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Machine Vision Market Size
- Report ID: GMI6342
- Published Date: Jul 2023
- Report Format: PDF
Machine Vision Market Size
Machine Vision Market size was valued at USD 3.9 billion in 2022 and is estimated to register a CAGR of over 18% between 2023 and 2032. The concept of Industry 4.0 and the implementation of smart factory initiatives have created a demand for intelligent, interconnected systems where machine vision plays a critical role in data collection, process optimization, and decision-making. For instance, the Industrial Internet Consortium (IIC), a global organization, is working to accelerate the adoption of the Industrial Internet of Things (IIoT) technologies. The IIC has a Machine Vision Working Group that is developing standards and best practices for the use of machine vision in manufacturing.
Machine vision technologies offer advanced capabilities for precise and consistent quality inspection, reducing defects and enhancing product reliability across various industries. The growing adoption of automation in manufacturing and industrial processes has driven the demand for machine vision systems to ensure accurate and efficient quality control, inspection, and production monitoring. This, in consequence, will carve a healthy growth trajectory for the machine vision market.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Machine Vision Market Size in 2022: | USD 3.9 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 18% |
| 2032 Value Projection: | USD 20.6 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 283 |
| Tables, Charts & Figures: | 342 |
| Segments covered: | Component, Technology, Application, End Use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Machine vision technologies offer advanced capabilities for precise and consistent quality inspection, reducing defects and enhancing product reliability across various industries. In addition, the integration of AI and deep learning algorithms with machine vision systems has improved image recognition, object detection, and pattern analysis, expanding the applications and accuracy of machine vision. For instance, in 2022, Google's DeepMind developed a new AI system, Pathway, that can comprehend how to handle a robotic arm to perform complex tasks by watching a human perform the tasks just once.
However, factors such as high initial investment and implementation costs and the requirement for skilled personnel to operate and maintain sophisticated machine vision technologies effectively may pose challenges for the industry. Besides, regulatory challenges and standards compliance in specific industries could also impact market growth.
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Machine Vision Market Scope
