Machine Vision Market worth $15.5 billion by 2026

According to the report Machine Vision Market with COVID-19 impact, by Deployment (General & Robotic cell), Component (Hardware and Software), Product (PC-based and Smart camera-based), Application, End-user Industry, and Region - Forecast till 2026', published by MarketsandMarkets, the Machine Vision Market is estimated to be valued at USD 11.0 billion in 2021 and reach USD 15.5 billion by 2026, at a CAGR of 7.0%.

The growing need for quality inspection and automation, increasing demand for machine vision systems in non-traditional and emerging applications, and rising need for vision-guided robots are the key factors driving the growth of the market.

Likewise, government initiatives to support industrial automation and the integration of AI into edge devices are expected to create lucrative opportunities for the players in the machine vision market. However, rising security concerns related to industrial machine robots and devices are expected to restraint market growth.

General machine vision system takes pictures automatically and accurately to inspect materials as they come down the assembly line. These cameras can be fixed on assembly lines are typically used for quality assurance, sorting, and material handling in various industries, including electronics, food processing, pharmaceuticals, packaging, and automotive. They offer an economical way of rejecting substandard products. Machine vision cameras are used to inspect several product parameters, including geometry, placement, packaging, labeling, seal integrity, finishing, color, pattern, and bar code.