Machine Vision Technology Market to Grow at 53% Rate in 2018-2023

By Veritis

Machine Vision Technology Market to Grow at 53% Rate in 2018-2023

This is the time for a fresh & innovative approach in IT business!

The advent of Artificial Intelligence (AI) and Machine Learning (ML) capabilities proved the above fact embedding trend-new capabilities in every IT business functioning.

Though machine vision remained limited to advanced applications involving high-level sensor detecting and other environments, AI changed the game all together by increasing the scope for adoption of such capabilities across various other simple and less-complex environments too.

Resultant, machine vision is currently undergoing a different phase of transition driven by Deep Learning (AL) techniques that are driving their mass adoption across almost every industry vertical.

One of the leading research agencies forecasts the machine vision technology market to grow at a CAGR of 53 percent during 2018-2023 period to attain a market with USD 193.8 billion in annual revenues.

And, services and hardware segments are going to contribute to the growing trend of the machine vision technology market in the forecast period.

From High-end Applications to Beyond

The growing trend is going to make the technology much more flexible by increasing its scope, once limited to high-end applications, to environments of any type and deployable in any circumstance.

Classic example of this changing trend is the usage of cameras on leading eCommerce sites like Amazon Go for tracking user behavior and movement.

“It is these new DL-based applications, among others, that are set to drive growth in the machine vision space, which would have been impossible using traditional machine vision techniques,” says Jack Vernon, analyst at ABI Research.

Machine Vision technology is expected to see a rapid market growth in automotive sector, especially in the Advanced Driver Assistance Systems (ADAS), core technology in autonomous driving mechanism.

According to forecasts, around 37 million vehicles are expected to come equipped with the Level 2-5 ADAS, by 2023.

And, half of the 34 million Level-2 ADAS systems shipped during the year are most likley to be driven by DL-based machine vision capabilities, denoting a rapid growth for the adoption of machine technology.

DL-based image recognition mechanisms are also going to revolutionize the way sensor systems will be used.

The scale of opportunities in the field have attracted huge investments in the machine vision technology market in the last four years. For example, 2017 has reportedly seen venture capitalists spending USD 2.7 billion in machine vision start-ups.

So, it’s the time to gear up! Assess, analyze and get ready to face the world of machine vision!

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