Market Size of Machine Vision Camera Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Machine Vision Camera Market Analysis
The Machine Vision Camera Market is expected to register a CAGR of approximately 9% over the forecast period (2021 - 2026). The machine vision technology uses an image-recognition algorithm to the object within the image. It facilitates a more detailed and accurate picture of the object without distortion for the applications such as automation, robotics, agriculture drones, and 3D modeling.
- The industries across the domains globally are moving towards automation by adopting advanced technologies for more efficient operations and processes. The manufacturing industries have been using cameras for decades for quality assurance, but with the advancements and AI, the applications range widened for inspection, measurement, and microscopy. The growing implementation of advanced technologies across industries are driving the market of machine vision camera.
- The adoption has gained traction in real-time traffic counting with machine vision, and image recognition enables the automation of control room work and preventive intervention in situations. The companies offering machine vision cameras are experiencing significant growth in recent years due to the increasing demand for such products.
- For instance, Cognex's revenue, has reached USD 806 million and it grew with a CAGR of 21% in the last five years. Also, companies are highly investing in developing their products. In 2018, Cognex spent 14% of its revenue on research and development.
- However, the lack of skilled labour and inconsistency in demand and requirements from the industries limit the growth of the market to an extent.
