Report: Machine Vision Market Expected to Grow Leading Up to 2024

“For instance, cameras that can read license plates will enable automated toll collection, while cars with machine vision capabilities would be able to identify cyclists and pedestrians and stop them accordingly…”

ResearchAndMarkets.com has released a new report on the machine vision market that forecasts growing demand for 2D and 3D machine vision technology leading up to 2024. The research firm attributes much of that growth to the industrial sector, where machine learning facilitates automation and regulatory compliance.

That’s particularly true in manufacturing operations, which includes everything from electronics to pharmaceuticals and medical devices to consumer goods. Machine vision allows for the creation of better industrial robots and helps ensure quality control.

Other applications of machine vision include IoT applications, drone navigation, and traffic management and surveillance. For instance, cameras that can read license plates will enable automated toll collection, while cars with machine vision capabilities would be able to identify cyclists and pedestrians and stop them accordingly. That could be a potentially life-saving safety feature, which is why the research firm predicts that machine vision will become more widespread as people become more comfortable with the technology.

The report goes on to include an analysis of the market in different regions. It also includes profiles of dozens of companies and manufacturers working in the machine vision space.