Global Industrial Machine Vision Market3: Growing Demand for Application-Specific Machine Vision Systems Driving the $12 Billion Industry

The "Industrial Machine Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor), and Software (Deep Learning, and Application Specific)), Product (PC-based, and Smart Camera-based), Application, End-User - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering. The overall industrial machine vision market was valued at USD 7.91 Billion in 2017 and is expected to reach USD 12.29 Billion by 2023, at a CAGR of 7.61% between 2017 and 2023. This is because of the increasing need for quality inspection and automation, growing demand for AI and IoT integrated machine vision system, increasing adoption of Industrial 4.0, development of new connected technologies, and government initiatives to support smart factories, among others. Governments of different countries worldwide are encouraging investments in manufacturing, which is necessitating the use of various automation products for structural development. Software component is expected to grow at the highest rate between 2017 and 2023.