February 9, 2023/Industry News Global/ -- This new report from Stratview Research analyses the Machine Vision Market over the trend period from 2014 to 2019 and the forecast period from 2020 to 2026. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.

Machine Vision Market Overview:

The Global Machine Vision Market was estimated at USD 11.2 Billion in 2021 and is likely to grow at a CAGR of 7.17 % during 2022-2028 to reach USD 18.28 Billion in 2028.

What is machine vision?

A machine vision system is a technology that provides imaging-based automatic inspection and analyses the product, depending on different parameters of quality and safety. It consists of back-end image processing hardware and software and digital cameras. The major components of the system are lighting, lens, image sensors, vision processing, and communication devices.

Drivers

The major factors driving the growth of the market are the surge in demand for industrial automation or smart factories, vision-guided robotic systems, and their increasing application in the pharmaceutical and food packaging industries.

Regional analysis

Asia Pacific shares more than 37.7% of the market in 2021. The growth of the region’s market can be attributed to the major countries, such as China, Japan, India, and South Korea, which have the largest manufacturing facilities, wherein automation of manufacturing processes has been considered as the highest priority. The region’s rapid industrial expansion has been immensely contributing to the success and development of various innovations with the adoption of different technologies.

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About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

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