The global machine vision system market is projected to reach $159.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 13.9% from its valuation of $49.7 billion in 2023, according to a report by Allied Market Research. The market growth is driven by advancements in artificial intelligence (AI) and deep learning, alongside the expansion of industrial Internet of Things (IIoT) and smart manufacturing.
The report identifies key segments within the market, including 2D vision systems, which dominated in 2023 due to their widespread industrial application and cost-effectiveness. Vision sensors and image-based barcode readers also held a significant share, driven by their extensive use in logistics, manufacturing, and retail sectors.
Regionally, Asia-Pacific led the market in 2023, fueled by its strong manufacturing base, particularly in electronics, automotive, and semiconductor industries. The region’s rapid industrialization and adoption of automation technologies have further spurred demand for machine vision systems.
Major companies in the market, such as Cognex Corporation, Keyence Corporation, and Intel Corporation, are highlighted for their strategies to maintain market dominance. These strategies include product launches, collaborations, and acquisitions, as exemplified by Emerson’s acquisition of NI in October 2023, which is expected to enhance Emerson’s position in the global automation sector.
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