The global market for machine vision and vision-guided robotics market is anticipated to grow at a considerable rate and is expected to reach USD 12.08 Billion by 2027, growing at a CAGR of 9.61% during the forecast period 2021-2027.

The global machine vision and vision-guided robotics market are driven by the rise in demand for smart cameras for optical character recognition and pharmaceutical packaging, increase in compatibility with various systems. Technological development has reduced the operational cost and complexities, thus allowing technologies to be used in wider applications.

The Covid-19 outbreak is expected to proliferate the growth of the machine vision and vision-guided robotics market and it has become an integral part of the long-term automation advancement process.

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Manufacturing companies are planning to invest in automation and the need for automated quality assurance has increased in industries. This is because there is a need to have less intervention of humans involved in the process. Amidst the COVID-19 pandemic, the companies are facing huge cash flow issues and are postponing their new projects of machine vision in their factories.

Smart camera-based machine vision systems are expected to hold the largest market share in the forecast period and have enhanced the market potential in various non-conventional industries. The smart camera has high demand because it involves less cost, is easy to install and use, and the growing adoption of cameras in 3D imaging.

Geographically, APAC is anticipated to grow at the fastest rate in the vision-guided robotics market during the forecast period 2021-2027. The Asian manufacturing industries are adopting innovative technologies which include robotics and vision-guided technology. Moreover, there is a rise in demand for consumer electronic products in the emerging Asian markets which will boost the market growth.

Some of the key players operating in the machine vision and vision robotics market: Cognex Corporation, Basler AG, Absolute Vision, ISRA Vision AG, Teledyne Digital Imaging Inc., STEMMER IMAGING AG, Eastman Kodak Company, OMRON Corporation, Allied Vision Technologies GmbH, and KEYENCE CORPORATION.

Source: VynZ Research