Industrial segment held the highest share of the total market in 2015.
Machine Vision System Market, published by Allied Market Research, forecasts that the global market was valued at $10.6 billion in 2015 and is projected to reach $18.7 billion by 2022, growing at a CAGR of 8.7% during the forecast period 2016-2022 .
Machine vision system is estimated to foster high growth during the forecast period owing to its heavy utilization in applications such as positioning, identification, verification, measurement, and flaw detection. Furthermore, there is a trend of incorporating artificial intelligence (AI) technology in commercial machine vision systems.
AI-based analysis in machine vision offers exceptional flexibility of automation in industries.
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Machine vision systemhave evolved rapidly to accelerate high performance for production line monitoring system and automated guidance of industrial robots. Continued evolution of CMOS image sensors and rise in demand for automation in industrial applications are the factors that drive the growth of the market.
However, intensive training and education, an essential requirement to enable entry of machine vision in newer markets restrain the market growth.
Machine vision systems have penetration in a wide range of industries, such as industrial, healthcare, electronics, automotive, aerospace & defense, and many more. In 2015, industrial and electronics segments had more than 50% market share in the overall machine vision system market.
The manufacturers of automated guided robots and vehicles incorporate advanced machine vision systems for applications such as positioning and identification to maintain a competitive advantage.
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Embedded system accounted for the highest share, i.e., 33.4%, of the overall machine vision system market size in 2015, owing to the constantly evolving machine vision software for image processing. Smart camera is expected to be the fastest growing component segment of the machine vision system industry, growing with a CAGR of 10.3%, owing to its incorporation in most of the upcoming machine vision systems.
Asia-Pacific held the highest machine vision system market share in 2015, generating more than half of the global market revenue. The region is anticipated to be the most potential investment area of machine vision system, with a high growth rate, exhibiting an increased demand due to rapid rise in sales of industrial robots and monitoring systems.
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