Machine Vision Technology Market Is Expected to Reach Usd 28.50 Billion in 2021

According to a new market report published by Transparency Market Research “Machine Vision Technology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” the market was valued at USD 15.70 billion in 2014, which is expected to reach USD 28.50 billion by 2021, growing at a CAGR of 8.4% from 2015 to 2021.

Browse the full Machine Vision Technology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021 report at

Increasing manufacturing sectors is one of the important factors driving the rise in demand of machine vision technology market globally. Machine vision technology is largely used in manufacturing sectors for inspection of microchips, resistors, and components such as lead frames and capacitors. In the automotive industry, these technologies are used in control systems for inspection of painted surfaces, industrial robots, welding quality control, checking engine block. Moreover, shift in demand towards automation is also driving the demand of this market. The measuring and analyzing is done more accurately, precisely, and efficiently by computers as compared to manual systems, thus demand for machine vision technology is expected to increase. Furthermore, the accuracy, of the machine vision helps in boosting quality automation which includes defect detection, quality inspection, component measurement, and tolerance monitoring.

Machine vision technology market is segmented on the basis of product types which includes embedded, PC based and smart cameras based machine vision technology. Among these three types of product, PC based machine vision held the largest market share followed by embedded and smart camera based machine vision technologies in 2014 globally. Growing demand for technologically advanced methods for testing and inspection in various industries has stimulated the demand for PC based...