The global machine vision (MV) market is projected to expand by USD 8.94 billion between 2024 and 2028, according to a recent report by Technavio. This growth represents a compound annual growth rate (CAGR) of 10.87%, with the market being driven by advancements in automation and cost savings achieved through improved process control.
The increasing integration of artificial intelligence (AI) and enhanced imaging technologies, such as 2D and 3D imaging and thermal inspection, are playing a pivotal role in reshaping the market. These technologies are facilitating real-time decision-making, improving product quality, and enhancing operational efficiency.
Machine vision systems are widely used across various industries, including manufacturing, healthcare, agriculture, and automotive, for tasks such as quality control, defect detection, and assembly accuracy. The adoption of thermal inspection techniques, in particular, is expected to broaden the applications of MV systems, despite the challenges posed by their higher costs and complexity.
However, the market faces significant competition, with a growing number of vendors offering similar solutions, leading to price wars and reduced profit margins. This competition is further intensified by the rapid pace of technological advancements, such as the shift from standard to smart cameras, and the demand for affordable solutions. Key players in the market include companies such as Cognex Corp., Sony Group Corp., Teledyne Technologies Inc., and Toshiba Corp., all of which are working to differentiate themselves through innovation and value-added services.
Despite these challenges, the MV market is expected to thrive as industries continue to seek greater automation and data-driven decision-making. The integration of AI and the Internet of Things (IoT) is also enhancing MV systems’ capabilities, enabling more efficient asset utilization and reducing downtime. The report emphasizes the importance of skilled professionals to install, maintain, and optimize these systems, as well as the role of regulations and industry standards in supporting market growth.
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