WELLESLEY, Mass, Sept. 04, 2018 (GLOBE NEWSWIRE) -- Due to heightened interest from both industrial and non-industrial segments, the global market for machine vision technologies is making a large-scale impact, according to a new report from BCC Research.
The global market for machine vision technologies was worth $16.0 billion in 2018. 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%, according to Global Markets for Machine Vision Technologies.
Machine vision systems and components are the next generation of intelligent systems mainly used in industrial sector for detection, identification, measurement and inspection. These systems play major roles in robotics, used to guide autonomous robots also known as “self-navigating robots.”
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%.
“Machine vision systems can perform complex repetitive tasks with higher accuracy and consistency than human workers,” the report notes. “Machine vision systems include components such as image sensors, processors, programmable logic controllers (PLC), frame grabbers, cameras and more, which are driven by a software package to execute user defined applications.”
Industrial Internet of Things (IIOT) Driving Growth
One of the major factors driving the demand for machine vision systems is the increasing adoption of Industrial Internet of Things (IIoT). The major focus of IIoT is to connect machines and devices and bring computers from IT to operational technology, which opens vast possibilities for instrumentation and leads to major efficiency and productivity gains for any industrial operation. Machine vision systems have slowly become one of the key components of Industrial IoT and have proved their ability to inspect, measure, scan, or identify a variety of products across a broad spectrum of applications.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.