According to the report "Industrial Machine Vision Market by Component and Software, Product, Application, End-User - Global Forecast to 2023" by MarketsandMarkets , the overall market is estimated to be valued at USD 7.91 Billion in 2017 and is expected to reach USD 12.29 Billion by 2023, at a CAGR of 7.61% between 2017 and 2023. The growth of the industrial machine vision market is mainly driven by the rising adoption of Industry 4.0, advanced manufacturing 2.0 practices in Europe and the US, and the increasing demand for automation technologies in emerging countries such as China and India. Recent advancements in machine vision technology, such as advanced cameras, deep learning software, and image sensors, have increased the scope for industrial machine vision systems to be used in a wide range of applications in various industries.
Industrial machine vision Market for food and packaging end-user industry expected to grow at the highest rate between 2017 and 2023
Smart Camera-based is expected to grow at the highest rate during the forecast period
Asia Pacific (APAC) expected to hold a major market share during the forecast period
The major companies covered in industrial machine vision report are Cognex (US), Basler (Germany), OMRON (Japan), KEYENCE Corporation (Japan), National Instruments (US), Sony (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel (US), Baumer Optronic (Germany), tordivel (Norway), ISRA VISION (Germany), MVTec Software (Germany) SICK (Germany) and JAI A/S (Denmark), among others.
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