Machine Vision Market: Projected to Reach USD 13.1 billion in 2024, growing at a CAGR of 7.5%

The Global Machine Vision Market size is valued at USD 13.1 billion in 2024 & is estimated to grow at a CAGR of around 7.5% during the forecast period, i.e., 2024-30.                        
Key Findings of the Study: Machine Vision Market
Global Machine Vision Market Driver: Heightened Focus on Limiting Manual Labour Requirement Enhances Market Growth
Managing and milking cows in dairy farms requires dedicated manpower. Also, as the demand for dairy products increases globally, the need for cows and other milk-producing animals rises. This results in an increased need for labor to manage farm animals and for milking purposes. However, this becomes a burden for dairy farm owners with limited labor resources & large farmlands, who face the challenge of higher overall labor costs and operating expenses. As a result, they have started investing in automation technology and adopting Machine Vision for their farm’s day-to-day milking operations. This allows them to reduce the burden of manual labor and associated costs, eventually contributing to market growth.
Further, these Machine Vision not only reduce labor needs and costs but also improve productivity by increasing the number of times a single cow can be milked. This becomes crucial for farm owners as milking through manual labor has always been associated with inconsistencies due to differences in milking technique, human error, etc. Hence, based on the mentioned factors, the Global Machine Vision Market is expected to witness considerable growth in the coming years.
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Scope of the Report and Machine Vision Market Segmentation
By Component
-Hardware
–Cameras
–Optics
–Frame Grabbers
–LED Lighting
–Others (Processors, Sensors, etc.)
-Software
–Deep Learning Software
–Image Acquisition Software
–Image Processing Software
–Others (Application Software, Open Source Software, etc.)
-Services
the hardware segment holds a considerable market share in the machine vision market globally driven by the increasing incorporation of various cameras, processors, sensors, lenses, etc., in the manufacturing units.
By End User
-Automotive
-Electronics
-Food and Beverages
-Healthcare
-Textile
-Others (Retail, Printing, etc.)
By Application
-Quality Assurance & Inspection
-Guidance & Navigation
-Identification & Verification
-Others (Process Control, Management, etc.)
By Product Type
-PC-Based Machine Vision
-Smart Camera-Based Machine Vision
By Technology
-1-D
-2-D
-3-D
By Deployment
-General
-Robotic Cell
Top leading companies in the Machine Vision Market includes:
Cognex Corporation, Basler AG, Keyence Corporation, Teledyne Technologies, TKH Group, Omron Automation, Emerson Electric Co., Sick Ag, Sony Corporation, Intel Corporation, Texas Instruments Incorporated, Ametek Inc., Qualitas Technologies Pvt Ltd, Baumer India Pvt Ltd, Optotune, among others
Machine Vision Market Development
In 2024: Cognex Incorporation introduced the 380 Modular Vision Tunnel, a new addition to the Modular Vision Tunnel portfolio, featuring the powerful DataMan® 380 barcode reader.
In 2024: Basler AG launched new racer 2 L 8k and 16k line scan cameras equipped with the latest Gpixel sensors and CXP-12 interface.
For more detailed information about the Machine Vision market report, click here – https://www.marknteladvisors.com/research-library/machine-vision-market.html                                
Geographical analysis:
                North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Others
Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
Asia-Pacific holds a significant market share in the machine vision market worldwide owing to its high manufacturing capabilities.
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