Machine Vision Market Expected To Grow At CAGR Of 12.7% From 2024 To 2030
Machine Vision Industry Overview The global machine vision market size was valued at USD 18,475.6 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 12.7% from 2024 to 2030. The increasing demand for quality inspection and automation in different industrial verticals is likely to drive the market. Additionally, the need for vision-guided robotic systems across the automotive, food and beverage, pharmaceutical and chemical, and packaging segments is expected to fuel the market growth. The surge in demand for application-oriented machine vision systems is also boosting the adoption of the technology over the forecast period. MV systems involve the ability of a computer to observe, inspect, and scrutinize the work performance by employing one or more video cameras, digital signal processing, and analog-to-digital conversion. The captured data is then transferred to the computer to analyze and provide the desired output. Resoluti...