According to Inkwood Research, the Global Machine Vision Market is set to record a CAGR of 5.54% in terms of revenue over the forecasting period of 2023-2032.
“Browse 70 Market Data Tables and 57 Figures spread over 190 Pages, along with an in-depth TOC on the Global Machine Vision Market Forecast 2023-2032.”
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A machine vision system (MVS) is an advanced technology that enables computing devices to identify, evaluate, and analyze both still and moving images. This sophisticated system integrates essential components, including digital cameras, specialized image processing hardware, and powerful software, to accomplish its tasks effectively.
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Increasing Demand for Smart Factories to Boost Global Market Growth
The growing demand to streamline manufacturing costs and accelerate product time-to-market has led to an increasing preference for smart factories. As technology rapidly evolves in our digitally focused world, automation is becoming an integral part of the workforce. Factors like machine vision, robotics, the ascent of artificial intelligence, and deep learning are driving the surge in industrial automation. Organizations are embracing automation by mechanizing their processes with automated machines. Hence, this rising trend toward automation has created a significant opportunity for the adoption of machine vision systems, thus fueling market growth.
Inspection: Highest Revenue-Generating Application in 2022
A machine vision system plays a critical role in ensuring product quality through inspection. This advanced system is adept at identifying defects, contaminants, functional flaws, and other irregularities in manufactured products.
Asia-Pacific to Rise with Highest CAGR by 2032
Some of the top factors credited to the Asia-Pacific machine vision market growth include the high demand from the industrial sector, coupled with the implementation of numerous government initiatives.
The competition in the global market is expected to be intense during the forecast years. Also, some of the major enterprises operating in the global machine vision market include Jai AS, Omron Corporation, Perceptron Inc, etc.
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About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.