The global market for machine vision technologies has reached new heights due to increased demand from the pharmaceutical, food and beverage, and automotive industries. In addition, the ability to perform complex tasks at a higher accuracy and consistency than human workers is also garnering attention.
In 2018, the global market for machine vision technologies was worth $16.0 billion. However, BCC Research estimates that it will reach a value of $24.8 billion by 2023, indicating a compound annual growth rate (CAGR) of 9.2%.
Research Highlights
- The current MV market is driven by the factors such as: growing application of Internet of Things in the industrial sector, evolution of computing power in embedded, single board computer systems, improvements in productivity and efficiency, better quality using machine vision systems and a growing manufacturing sector.
- Demand for MV systems has increased in all industrial applications, including semiconductor, electronics, pharmaceuticals, medical devices, packaging, automotive, printing/publishing and consumer goods.
- Europe dominated the MV market during 2017 by having a global share of 29.8%.
For the full version of this report, please visit the BCC Research website.
