Machine Vision Market Worth $12.29 Billion by 2023


Posted December 20, 2018 by nihal4064

Machine vision market report and detailed analysis. Attractive opportunities in machine vision market.

 
The overall ‘Machine Vision Market’ was valued at USD 7.18 Billion in 2016 and is expected to reach USD 12.29 Billion by 2023, at a CAGR of 7.61% during the forecast period.
The years considered for the study are as follows:
• Base Year: 2016
• Estimated Year: 2017
• Projected Year: 2023
• Forecast Period: 2017 to 2023
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Machine vision market for food and packaging industry to grow at a high rate between 2019 and 2023
The growth of the machine vision market for the food and packaging industry can be attributed to the increasing implementation of government rules pertaining to safety in manufacturing plants and rising necessity to identify and combat counterfeit products.
The food and packaging industry is experiencing a sharp growth due to the booming e-commerce industry worldwide, especially in China and India. As a result, this industry is adopting automatized operation systems to meet the increasing consumer demand.
Machine vision has a growing demand in APAC owing to the increasing focus of the region toward the automotive, consumer electronics, and pharmacy industries. In this study, the market in APAC has been further segmented into India, China, Japan, South Korea, and Rest of APAC. APAC is considered as the major manufacturing hub owing to the presence of a large number of contract manufacturers in this region.
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Categories Reports , Research , Semiconductors
Tags machine learning , machine vision , machine vision market , machine vision market share , machine vision market trends
Last Updated December 20, 2018