Machine Vision Market Analysis

Machine Vision Market Analysis

The machine vision market from hardware segment is set to exhibit a 17% CAGR during the forecast period, due to the continuous advancements in sensor technology. Manufacturers are developing high-resolution, low-noise sensors with improved sensitivity, enabling machine vision systems to capture clearer and more accurate images, enhancing overall system performance. In addition, as technology evolves, machine vision hardware is becoming more compact, lightweight, and power-efficient, making it easier to integrate into various applications and devices.
 

The machine vision market from embedded machine vision segment dominated around USD 980 million revenue in 2022, owing to the escalating need for automation and efficiency in various industries. For example, across the automotive industry, embedded machine vision technology is used to inspect parts during the manufacturing process, ensuring that they meet quality standards. In the healthcare industry, machine vision is used to monitor patients and detect abnormalities in medical images. Additionally, the COVID-19 pandemic has further increased the demand for machine vision technology, as it offers a contactless way to ensure the safety of workers and track the spread of the virus.
 

North America machine vision market accounted for 30% of revenue share in 2022, attributed to the need for efficient and accurate medical image analysis, diagnosis, and monitoring. For instance, in U.S., the government is investing heavily in machine vision technology for early detection and treatment of diseases such as cancer. In Canada, machine vision systems are being used for remote patient monitoring and to detect abnormalities in X-rays and CT scans. The onset of the COVID-19 pandemic has also accelerated the adoption of machine vision technology in the region as contactless medical imaging and diagnosis become increasingly important.