Machine Vision Market to Reach US$ 19.7 Billion by 2028 | CAGR of 9.3%

According to the latest report by IMARC Group, titled "Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The global machine vision market size reached US$ 12.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.

A machine vision system is a technology that provides imaging-based automatic inspection and analyses of a product, depending on the different quality and safety parameters. It represents the ability of a computer to monitor and inspect work performance by employing video cameras, digital signal processing, and analog-to-digital conversion. It provides additional safety and operational advantages by reducing manual involvement in the production process. As a result, it assists in reducing human contamination in clean rooms and protects workers from potentially dangerous environments. Additionally, it works through the precise coordination of the software and hardware and is widely adopted by numerous industries, such as food manufacturing, autonomous vehicles, security, packaging, and logistics.

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Global Machine Vision Industry Demand:

A significant development in machine vision systems is driving the global market. Moroever, the increasing adoption of robots across the industrial sector and the rising demand for superior inspection and automation are propelling the market. Apart from this, continuous technological advancements in electronics products, such as the miniaturization of components, improvement in the power efficiency of imaging sensors, and higher efficiency of digital signal processors (DSP), are providing a boost to the demand.

Furthermore, the increasing need for quality control by manufacturers and consumers, coupled with government regulations to abide by the prescribed specifications, is anticipating the market favorably. Other factors, such as wide utilization in numerous industries and extensive research and development (R&D) activities by key players, are also influencing the market.

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Key Market Segmentation:

Top Companies In Global Machine Vision Industry:

• Cognex Corporation
• Basler AG
• Omron Corporation
• National Instruments Corporation
• Keyence Corporation
• Sony Corporation
• Teledyne Technologies, Inc.
• Texas Instruments, Inc
• Allied Vision Technologies GmbH
• Intel Corporation
• Baumer Optronic GmbH
• Jai A/S.

Breakup by Product:

• Vision Systems
• Cameras
• Others

Breakup by Component:

• Hardware
• Software

Breakup by Application:

• Positioning
• Identification
• Verification
• Measurement
• Flaw Detection
• Others

Breakup by Industry:

• Electronics and Semiconductor
• Automotive
• Medical and Pharmaceutical
• Food, Packaging and Printing
• Security and Surveillance
• Intelligent Traffic System
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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This release was published on openPR.