9.9 billion in 2019, at a CAGR of 7.1% from 2019 to 2024. Machine vision is a combination of mechanical, optical, electronic, and software systems used to examine objects, surfaces, materials, and manufacturing processes to detect defects. It helps improve quality and operational efficiency in various manufacturing industries. The increasing adoption of Industrial 4.0 and IoT and growing demand for artificial intelligence play a significant role in the growth of the machine vision market.

The predictive maintenance application is expected to grow at the highest CAGR during the forecasted period. Predictive maintenance can be very useful when there is a machine downtime, which is caused due to unplanned maintenance, tool breaks, and even adjustments. As a result of machine downtime, a huge revenue loss in production was found by manufacturers across all industry segments. Artificial intelligence is becoming the key enabler for predictive maintenance and performance improvement owing to its learning, reasoning, and problem-solving abilities.

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Among all the end-use industries, the food & packaging segment is expected to witness the highest CAGR. The food industry provides several opportunities for the machine vision market, and several companies have responded by developing application-specific solutions in the areas of grading, sorting, portioning, processing, and quality checking during processing and packaging. Machine vision helps in the inspection of packaging processes and reduction of errors by carrying out multiple inspections at a single time.

The machine vision market in APAC is expected to grow at the highest CAGR during the forecast period. The market growth in this region can be attributed to increased investments in the development of new and advanced equipment integrated with machine visions by countries such as China and India. APAC is expected to provide ample growth opportunities for the machine vision market since the region is considered a manufacturing hub for most industries. China has been a potential market for all emerging technologies, including machine vision systems. The machine vision market is likely to grow significantly in China as machine vision is a key enabler of the country’s modernization. Several key players in the machine vision market have already started focusing on tapping the opportunities in this region. Further, companies are also focusing on partnerships and gaining contracts from APAC countries.

Related Reports:

Machine Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor), Software (Deep Learning and Traditional software)), Product (PC Based and Smart Camera Based), Application, End-User Industry - Global Forecasts to 2024

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Report Code
SE 5835
RI Published ON
5/8/2019
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